Business

Classify income on the basis of assessment and briefly explain each of them Assessable incomes are income for those which include total income ascertaining total…

Generally assesses means a taxpayer that is a person who is to pay tax. He is a person or group that is being assessed (judged),…

Income tax authority is the official body that administers and collects a country’s taxes. The bodies responsible for administering the tax laws of a particular…

National Board of Revenue (NBR): It is the highest administrative authority of tax administration. It is a body consists of a chairman member (tax-1), member…

Describe the power and function of Appellate Tribunal Taxes Appellate Tribunal is the highest Judicial authority in determining the factual point of income tax cases.…

Tax Appellate Tribunal Taxes Appellate Tribunal is the highest Judicial authority in determining the factual point of income tax cases. According to section 2(5), ‘Appellate…

Tax is the compulsory payment to the government without getting any direct benefits. Fees are generally obligatory to regulate or control various types of activities.…

Canons Taxation Adam Smith gave four principles of taxation which he called the canons of taxation. Canons of taxation refer to the administrative aspects of…

Adam Smith’s Canons of Taxation Adam Smith gave four principles of taxation which he called the canons of taxation. Some other writers have also prescribed…

Importance and Objectives of Income Tax The tax imposed on a person or entity under the orbit of income tax law is called income tax.…