PERSONAL INCOME TAX IN INDIAA resident (staying for more than 182 days in a year) is taxed on his world-wide income if he is also ordinarily resident in India (e.g. if he maintains resident status for 9 out of 10 preceding years). A non-resident is taxed only on income that is received in India. Though the entire remuneration is taxable, concessional treatment is accorded to leave passage, reimbursement of medical expenses and benefits received in kind, such as, company-leased flat, car, furnished housing, utilities etc. A tax deduction is allowed at the rate of 20 percent on all eligible savings subject to a limit of Rs 60,000 savings per annum. New rates for personal income tax: - 10% on the first slab of Rs.40,000-Rs.60,000 +10% Surcharge - 20% on the second slab of Rs.60,000 + 10% Surcharge - Rs.1,50,000 - 30% on the third slab of income > Rs 1,50,000 +10% Surcharge CENTRAL EXCISE IN INDIAExcise exemption to small scale units is mainly/chiefly granted under notification no. 8/99 - CE dated 28.2.99 as amended from time to time. Key Feature of the Central Excise tariffs - Extension of Modvat to capital goods and petroleum products - Shift in the bulk of excise taxation from specific to ad valorem rates which will assure much greater built-in buoyancy of revenues. - Application of Uniform rates for similar commodities to the extent possible. This will reduce classification problems, scope for misuse and widespread litigation. SALES TAX IN INDIAThe sales tax is a state government controlled revenue element. The sales tax structure varies from state to state and this ranges from 0% to 10% depending on the state policies and the type of product in question Taxation in UKHM Revenue & Customs HMRC is responsible for collecting the bulk of tax revenue, as well as paying Tax Credits and Child Benefits, and strengthening the UK's frontiers.HMRC has begun a programme of consultation in order to deliver a more effective service to local businesses and individuals. Tax Guide 
Find out the latest tax issues with this easy-to-read update following the Budget 2006 and the Finance Act 2006.
|
