TAXATION LAWS

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TAXATION LAWS

Total  Marks-100

Answer the following questions. All questions carry equal marks

1. Write notes one.

a. Assessment Year

Answer : The Balance Sheet and Income statement of companies across the Globe are usually prepared for a period of 1 year. However, the date from which this period starts varies from country to country.

In India, this 1 year period starts from 1st April and ends on 31st March. This period in which the income is earned is known as the Financial Year or Fiscal Year. The income tax returns are filed and taxes for a company are usually paid in the next year after the end of the Financial Year. This next year in which the income is assessed to tax is

b. Income.

Answer : Income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings received... in a given period of time."

In the field of public economics, the term may refer to the accumulation of both monetary and non-monetary consumption ability, with the former (monetary) being used as a proxy for total income.[

In economics, "factor income" is the return accruing for a person, or a nation, derived from the "factors of production": rental income, wages

C.Rights & Duties of Tax Payer.

Answer : A taxpayer has the following  rights :

1. Tax installment payment

- For personal income tax, a taxpayer can pay any tax amount which exceeds 3000 baht in up to three installments without paying fines or surcharges.

- A taxpayer can file a request for an installment payment of tax arrears.  However, such payment must meet the requirements set by the Revenue Department

2. Write notes on :

a. Search of specific premises.

Answer : The conduct of searches is governed by PACE and Code B. A search warrant may authorise anyone to accompany the constable who is executing it. Such persons have the same powers as the police, but they can only exercise them in the company, and under the supervision, of the police. Entry and search must be within one month from the date of the warrant's issue. You have a right to see the warrant and to be supplied with a copy

b. TDS

Answer : TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. It is similar to "pay as you earn" scheme also known as

3. Write notes on

a. Types of Duties as per Customs Act

Answer : TYPES OF DUTIES

The various types of customs duties are:

i. Basic duty

It may be at the standard rate or in the case of import from some countries, at the preferential rate. The effective rate shall be determined after considering the notification, if any.

b. Customs value

Answer : Customs Value is the total value of all items in your shipment and determines how much import duty the package recipient must pay. For example,

4. Write notes on

a. What is VAT

Answer : Value-Added Tax (VAT) is a tax on consumer spending. It is collected by VAT-registered traders on their supplies of goods and services effected within the State, for consideration, to their customers. Generally, each such trader in the chain of supply from manufacturer through to retailer charges VAT on his or her sales and is entitled to deduct from this amount the VAT paid on his or her purchases.

b. How is VAT charged?

Answer : VAT is normally charged and accounted for by the supplier of the goods or services. However, in certain limited circumstances the recipient of goods or services, rather than the supplier, is obliged to account for the VAT due. This applies:-

·         on the intra-Community acquisition of goods from another Member State (see Acquisitions from other EU Member States)

5. Write Interest & Penalty as per VAT Act.

Answer : Imposition of penalty in certain instances

(1) Where any person or dealer purchases any taxable goods under a certificate or declaration given by him under the Act, rules or notification and has failed to comply with the conditions or undertakings of such certificate or declaration, the Commissioner may, after giving the person or the dealer a reasonable opportunity of being heard, by order in writing, impose on him in addition to the tax payable a penalty equal to half of the

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