What is the meaning of Assessed Value?

December 4, 2017

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...

Tax Reforms in India

April 3, 2017

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...

Progressive, Regressive and Proportional Taxes

April 2, 2017

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...

Exempt-Exempt Tax

November 11, 2015

Under the Exempt-Exempt Tax (EET) principle, the contributions towards certain savings are deductible from income (this represents the first ‘E’ under the EET method), the accumulation/accretions are exempt (free from any tax incidence) till such time as they remain invested (this represents the second ‘E’ under the EET method)...