Search results
Results from the WOW.Com Content Network
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions, tax withholding applies to employment income.
The word arrears is used to mean "past due" when describing the past, omitted dividends on cumulative preferred stock. If a corporation fails to declare the preferred dividend, those dividends are said to be in arrears. The dividends in arrears must be disclosed in the notes (footnotes) to the financial statements.
The tax could be paid either in cash or in kind. Payments in kind were mostly in the form of land which was given to the king. The king never made use of those lands, which could be bought back by the farmers after they got back some money. The farmer owned his land. Tax rates were reduced in case of a famine, bad weather or other serious event.
The Vijayanagara emperors collected the taxes based on the soil fertility of lands. Tax on production was 1 ⁄ 6 of the gross product. It was paid either in the form of crops or money. Heavy taxes were levied on prostitution. Turkic sultans followed the Hanafi School of Islamic jurisprudence as their monetary policy.
The cultivators were required to pay half of the agricultural produce as a tax: this was the maximum amount allowed by the Hanafi school of Islam, which was dominant in Delhi at that time. [3] Alauddin's administration forced the village chiefs to pay the same taxes as the others and banned them from imposing illegal taxes on the peasants. [23]
The tax is imposed based on the Entry 52 of the State List from the Schedule VII of the Constitution of India which reads; "Taxes on the entry of goods into a local area for consumption, use or sale therein." [24] The tax is to be paid by the trader to the civic bodies and the rules and regulations of these vary amongst different States in ...
The state demand could not be increased but payment should be made on the due date, before sunset, so it was also known as the 'Sunset Law'. Failure to pay led to the sale of land to the highest bidder. While the worst of the tax-farming excesses were countered by the introduction of the Settlement, the use of land was not part of the agreement.
Dahsala is an Indian system of land taxation which was introduced in A.D. 1580 under the reign of Akbar.This system was introduced by the finance minister of Akbar, Raja Todar Mal, [1] who was appointed in A.D. 1573 in Gujarat, and it helped to make the system of tax collection from non-muslims more organised.