This document discusses the concept of indirect taxes. It defines indirect taxes as taxes whose burden can be shifted to others, in part or wholly, through higher prices. Examples given are excise duties, sales tax, service tax, customs duty, and taxes on transportation fares. The objectives of indirect taxes include revenue generation, reducing income inequality, social welfare programs, earning foreign exchange, and regional development. Key features outlined are burden shifting, taxation of commodities/services, and indirect determination of taxpayer ability. Advantages include convenience, disguise of tax effect, difficulty evading, broad tax base, and potential for forced savings. Disadvantages involve regressivity, high collection costs, inflationary effects, and lack of educative value
Presentation on the Indirect Tax system in India, the need for tax reforms, the journey to GST, basic understanding and features of GST and the benefits of GST.
Tax Planning Concept and tax planning with specific managerial decisionsSundar B N
In this ppt most of the tax planning concepts are covered. Tax planning, Tax evasion, tax avoidance, tax planning with inter corporate dividend and Bonus share. Tax Planning with specific managerial decisions are covered.
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https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
Unit II Tax Planning and Company PromotionDayanand Huded
The chapter comprises of Meaning of Tax Planning, Tax Avoidance, Tax Evasion and Tax Management; Features and Scope for Tax Planning; Business Location and Tax Planning; Nature of Business and Tax Planning: FTZ, Units in SEZ, 100% EOU and Infrastructure Development.
Tax planning is a focal part of financial planning. It ensures savings on taxes while simultaneously conforming to the legal obligations and requirements of the Income Tax Act, 1961. The primary concept of tax planning is to save money and mitigate one's tax burden.
Tax Planning is the arrangement of financial activities in such a way that maximum tax benefits are enjoyed by making use of all beneficial provisions in the tax laws. It entitles the assessee to avail certain exemptions, deductions, rebates and reliefs, so as to minimise its tax liability.
(i) Reduction of tax liability: One of the supreme objectives of tax planning is the reduction of the tax liability of the payer and the resultant saving of the earnings for a better enjoyment of the fruits of hard labour.
(ii) Minimization of litigation and the tax payer may be saved from the hardships and inconveniences caused by unnecessary litigations.
(iii) Productive investment: Tax planning is a measure of awareness of the taxpayer to the intricacies of the taxation laws and it is the economic consciousness of the income earner to find out the ways and means of productive investment of the earnings which would go a long way to minimize its tax burden.
(iv) Healthy growth of economy: The saving of earnings is the only basement upon which the economic structure of human life is founded.
(v) Economic stability: Productive investment increase contours of the national economy embracing in itself the economic prosperity of not only the tax payers but also of those who earn the income not chargeable to tax. The planning thus creates economic stability of the nation and its people by even distribution of economic resources.
(i) Residential status and citizenship of the assessee: We know that a non-resident in India is not liable to pay income-tax on incomes which accrue or arise and are also received outside India, whereas a resident in India is liable to pay income-tax on such incomes.
(ii) Heads of income/assets to be included in computing net wealth: Before the Tax-planner goes in for his task; he has to have a full picture of the sources of Income of the tax payer and the members of his family
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
Presentation on the Indirect Tax system in India, the need for tax reforms, the journey to GST, basic understanding and features of GST and the benefits of GST.
Tax Planning Concept and tax planning with specific managerial decisionsSundar B N
In this ppt most of the tax planning concepts are covered. Tax planning, Tax evasion, tax avoidance, tax planning with inter corporate dividend and Bonus share. Tax Planning with specific managerial decisions are covered.
Subscribe to Vision Academy for Video assistance
https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
Unit II Tax Planning and Company PromotionDayanand Huded
The chapter comprises of Meaning of Tax Planning, Tax Avoidance, Tax Evasion and Tax Management; Features and Scope for Tax Planning; Business Location and Tax Planning; Nature of Business and Tax Planning: FTZ, Units in SEZ, 100% EOU and Infrastructure Development.
Tax planning is a focal part of financial planning. It ensures savings on taxes while simultaneously conforming to the legal obligations and requirements of the Income Tax Act, 1961. The primary concept of tax planning is to save money and mitigate one's tax burden.
Tax Planning is the arrangement of financial activities in such a way that maximum tax benefits are enjoyed by making use of all beneficial provisions in the tax laws. It entitles the assessee to avail certain exemptions, deductions, rebates and reliefs, so as to minimise its tax liability.
(i) Reduction of tax liability: One of the supreme objectives of tax planning is the reduction of the tax liability of the payer and the resultant saving of the earnings for a better enjoyment of the fruits of hard labour.
(ii) Minimization of litigation and the tax payer may be saved from the hardships and inconveniences caused by unnecessary litigations.
(iii) Productive investment: Tax planning is a measure of awareness of the taxpayer to the intricacies of the taxation laws and it is the economic consciousness of the income earner to find out the ways and means of productive investment of the earnings which would go a long way to minimize its tax burden.
(iv) Healthy growth of economy: The saving of earnings is the only basement upon which the economic structure of human life is founded.
(v) Economic stability: Productive investment increase contours of the national economy embracing in itself the economic prosperity of not only the tax payers but also of those who earn the income not chargeable to tax. The planning thus creates economic stability of the nation and its people by even distribution of economic resources.
(i) Residential status and citizenship of the assessee: We know that a non-resident in India is not liable to pay income-tax on incomes which accrue or arise and are also received outside India, whereas a resident in India is liable to pay income-tax on such incomes.
(ii) Heads of income/assets to be included in computing net wealth: Before the Tax-planner goes in for his task; he has to have a full picture of the sources of Income of the tax payer and the members of his family
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
The difference between direct and indirect taxesAhmedTalaat127
The tax legislation in the UAE aims to achieve social justice and diversify sources of revenue, in order to achieve many development goals to redistribute them in the service of society.
There are various forms of taxes, including direct and indirect taxes, and this article will endeavor to explain the differences between them.
This word file contain all information regarding taxation in india, income tax returns, types of income tax , direct tax, indirect tax, wealth tax, income tax ,excise duty , which helps you to gain knowledge about taxation in brief, and also helps you in making internship report on taxation or income tax.
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The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
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The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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3. Indirect Tax
Concept
• Indirect taxes are those whose burden
can be shifted to others so that those
who pay these taxes to the government
do not bear the whole burden but pass it
on wholly or partly to others.
• Indirect taxes are levied on production
and sale of commodities and services
and small or a large part of the burden of
indirect taxes are passed on to the
consumers.
• Excise duties on the product of
commodities, sales tax, service tax,
customs duty, tax on rail or bus fare are
some examples of indirect taxes.
4. .Indirect Tax
On Goods Sold On Service Provider
By Dealer By Manufacturer By Service Provider
Within State Within State Within State
VAT Excise + VAT Service Tax
Outside State Outside State Outside State
CST Excise + CST Service Tax
Outside Country Outside Country Outside Country
Customs Excise + Customs Service Tax
5. Objective of Indirect Taxes
• Resource Mobilization
• Reduction in Inequalities of Income
• Social Welfare
• Foreign exchange
• Regional Development
• Control of Inflation
6. Special Features of Indirect Taxes
1. Shilling of tan burden Nor example, Central excise duty which
is paid by the manufacturer is recovered by including such
duties and taxes in the cost of the commodity.
2. Indirect taxation is commodity taxation as the central excise
levy is made in respect of commodities manufactured in any
part of India.
3. While imposing direct taxes, the ability of the tax-payer
lesseesee is directly determined, whereas in respect of
indirect taxes, the ability of tax-payer is indirectly determined
7. .
4. The tax-payer does not perceive a direct pinch while paying
indirect taxes.
5. Indirect taxes are easier to collect and greater amount of
generation of revenue is assured as tax evasion is
comparatively less in the case of organized sector.
6. Tax imposed on commodities directly affects the prices of
commodities.
7. Indirect taxes include Central Excise Duty, Customs Duty,
Central Sales Tax, Service Tax, State VAT, Octroi, Interest Tax,
Expenditure Tax, Foreign Travel Tax, etc.
8. Advantages
1. Convenient Indirect taxes are more convenient to pay. These taxes,
generally being on commodities, are wrapped up in prices.
2. Disguised : The effect of indirect taxes does not provoke resentment,
because they cause less annoyance to the public as these taxes are not
felt directly.
3. Not Easily Evadable : Indirect taxes are difficult to evade as they are
usually merged with prices.
4. Broad-based : Indirect taxation usually being commodity taxes has a
broader scope. The low income strata of society which are exempt from
direct taxes can be easily caught in the net of such tax.
9. .
5. Social Value : Indirect taxes have a high social value. They can serve
to improve social morale and public health by discouraging
consumption of such harmful commodities as intoxicants, tobacco, etc.
6. Forced Savings : Indirect taxes are an effective means of mopping up
consumer's surplus and thereby diverting the saving potential of the
community at large into the hands of the government.
7. Complementary : Additional revenue can be easily obtained by
introducing an indirect tax. Indirect taxes in fact can serve as
complementary to direct taxes.
8. Progressive : Indirect taxes on luxuries and semi-luxuries are
progressive in effect, as they fall on the rich people's consumption
outlays
10. Disadvantages
1. Inequitability : Indirect taxes are unjust and inequitable as they are
regressive in effect. Since they are charged at a proportional rate on
commodities of general consumption.
2. Less Productive: Indirect taxes do not conform to the canons of
economy and productivity. As these taxes involve many stages, the
cost of collection is usually high in relation to the revenue yielded.
3. Inflationary Potentiality : Indirect taxes prove to be inflationary
when excessively relied upon. In India, for instance, excessive indirect
taxation on commodities of mass consumption may be blamed as
being an important factor contributing to the inflationary price spiral
in the country.
11. .
4. Disincentive Effect on Savings Indirect taxes discourage savings
when the people have to spend more with a rise in the prices of
commodities.
5. No Educative Value : Indirect taxes being invisible, and as they are
collected through middlemen like traders, hence, they do not
promote any civic sense.