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Presumptive basis of taxation Introduction Video Lecture | Income Tax for assessment (Inter Level)
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| 1. What is the presumptive basis of taxation? |  |
Ans. The presumptive basis of taxation refers to a method used by tax authorities to calculate taxes based on certain presumptions or assumptions rather than actual reported income or profits. This approach is commonly used when taxpayers have difficulty keeping accurate records or when their income sources are difficult to track.
| 2. How does the presumptive basis of taxation work? | |
Ans. Under the presumptive basis of taxation, tax authorities estimate a taxpayer's income or profits based on specific criteria such as the type of business, industry norms, or other relevant factors. These criteria vary depending on the jurisdiction. The estimated income is then used to determine the tax liability, often at a predetermined rate or formula set by the tax authorities.
| 3. What are the advantages of using the presumptive basis of taxation? | |
Ans. The presumptive basis of taxation offers several advantages. Firstly, it simplifies the tax compliance process for taxpayers who may face challenges in maintaining accurate records or have limited resources for record-keeping. Secondly, it reduces the administrative burden on tax authorities by allowing for a more streamlined tax assessment process. Finally, it helps to ensure a minimum level of tax compliance and prevents tax evasion in cases where actual income may be underreported.
| 4. What are the limitations of the presumptive basis of taxation? | |
Ans. While the presumptive basis of taxation has its benefits, it also has limitations. One limitation is the potential for overestimation of income, which may result in higher tax liabilities for taxpayers. Additionally, it may not accurately reflect the actual income or profitability of certain businesses or individuals, leading to unfair tax assessments. Furthermore, the criteria used for estimation may not always be up-to-date or appropriate for all types of businesses or industries.
| 5. Is the presumptive basis of taxation used globally? | |
Ans. The use of the presumptive basis of taxation varies across jurisdictions. While some countries adopt this method to simplify tax assessments for certain types of businesses or individuals, others rely more heavily on reported income and financial records. The specific criteria and rates used for estimation also differ. It is important to consult the tax laws and regulations of the specific jurisdiction to determine if the presumptive basis of taxation applies.
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Nov 16, 2024 Last updated |
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