Prof K Nageshwar demystifies tax payment by salaried & companies
Sat, Jan 20, 2018, 08:25 AM
An employee pays tax annually on his salary and other earnings but the commercial firms pay tax on profits but not on revenue earnings. The companies hire chartered accountants and tax consultants to show more expenditure than revenue earnings for getting tax exemptions. Nageshwar says the companies are more interested to show innovation in tax evasion rather than product innovation. In India, only 5 per cent people are paying taxes. According to Nageshwar, corporate firms and business establishments are evading tax payments.