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What Is An Ad Valorem Tax?

Ad Valorem, term is derived from the Latin word, meaning “according to value”. An Ad Valorem denotes a tax, duty, fee or commission that is calculated as a percentage of the sales price or value. An Ad Valorem tax is a tax based on the assessed value of real estate or personal property or a specific item. In other words …

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DIN : A Unique Number For Taxation Purpose

The Income Tax (IT) department has come up with an additional identification number i.e DIN for tax payers after PAN Card. DIN is Document Identification Number, it is an another identification number that income tax department has introduced for tax payers. The DIN has been introduced through the guidelines issues by the Central Board of Direct Taxes (CBDT). Income tax …

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Check Income Tax Slabs & Rates For Current Financial Year (FY)

The income tax slabs / brackets and the income tax rates changes every year. Knowing Income tax slab for the current year helps us evaluate our income tax liability for the year. The slabs for men, women and senior citizens are also defined separately by the income tax (IT) department. Lets have a details of the applicable income tax slabs …

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Tax Exemptions As Per Income Tax Act 1961

Every income is taxable under income tax law, whether it is received in cash or in kind, whether it is capital or revenue income, but still some incomes are given exemption from tax. Income-tax Act contains  a number of provisions which exclude various kind of incomes from the purview of taxation. The incomes enumerated below are exempt from tax Agricultural …

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Income Tax Act In India

Income Tax is a tax imposed by the government of India on every one who earns in India whether they are resident of India or not. If an individual stays in India for 182 days or more in a year, he is treated as resident in that year regardless of his citizenship. This tax is levied under Income tax Act …

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What Does HMRC Stands For?

HMRC stands for Her Majesty’s Revenue and Customs. It is a non ministerial department of the British Government. It was formed on the 18th April 2005, formed by the merger of Inland Revenue and HM Customs and Excise. HMRC is primarily responsible for the collection of taxes, it ensures the correct tax is paid at the right time. HMRC is …

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