Presumptive taxation

In the same year, a central charge was created in Calcutta also. Today this attached office of the Board functions under a Director-General.

It is called presumptive taxation scheme because under this scheme, the income of the taxpayer is estimated at certain percentage of the turnover. The administrative reforms include: Taking an overall view, it can be said without fear of contradiction that Kautilya's Arthasastra was the first authoritative text on public finance, administration and the fiscal laws in this country.

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The Texas Legislature passed the law in to raise additional revenue to fund Texas schools. His concept of tax revenue and the on-tax revenue was a unique contribution in the field of tax administration. Presumptive techniques may be employed for a variety of reasons. One is simplification, particularly in the case of taxpayers with very low turnover.

All these sources agree that the firstborn son is entitled to a double portion of his father's estate: It is a matter of general belief that taxes on income and wealth are of recent origin but there is enough evidence to show that taxes on income in some form or the other were levied even in primitive and ancient communities.

The limit for such tax has increased to Rs 2 crore of turnover or gross receipts from the existing one crore rupees.

new changes in income tax fy 2017-18

United StatesF. This means that, for example, if a father left five sons, the firstborn receives a third of the estate and each of the other four receives a sixth.

Presumptive Taxation for Business and Profession

Note the IRS effort to argue otherwise in Rev. According to famous statesman, the Mauryan system, so far as it applied to agriculture, was a sort of state landlordism and the collection of land revenue formed an important source of revenue to the State.

Similarly, tolls, road cess, ferry charges and other levies were all fixed. The involuntary attribution of nationality later than at birth and other than as a matter of law when previously unknown facts such as place of birth, parentage or parental residence prior to birth come to light requires consent.

Tax Audit Threshold Limit in presumptive taxation u/s 44AD is Rs. 2 Crore

The tractate Baba Bathrawritten during late Antiquity in Babylon, deals extensively with issues of property ownership and inheritance according to Jewish Law. There is a further concept of joint inheritance, pending renunciation by all but one, which is called coparceny.

However, he regarded revenue and taxes as the earning of the sovereign for the services which were to be rendered by him to the people and to afford them protection and to maintain law and order.

Terminology[ edit ] In law, an heir is a person who is entitled to receive a share of the deceased 's the person who died property, subject to the rules of inheritance in the jurisdiction of which the deceased was a citizen or where the deceased decedent died or owned property at the time of death.

presumptive taxation

Jewish laws[ edit ] The inheritance is patrilineal. This section does not apply in case of Limited Liability Partnerships as they have been specifically excluded from this section. The first, often abbreviated to Mishneh Torahwas written by Maimonides and was very important in Jewish tradition.

The taxpayer can willingly declare a higher income and pay tax on it.

presumptive taxation

Presumptive taxation scheme spreads into three sections of Income Tax Act, This taxation was not progressive but proportional to the fluctuating income.[As amended by Finance Act, ] Businesses not covered under the presumptive taxation scheme of section 44AD The scheme of section 44AD is designed to give relief to small taxpayers engaged in any.

Section 44AD – Presumptive Scheme to be opted for atleast 5 years. Section 44AD – Presumptive Scheme to be opted for atleast 5 years Updated on Jul 20, - 04 you will lose presumptive benefits and disallowed from presumptive taxation for the subsequent 5 years.

Article discusses about Meaning of presumptive taxation scheme, Presumptive Taxation Scheme of Section 44AD, Section 44ADA, Section 44AE, For whom the presumptive taxation scheme of is designed?, Businesses not covered under the presumptive taxation scheme, No need to maintain books of account as prescribed under section 44AA, Eligible taxpayer and eligible business for the.

History of Taxation Post 1. Preliminary: The rapid changes in administration of direct taxes, during the last decades, reflect the history of socio-economic thinking in India. To reduce the burden of compliance of small taxpayers, the govt provides for a scheme of Presumptive Taxation which is very easy to understand and comply with.

Income in Zambia is taxed on the source principle or deemed source basis in some instances. Residents are taxed on domestic source of income and certain types of foreign income, non-residents are normally taxed on Zambian source of income.

Presumptive taxation
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