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Tax

Difference Between Excise Duty And Sales Tax

Before moving to understand the meaning of Excise duty and sales tax, lets first understand ‘What are taxes or duties’? Tax or duty is a financial charge which governments imposes on there citizens to raise the funds they need. This is how the government is able to have the funds necessary to perform its duties and functions for the public …

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What Is ELSS Scheme?

ELSS ( Equity Linked Saving Scheme ) is another tax saving instrument along with your regular LIC, PPF etc. It is a type of mutual fund which is qualified for tax exemption under section 80 C, this comes under the overall exemption limit of Rupees One Lakh. It is just like a diversified equity fund where fund managers invest in …

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Tax Benefits On Self Employment In India

India has a well developed tax structure, wherein the authority is clearly segregated the Central and State Governments and Local bodies. Central government has the authority to levy taxes on income. Self employment tax (SET) is the tax primarily levied upon individuals who work for themselves – self-employed people i.e., the people engaged in business or commercial activity of some …

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What Is A Tariff?

A tariff is a tax levied on imports or exports or you can say tariff is a tax imposed on imported goods. The word is derived from the Arabic word taārif, meaning ‘fees to be paid’. It adds to the cost of imported goods and is one of several trade policies that a country can enact. Every country has separate …

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DTC : Direct Tax Code

The DTC is direct tax code, it  is said to replace the existing Income Tax Act, 1961. The Government had announced its intention to introduce a revised and simplified Income tax Bill. If approved, the DTC shall come into force from April 1, 2012, and shall be applicable for the financial year 2012-13. The new tax code would be a vast …

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