Advantages and disadvantages Advantages and disadvantages Advantage of Direct Taxes: 1.Fairness: Direct taxes are base on a persson’s income or wealth, so those who earn more pay more, which is seen as fair. 2.Progressive: Direct taxes are design to be progressive, meaning that the tax rate increases as the income or wealth of the taxpayer… Read More »
Corporate and non-corporate assessee In India, the term “assessee” refers to an individual or entity that is legally liable to pay income tax under the Income Tax Act, 1961. The Income Tax Act categorizes taxpayers into two groups based on their legal structure: For more information to Visit https://www.mca.gov.in A corporate assessee is an entity… Read More »
Understanding One Time Tax “One Time Tax” does not have a universally defined meaning and can vary depending on the context. However, in general terms, understanding One Time Tax typically refers to a tax that levy only once on a specific transaction or event. For instance, during the purchase of a property, you may encounter… Read More »