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The tax rates displayed are marginal and do not account for deductions, exemptions or rebates. The effective rate is usually lower than the marginal rate. The tax rates given for federations (such as the United States and Canada) are averages and vary depending on the state or province. Territories that have different rates to their respective ...
Cost to company (CTC) is a term for the total salary package of an employee, used in countries such as India and South Africa. It indicates the total amount of expenses a company (organisation) spends on an employee during one year. It is calculated by adding salary to the cost of all additional benefits an employee receives during the service ...
It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, cost accountant, Software Engineer, lawyer, doctor etc. are required to pay this professional tax. Different states have different rates and methods of collection. In India, profession tax is imposed ...
A direct tax is one paid directly to the government by the persons (juristic or natural) on whom it is imposed (often accompanied by a tax return filed by the taxpayer). Examples include income tax, corporate tax, and transfer tax such as estate tax and gift tax. Basic software for income tax in the form of a tax calculator, and are now widely ...
Thus, the new Service Tax rate would be 15% incorporating EC, SHEC, Swachh Bharat Cess and Krishi Kalyan Cess. [16] From 2015 to currently, the gross tax collection of the centre from service tax has amounted in excess of ₹ 2.10 trillion (US$25 billion). [17] Service tax has been replaced by Goods and Services Tax in India.
An average tax rate is the ratio of the total amount of taxes paid to the total tax base (taxable income or spending), expressed as a percentage. [2] Average tax rates is used to measure tax burden of individuals and corporations and how taxes affect the individuals and corporations ability to consum. [4]
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4 Tax brackets in India. ... individuals often find it necessary to consult a tax accountant or professional tax preparer. For example, John, a married 44-year-old ...