Our collection of resources based on what we have learned on the ground
Resources
Q&A
What is dividend distribution tax under Indian law?
- January 2013
- Free Access
It is a tax levied when dividend is distributed and against the distributing company, not its shareholders and the tax rate is 16.22 percent.
Q&A
What is the minimum alternative tax under Indian law?
- January 2013
- Free Access
It is a tax that is levied to company that has adjusted booked profit that amounts to less than 18 percent. The tax rate is 18.5 percent plus education cess and surcharge.
Q&A
How is value-added tax levied under Indian law?
- January 2013
- Free Access
Value-added tax is levied on most types of goods t 12.5 percent. There are alternative rates, such as four percent and one percent, given certain requirements are met. However, there is no such tax on import and the rate on export is zero. Also, for ...
Q&A
What is central sales tax under Indian law?
- January 2013
- Free Access
Central sales tax is a tax that is applicable to goods that are traded interstate. Thus, if registered dealers buy and sell goods for the purpose of trading, or for the sake of manufacturing inputs or other specific activities, then the tax will be a...
Q&A
What is custom duty under Indian law?
- January 2013
- Free Access
Custom duty is applicable to goods imported into or exported from India. The normal rate is ten percent of the transaction value of the im-/exported goods. Also, an extra two percent of education charge is normally levied on the transaction amount of...
Q&A
What is central value-added tax under Indian law?
- January 2013
- Free Access
Central value-added tax is levied on production or manufacturing of moveable goods. It comes at a rate of ten percent, with a maximum of 12 percent. The classification of which rate is applicable is to be found in Central Excise Tariff Act.
Q&A
What is wealth tax in Indian tax system?
- January 2013
- Free Access
Wealth tax is charged annually at a rate of one percent on individuals and companies with over INR 3 million in non-productive assets.
Q&A
What is withholding tax in India?
- January 2013
- Free Access
Withholding tax is one that is applied when the income is paid to outside India, which is also applicable if the payment is made to non-residents. When an income is paid out of India, the person responsible for payments to non-resident should deduct ...
Q&A
What is the relationship between Indian personal income taxation and residential...
- January 2013
- Members Access
Indian personal taxation functions on two premises: income source and residential status. Residential statuses include: resident and ordinarily resident, resident but not ordinary resident or non-resident. An individual is said to be resident in Ind...
Q&A
How does personal income tax operate in India?
- January 2013
- Free Access
In India, employers are obliged to withhold personal income taxes from the salary income payable to employees and deposit these funds with the Indian revenue authorities as taxes, given that the services are rendered in India, irrespective of the loc...
Q&A
What is a Permanent Account Number in India?
- January 2013
- Free Access
Permanent Account Number (PAN) is a 10-digit alphanumeric code, printed on an identification card, for the Income Tax Department. Companies in India are required to obtain a PAN during the establishment process in order to file an income tax return, ...
Q&A
How is salary defined in Indian tax law?
- January 2013
- Free Access
Salary is defined by Income Tax Act to include: Wages Pensions and annuities Gratuities Advance of salary Any fee, commission, perquisites, or profits in lieu of or in addition to salary or wages Any encashment of leave salary Any amount of ...
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