Hindu Rate of Growth: The Hindu rate of growth is a derogatory term referring to the low annual growth rate of the socialist economy of India before 1991, which stagnated around 3.5% from 1950s to 1980s, while per capita income growth averaged 1.3%
Tax: If fee charged (“levied”) by a government on a product, income, or activity that is known as Tax. The purpose of taxation is to finance government expenditure.
Direct Tax: If tax is levied directly on personal or corporate income, then it is a direct tax. It can’t be transferred on others.
Indirect Tax: If tax is levied on the price of a good or service, then it is called an indirect tax. In other words, these taxes can be transferred on others.
CENTRAL BOARD OF DIRECT TAXES: The Central Board of Direct Taxes (CBDT) is a part of the Department of Revenue in the Ministry of Finance, Government of India. The CBDT provides essential inputs for policy and planning of direct taxes in India and is also responsible for administration of the direct tax laws through Income Tax Department. The CBDT is a statutory authority functioning under the Central Board of Revenue Act, 1963.
WITHHOLDING TAX: A withholding tax, also called a retention tax, is a government requirement for the payer of an item of income to withhold or deduct tax from the payment, and pay that tax to the government. In most jurisdictions, withholding tax applies to employment income
CORPORATE TAX: The taxability of a company’s income depends on its domicile. Indian companies are taxable in India on their worldwide income. Foreign companies are taxable on income that arises out of their Indian operations.
FRINGE BENEFIT TAX (FBT): Fringe Benefit Tax (FBT) is an additional income tax payable by the employers on value of fringe benefits provided or deemed to have been provided to the employees. The FBT is payable by an employer who is a company; a firm; an association of persons excluding trusts/a body of individuals; a local authorityetc. This tax is payable even where employer does not otherwise have taxable income. Fringe Benefits are defined as any privilege, service, facility or amenity directly or indirectly provided by an employer to his employees (including former employees) by reason of their employment and includes expenses or payments on certain specified heads.
Central Sales Tax (CST): Central Sales tax is generally payable on the sale of all goods by a dealer in the course of inter-state trade or commerce or, outside a state or, in the course of import into or, export from India.
Value Added Tax (VAT): VAT is a multistage tax on goods that is levied across various stages of production and supply with credit given for tax paid at each stage of Value addition. Introduction of state level VAT is
the most significant tax reform measure at state level. The state level VAT has replaced the existing State Sales Tax.
Service Tax: Service Tax is a tax imposed by Government of India on services provided in India. The service provider collects the tax and pays to the government.
