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Friday, June 01, 2012

Tax Structure in India


Tax Structure in India


Q: What are you doing?
A: Business.
Govt: PAY PROFESSIONAL TAX


Q: What are you doing in Business?
A: Selling the Goods.
Tax: PAY SALES TAX


Q: From where are you getting Goods?
A: From other State/Abroad
Tax: PAY CENTRAL SALES TAX, CUSTOM DUTY OCTROI

Q: What are you getting in Selling Goods?
A: Profit.
Tax: PAY INCOME TAX


Q: How do you distribute profit?
A: : By way of dividend
Tax: PAY DIVIDEND DISTRIBUTION TAX


Q: Where you Manufacturing the Goods?
A: Factory.
Tax: PAY EXCISE DUTY


Q: Do you have Staff?
A: Yes
Tax: PAY STAFF PROFESSIONAL TAX


Q: Doing business in Millions?
A: Yes or No
Tax: If yes, PAY TURNOVER TAX; if no, then pay Minimum Alternate Tax

Q: Are you taking out over 25,000 Cash from Bank?
A: Yes, for Salary.
Tax: PAY CASH HANDLING TAX


Q: Where are you taking your client for Lunch Dinner?
A: Hotel
Tax: PAY FOOD ENTERTAINMENT TAX

Q: Are you going Out of Station for Business?
A: Yes
Tax: PAY FRINGE BENEFIT TAX

Q: Have you taken or given any Service/s?
A: Yes
Tax: PAY SERVICE TAX

Q: How come you got such a Big Amount?
A: Gift on birthday.
Tax: PAY GIFT TAX


Q: Do you have any Wealth?
A: Yes
Tax: PAY WEALTH TAX

Q: To reduce Tension, for entertainment, where are you going?
Ans.: Cinema or Resort.
A: PAY ENTERTAINMENT TAX


Q: Have you purchased House?
A: Yes
Tax: PAY STAMP DUTY REGISTRATION FEE


Q: Want to run away to another city?
A: Yes
Tax: PAY TOLL CESS


Q: Any Additional Tax?
A: Yes
Tax: PAY EDUCATIONAL CESS SURCHARGE ON ALL THE CENTRAL GOVT TAXES

Q: Delayed any time Paying Any Tax?
A: Yes
Tax: PAY INTEREST PENALTY


Q: Can I die now?
A: No, wait we are about to launch the FUNERAL TAX !!! 

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