The basic idea is to curb the black economy and generate a record of big cash transactions

The basic idea is to curb the black economy and generate a record of big cash transactions

As mentioned in the first part, the government has to present a revenue budget (revenue account) and capital budget (capital account) for all the three funds. The revenue account of the consolidated fund is split into two parts, receipts and disbursements – simply, income and expenditure. Receipts are broadly tax revenue, non-tax revenue and grants-in-aid and contributions. The important tax revenue items are listed below.

It was introduced in Budget 2005-06. The government felt many companies were disguising perquisites such as club facilities as ordinary business expenses, which escaped taxation altogether. Employers have to now pay FBT on a percentage of the expense incurred on such perquisites.

Securities transaction tax (STT): Sale of any asset (shares, property) results in loss or profit. Depending on the time the asset is held, such profits and losses are categorised as long-term or short-term capital gain/loss. In Budget 2004-05, the government abolished long-term capital gains tax on shares (tax on profits made on sale of shares held for more than a year) and replaced it with STT. It is a kind of turnover tax where the investor has to pay a small tax on the total consideration paid / received in a share transaction.

Banking cash transaction tax (BCTT): Introduced in Budget 2005-06, BCTT is a small tax on cash withdrawal from bank exceeding a particular amount in a single day. Read More

He evidently wished no repetition of my intrusion

He evidently wished no repetition of my intrusion

I bowed and returned the pledge; beginning to perceive that it would be foolish to sit sulking for the misbehaviour of a pack of curs; besides, I felt loth to yield the fellow further amusement at my expense; since his humour took that turn. He-probably swayed by prudential consideration of the folly of offending a good tenant-relaxed a little in the laconic style of chipping off his pronouns and auxiliary verbs, and introduced what he supposed would be a subject of interest to me,-a discourse on the advantages and disadvantages of my present place of retirement. I found him very intelligent on the topics we touched; and before I went home, I was encouraged so far as to volunteer another visit to-morrow. I shall go, notwithstanding. It is astonishing how sociable I feel myself compared with him.

CHAPTER II

Yesterday afternoon set in misty and cold. I had half a mind to spend it by my study fire, instead of wading through heath and mud to Wuthering Heights. On coming up from dinner, however, (N.B.-I dine between twelve and one oclock; the housekeeper, a matronly lady, taken as a fixture along with the house, could not, or would not, comprehend my request that I might be served at five)-on mounting the stairs with this lazy intention, and stepping into the room, I saw a servant-girl on her knees surrounded by brushes and coal-scuttles, and raising an infernal dust as she extinguished the flames with heaps of cinders. This spectacle drove me back immediately; I took my hat, and, after a four-miles walk, arrived at Heathcliffs garden-gate just in time to escape the first feathery flakes of a snow shower.

On that bleak hill top the earth was hard with a black frost, and the air made me shiver through every limb. Being unable to remove the chain, I jumped over, and, running up the flagged causeway bordered with straggling gooseberry-bushes, knocked vainly for admittance, till my knuckles tingled and the dogs howled. Read More