John contributes Rs.25, 00,000 to a revocable trust. He has a life expectancy of 10yrs and will receive an 8% per year annuity from the trust. At his death the corpus will be paid to his wife, Sonia. How much is the taxable amount in this transfer to John.
The rate of simple interest paid on delay in paying the interest is two percent for every month
Any person responsible who fails to collect or pay expenditure-tax is levied penalty
Taxation is primarily for financing of government expenditure
Expenditure tax is a taxation plan that does not replaces the income tax
Assessment year" means the period of twelve months commencing on the 1st day of April every year
"Assessee" means a person responsible for collecting the expenditure-tax payable
There are two calculation methods in expenditure tax, cash flow or yield exempt
Tax is defined as a fee, which is charged and collected by a country’s government on a commodity, activity or income
Expenditure tax is a tax, which is assessed on Income
Expenditure involves payment of money for commodities and services
Taxable services provided to a developer or a unit in SEZ are exempt from service tax under Sec 26 (1) (e) of SEZ Act
Services provided to UN and International Agencies are exempting, Notification N.16/2002-ST
There is no service tax on export of services, if any service is exported as per; 'Export of Services Rules’
Rule 12A of service tax rules makes it clear that service tax is payable on value of taxable services received