{"id":736,"date":"2015-10-09T08:15:57","date_gmt":"2015-10-09T08:15:57","guid":{"rendered":"http:\/\/race4job.com\/blog\/?p=736"},"modified":"2015-10-09T17:05:30","modified_gmt":"2015-10-09T17:05:30","slug":"banking-terminology-2","status":"publish","type":"post","link":"https:\/\/www.race4job.com\/blog\/banking-terminology-2\/","title":{"rendered":"Banking Terminology"},"content":{"rendered":"

Hindu Rate of Growth<\/span>: The Hindu rate of\u00a0growth is a derogatory term referring to the\u00a0low annual growth rate of the socialist\u00a0economy of India before 1991, which\u00a0stagnated around 3.5% from 1950s to 1980s,\u00a0while per capita income growth averaged\u00a01.3%<\/p>\n

Tax<\/span>: If fee charged (“levied”) by a government\u00a0on a product, income, or activity that is known\u00a0as Tax. The purpose of taxation is to finance\u00a0government expenditure.<\/p>\n

Direct Tax<\/span>: If tax is levied directly on\u00a0personal or corporate income, then it is a\u00a0direct tax. It can\u2019t be transferred on others.
\nIndirect Tax<\/span>: If tax is levied on the price of\u00a0a good or service, then it is called an indirect\u00a0tax. In other words, these taxes can be\u00a0transferred on others.<\/p>\n

CENTRAL BOARD OF DIRECT TAXES<\/span>:\u00a0The Central Board of Direct Taxes (CBDT)\u00a0is a part of the Department of Revenue in the\u00a0Ministry of Finance, Government of India.\u00a0The CBDT provides essential inputs for\u00a0policy\u00a0and \u00a0planning of direct taxes in India\u00a0and is also responsible for administration of\u00a0the direct tax laws through Income Tax\u00a0<\/span>Department. The CBDT is a statutory\u00a0authority functioning under the Central\u00a0Board of Revenue Act, 1963.<\/span><\/p>\n

WITHHOLDING TAX<\/span>: A withholding tax,\u00a0also called a retention tax, is a government\u00a0requirement for the payer of an item of\u00a0income to withhold or deduct tax from the\u00a0payment, and pay that tax to the government.\u00a0In most jurisdictions, withholding tax applies\u00a0to employment income<\/p>\n

CORPORATE TAX<\/span>: The taxability of a\u00a0company\u2019s income depends on its domicile.\u00a0Indian companies are taxable in India on their\u00a0worldwide income. Foreign companies are\u00a0taxable on income that arises out of their\u00a0Indian operations.<\/p>\n

FRINGE BENEFIT TAX (FBT)<\/span>: Fringe\u00a0Benefit Tax (FBT) is an additional income tax\u00a0payable by the employers on value of fringe\u00a0benefits provided or deemed to have been\u00a0provided to the employees. The FBT is\u00a0payable by an employer who is a company; a\u00a0firm; an association of persons excluding\u00a0trusts\/a body of individuals; a local authorityetc. This tax is payable even where employer\u00a0does not otherwise have taxable income.\u00a0Fringe Benefits are defined as any privilege,\u00a0service, facility or amenity directly or\u00a0indirectly provided by an employer to his\u00a0employees (including former employees) by\u00a0reason of their employment and includes\u00a0expenses or payments on certain specified\u00a0heads.<\/p>\n

Central Sales Tax (CST)<\/span>: Central Sales tax\u00a0is generally payable on the sale of all goods\u00a0by a dealer in the course of inter-state trade\u00a0or commerce or, outside a state or, in the\u00a0course of import into or, export from India.<\/p>\n

Value Added Tax (VAT)<\/span>: VAT is a multistage\u00a0tax on goods that is levied across various\u00a0stages of production and supply with credit\u00a0given for tax paid at each stage of Value\u00a0addition. Introduction of state level VAT is
\nthe most significant tax reform measure at\u00a0state level. The state level VAT has replaced\u00a0the existing State Sales Tax.
\nService Tax:<\/span> Service Tax is a tax imposed\u00a0by Government of India on services provided\u00a0in India. The service provider collects the tax\u00a0and pays to the government.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hindu Rate of Growth: The Hindu rate of\u00a0growth is a derogatory term referring to the\u00a0low annual growth rate of the socialist\u00a0economy of India before 1991, which\u00a0stagnated around 3.5% from 1950s to 1980s,\u00a0while per capita income growth averaged\u00a01.3% Tax: If fee charged (“levied”) by a government\u00a0on a product, income, or activity that is known\u00a0as Tax. The […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-736","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.race4job.com\/blog\/wp-json\/wp\/v2\/posts\/736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.race4job.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.race4job.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.race4job.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.race4job.com\/blog\/wp-json\/wp\/v2\/comments?post=736"}],"version-history":[{"count":1,"href":"https:\/\/www.race4job.com\/blog\/wp-json\/wp\/v2\/posts\/736\/revisions"}],"predecessor-version":[{"id":738,"href":"https:\/\/www.race4job.com\/blog\/wp-json\/wp\/v2\/posts\/736\/revisions\/738"}],"wp:attachment":[{"href":"https:\/\/www.race4job.com\/blog\/wp-json\/wp\/v2\/media?parent=736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.race4job.com\/blog\/wp-json\/wp\/v2\/categories?post=736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.race4job.com\/blog\/wp-json\/wp\/v2\/tags?post=736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}