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3 Unusual Taxes That We Indians Have Been Paying For Long

As Mr. P. Chidambaram, the Finance Minister, is all set to present the budget speech for2013, one can just hope that no more unusual taxes are introduced by him this year.

Unusual Taxes & Burden in India

Unusual Taxes & Burden in India

There is a list of many unusual taxes (distinct from tax on plain vanilla income) which were introduced in the past.

One such tax is Minimum Alternative Tax (MAT) which was introduced in the year 1997. As a result of this tax, many companies declaring dividend were not liable to pay taxes in absence of tax profits.

Securities Transaction Tax (STT) is another in the list. STT was introduced in the year 2004 and was levied on purchase or sale of equity shares, derivatives, equity oriented funds and equity oriented mutual funds on the recognized stock exchanges.

Dividend Distribution Tax (DDT) was introduced by the Finance Act 2003. This tax was levied on distribution of profits of domestic companies. Every domestic company declaring dividend is liable to pay DDT at 15% on the amount declared, distributed or paid.

via, image – rationallibertariancorner.com/anarcho-capitalism/why-not-to-pay-taxes.html

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