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Tax Rebates Introduction & General Tax Incentives
In each section of Personal Tax (income tax), Indirect taxes (sales, excise & customs duty) and the corporate taxes there are certain rebates given to the tax payer if he fits in the prescribed criteria. These concessions or Tax Holidays as they call are meant to attract more and more people to pay tax. These rebates also mean less 'pinch' on the pockets and a good fast growth of economy.
Rebate is a deduction from tax payable. Since these are the best tax-slashing devices, it is absolutely essential to have a clear, concise and complete insight into these.
In computing the amount of income-tax on the total income of an assessee with which he is chargeable for any assessment year, there shall be allowed from the amount of income-tax, in accordance with and subject to the provisions of certain sections, the deductions specified in those sections.
The aggregate amount of the deductions under such sections shall not, in any case, exceed the amount of income tax on the total income of the assessee with which he is chargeable for any assessment year.
Related Resources:
General Tax Incentives
Income Tax Rebates
Income Tax Deductions
Income Tax on Donations
Relief for Foriegners
Concessions to NRI's
Incentives for the Corporate Sector
Concessions for specific sectors
Keywords:
taxation, direct taxation, indirect taxation, tax planing, tax, income tax, income tax rebates, tax benefits, income tax donations
