Income tax is the major source of income for the federal government. The Income tax is collected from both individuals and companies. Calculation of Income tax is done by finding out the taxable income by applying the allowable deductions on the total gross income and is collected annually. But the treatments of individual and corporate income taxes are different on several counts. The following table shows the differences between the two on various criteria. (more…)...
Black money is generated due to the following reasons: • The people do not pay their taxes. Even if they pay taxes, they are not in correct proportions to their incomes. The tax evasions by corporate and industrial houses are to the tune of billions of rupees. These firms are able to make clever usage of the income tax rules and hence, they save taxes. This tax evasion leads to the generation of black money. • The black money is…...
There are several factors responsible for the emergence – of parallel economy. It would be relevant to discuss those factors so that a correct understanding about the genesis, growth and expansion of black money can be made. The principal factors are: 1.Rigid and Complicated tax & high tax rates implemented by the government- High tax rates and defective tax structure have also been responsible for the existence of black money to a large extent. Take for instance direct taxation. Till…...
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Corruption is found in the government when instead of thinking about the interests of the citizens as a whole, the members of the government are chiefly interested in promoting their own selfish interests. Corruption is found in both public and private organizations and everyone starting from the clerk to the Managing Director of a company is corrupt in a way or the other. The clerk takes small bribes from the people who visit the office so that their work is…...
Black MoneyCorruptionFighting CorruptionRight To Information
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