Question: What is
Fringe Benefits?
Answer:
Fringe Benefits is the Benefits
supplementing normal wages or salaries. Fringe benefits may be given in the
form of a money allowance, e.g. a holiday bonus or in the form of benefits in
kind, e.g. free accommodation. Although most countries tax the benefit of
employer-provided automobiles and accommodation, the tax treatment of other
fringe benefits varies considerably.
Question: What is
the Hidden Tax?
Answer:
Hidden Tax is the Indirect tax paid by
the consumer without his knowledge
Question: What is
the Hardship Clause?
Answer:
Hardship Clause is the Discretionary power
of the tax authorities to mitigate any harsh results of the tax law.
Question: What is
the Incidence Of Tax?
Answer:
Incidence of Tax is the person who bears the
tax burden in economic sense, which could be different from the person paying
the tax.
Question: What is
Lottery Tax?
Answer:
It is tax on the sale of lots or on
the receipt of prizes after the drawing of lots.
Question: What is Multi-Stage
Tax System ?
Answer:
It is a system of Indirect tax on the same goods at successive
stages of production and distribution.
Answer: A tax system wherein the
average tax rate increases for some increases in income but never decreases
with an increase in income
Question: What is Presumptive
Taxation ?
Answer:
It is Concept of taxation
according to which income tax is based on "average" income instead of
actual income.
Question: What is Property
Tax ?
Answer:
Group
of taxes imposed on property owned by individuals and businesses based on the
assessed value of each property.
Question: What is Surcharge?
Answer:
Additional
amount which is calculated on and added to the normal charge or levy. In other
words, the base on which a surcharge is assessed is the normal or basic amount
due.
Question: What is Taxable
Base ?
Answer:
The
thing or amount on which the tax rate is applied, e.g. corporate income,
personal income, real property.
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