What is the meaning of Assessed Value?

Assessed Value refers to the assessment of the property for its monetary worth for the purpose of taxation. This price is known as its assessed value. The assessment is usually done annually keeping in mind common factors like the value of the property and other market conditions in the neighbourhood. The assessment is done by ..

Tax Reforms in India

Prior to the liberalization of Economy, India’s tax regime suffered numerous problems. These problems which were in vogue in 1960s and 1970s were as follows: There was a high degree of progressiveness (rich needed to pay exorbitant taxes). On the other hand, tax collection efficiency was very low (rich were smart enough to evade tax). ..

Progressive, Regressive and Proportional Taxes

There are three kinds of the taxes on the basis of their quantum / ratio of charging viz. regressive tax progressive tax and proportional or flat tax. Regressive Tax A regressive tax is the one in which tax rate decreases as the amount subject to taxation increases; and the tax rate progresses from high to ..

Capital Gains Tax: Meaning & Current Government Policy

A recent speech of prime minister had started speculation that government may impose long term capital gains tax in the upcoming budget. Capital gain refers to the gain or profit from the sale of property or an investment. Investment may be in shares, equity, gold, real estate or valuables like paintings {a prelims question was ..

Implications of GST as a Destination Based Tax

Indirect taxes can be either origin based or destination based. Origin based tax (also known as production tax) is levied where goods or services are produced. Destination based tax (consumption tax) are levied where goods and services are consumed. In destination-based taxation, exports are allowed with zero taxes whereas imports are taxed on par with ..