Value-Added Tax (VAT) : A tax on the value added is termed VAT. The principle governing this tax is that the person paying for goods or services pays a tax thereon
and also collects tax on his sales. The net effect of this tax is that the tax paid is credited against tax collected and only the balance is payable to the taxing authority.
Tax : A tax is a compulsory payment made by a person or a body or persons to a public authority for which there is no quid pro quo. It is an important source of
revenue for the modern governments. Sales tax, in India is a case in point.
Zero-base Budgeting : It is improvement over the traditional budgeting and not a substitute of it. It examines critically, regularly and systematically the assumptions of the traditional budget. The budgeted items are treated each year at the Zero-base level as if it was non-existent in the past. Its input is related to the output to decide upon its inclusion in or exclusion from the annual budget.
National Income : The World “net” is of special significance, because from the total gross produce a certain amount is to be deducted as charges for depreciation and wearing out of the plant and other capital equipments, while the net income from foreign investments must be added.
and also collects tax on his sales. The net effect of this tax is that the tax paid is credited against tax collected and only the balance is payable to the taxing authority.
Tax : A tax is a compulsory payment made by a person or a body or persons to a public authority for which there is no quid pro quo. It is an important source of
revenue for the modern governments. Sales tax, in India is a case in point.
Zero-base Budgeting : It is improvement over the traditional budgeting and not a substitute of it. It examines critically, regularly and systematically the assumptions of the traditional budget. The budgeted items are treated each year at the Zero-base level as if it was non-existent in the past. Its input is related to the output to decide upon its inclusion in or exclusion from the annual budget.
National Income : The World “net” is of special significance, because from the total gross produce a certain amount is to be deducted as charges for depreciation and wearing out of the plant and other capital equipments, while the net income from foreign investments must be added.
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