THE CIRCLE OF TAX

& THE KASHMIR

ISSUE

Presented by:
Musadiq Maqbool Bhat
CONTENTS:
 What is tax?
 Indirect tax and Direct Tax

 Their various types

 Kashmir Issue
TAXATION:
 Taxation is a compulsory tax levied by the government
which is the major source of revenue helping the
government to its expenses.
 Equal distribution of wealth by charging high tax from
rich and less tax from poor.
 Tax is imposed on:
 Individuals
 Group of persons
 Businesses

Ref: General Economics by ICAI Page No: 207

 TAX SYSTEM IN INDIA :
IT’S DEPICTION
Tax

Indirect tax Direct tax

Ref: General Economics by ICAI Page No: 207

DIRECT TAX:
 Direct tax may be in the form of
 Income tax,
 Wealth tax and
 Estate duty

 Burden can’t be Transferred

 The amount of tax to be paid is based on the earning
potential of an individual.

Ref: General Economics by ICAI Page No: 209

INCOME TAX:
 Personal Income Tax:
 On the income of an Individual, HUF, Unregistered Firms & other AOP
 Certain rebates, deductions, expenditure etc On account of Life
insurance, medical Insurance etc are allowed
 Income is divided into different slabs
 For Women below Rs 1.80 lakh
 For senior Citezen below Rs. 2.25 Lakh
 As income increases , rate of tax also increases:

Income Tax Slab (in Rs) Tax

0 to 160000 No tax
160001 to 300000 10%
300001 to 500000 20%
Above 500000 30%
Ref: CA-CPT unlocker by PC Tulsian Latest Edition Page No. c-68
OTHER FORMS OF DIRECT TAX:
 Corporate tax is a tax which is levied on the companies
and it is also known as corporate income tax and
corporation tax.
 Estate Duty leived on the total property passing to the
hiers on the death of a person
 Wealth tax leived on land, bonds, shares etc of the
people. In 1993 abolished except certain assets such as
residential houses, farm houses, jewellery, motor car etc
 Gift tax leived on donations, gifts to women etc

Ref: General Economics by ICAI Page No: 210

INDIRECT TAX:
CUSTOM DUTIES:
 Levied on Imports and Exports

EXCISE DUTY:
 Levied on Production (raw material etc)

SALES TAX:
 Business transactions
 More in case of luxuries and Less in case of Necessities
VAT (VALUE ADDED TAX)
 Value added tax (VAT) is a form of consumption tax. It
is a tax on the estimated market value added to a product
or material at each stage of its manufacture or
distribution, ultimately passed on to the consumer. It
differs from a sales tax, which is levied only at the point
of purchase.
 Present Rate: 12.5 %

 Introduced in 1999 and later implemented in April 2005

Ref: www.wikipedia.com/vat
SERVICE TAX:
 Imposed on specified services called taxable Services
 Introduced in 1994-95

 Expanding day by day

 Rate : 10%
TAX SAVING OPTIONS IN INDIA:
 Indiancitizens are offered various tax saver mutual
funds schemes. Some of the prominent schemes
include:
 Birla Tax Relief 96
 StanChart Tax Saver Fund
 Kotak Tax Saver
 UTI Equity Tax Saving
 Tata Tax Saving Fund
 HDFC Tax Saver
 ABN AMRO Tax Advantage
THE KASHMIR ISSUE
Kashmir : The Ultimate
Beauty
Agar firdous-e-barroye Zamin asat,
hamin asto hamin asto hamin asat
“Jahangir”
But....
There is no full
stop………………
100 DAYS DEATH TOLL 110
 DEMOCRATIC POLITICS WILL CUT OUR THROATS
BEFORE WE SPEAK , HOW THEY TALK ABOUT PEACE
WHEN THERE'S STILL BLOOD IN OUR STREETS!
STONES IN MY HAND ITS TIME YOU PAY
THE PRICE , FOR PLUNDERING AND
RAPING THE BEAUTIFUL PARADISE!!
People are carrying the body of 8 yr old boy who
is being killed by Indian CRPF
“I AM AN IMPECCANT KASHMIRI, WHO IS BEING MUZZLED, CRIPPLED,
GAGGED AND KILLED EVERYDAY BY THE INDIAN TROOPS”

http://ceasefiremagazine.co.uk/features/special-reports/photo-essay-kashmir-bullets-for-stones/
Day by day they are just Ruining Kashmir, …..
 WHERE IS

DEMOCRACY?
Calls for azaadi (freedom) have cost Kashmir immeasurably. This beautiful
valley has bared silent witness to the slaughter of countless generations.
Between 47,000 to 100,000 lives have been lost amidst a political and military
impasse that has smoldered and flared since the 1980s. Exact figures are not
known or have been purposefully hidden. Thousands upon thousands are
“missing”. Thousands have been tortured.
KASHMIR’S POSITION:

 Kashmiris overwhelmingly favor independence

 A poll conducted in the Kashmiri capital of
Srinagar in 2007 revealed that 87% of Kashmiris
desire independence, 7% favor Indian rule, and
3% prefer Pakistani control
YOU CAN KILL ONE,
BUT ANOTHER WILL BORN.
THE WORDS ARE WRITTEN DOWN,
THE DEED, THE DATE, EVERYTHING
BUT CALL FOR AZAADI WILL NEVER STOP
OH! ALLAH
MERCY UPON KASHMIR…..
Musadiq Maqbool Bhat