How do fund houses charge the various taxes like dividend distribution tax, capital gains tax and securities transaction tax that a mutual fund is subject to? Are these deducted from the returns the fund generates?- R MaheshLet's look at the taxes you have mentioned individually.Dividend Distribution Tax: As the name suggests, this is levied as and when the fund declares a dividend. However, only debt-oriented...
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indirect taxes should be merged in the proposed goods and services tax (GST), senior supreme court advocate and Rajya Sabha Member of Parliament, YP Trivedi, said here."All indirect taxes including octroi and entertainment tax should be merged in the proposed goods and services tax (GST). The Government is keen to bring GST to reduce litigation and bring down hardship caused to people because of various...
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Pakistan Edible/Cooking Oil Industry has demanded Federal Board of Revenue (FBR) to consider the three percent Presentive Tax as final payment which was collected in the beginning of the current year – and that the industry would go to Court if the Board rejects the demand.According to sources, in the current year three percent Presentive Tax has been declared as minimum tax payment by FBR and a Final...
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RAJKOT:Entertainment tax department wielded its axe against tax defaulters, severingconnections of 10 cable operators in the city.According to M DManjariya, mamlatdar in charge of entertainment tax, the action came in the wakeof non-payment of entertainment tax due for several months. "Connections of tencable operators in Malaviyanagar, Gokuldham, Vijay Society, Vanivadi, MavadiPlot and Vinay Society...
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NAMAKKAL: The Income Tax Department has relocated its office to new premises in Namakkal town on Friday.Chief Commissioner of Income Tax, Tiruchirappalli, Prema Malini Vasan declared open the office in LMR Shopping Arcade.The office was equipped with modern facilities to assist the taxpayers in e-filing their tax returns and e-payment of taxes.The new facilities are expected to enhance the taxpayer...
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Desired objectives of tax policy can be achieved only when it is properly administered. Failure in appropriately administering the tax laws allows tax evaders to thrive. This defeats the purpose of a fair tax policy and threatens the canon of equity. It is widely believed that tax evasion in India is rampant: in taxes on income and property, and in domestic trade taxes. This needs to be tackled on...
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a few months' time the taxman will coming knocking on your door. However, he cannot tax you on the following 14 important items of income and receipts, as they are fully exempt from income tax and which a resident individual Indian assessee can use with profit for the purpose of tax planning.Under the provisions of Section 10(1) of the Income Tax Act, agricultural income is fully exempt from income...
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W.Va. considers tax flexibility for localities < ');" class="size11 blue"> RateWest Virginia's tax modernization project is back on, but that doesn't mean businesses and individuals should necessarily expect lower taxes in the near future."Tax modernization does not always mean tax cuts," said Tax Commissioner Christopher Morris, chairman of a work group appointed by Gov. Joe Manchin to propose ways...
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Arouse social conscience against evasion Mahesh C Purohit, Director FPEPR*, New Delhi (Mahesh C Purohit, Director FPEPR*, New Delhi) Desired objectives of tax policy can be achieved only when it is properly administered. Failure in appropriately administering the tax laws allows tax evaders to thrive. This defeats the purpose of a fair tax policy and threatens the canon of equity. It is widely believed...
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transport department has planned tax revamp for commercial and privatevehicles. In a major overhaul, the department has done away with realising taxesunder various heads. It will now be charging `composite' tax from all sorts ofvehicles under tax net.Commercial vehicles will now be paying one`composite' tax instead of road tax and additional tax which was the practice sofar. "It has been done to save...
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