What is calamity tax?

in #india6 years ago

For Calamity Tax if first understand meaning of Calamity:

It means a great misfortune or disaster, rievous affliction; adversity; misery: the calamity of war such as

  • Avalanches and landslides.
  • Earthquakes.
  • Sinkholes.
  • Volcanic eruptions.
  • Floods.
  • Limnic eruptions.
  • Tsunami.
  • Blizzards

So Calamity tax means goverment impose Tax for helping states that suffer with above disasters.

Calamity tax = Calamity + Tax to fight it

Calamity declared as a national calamity is qualified for this tax. Further goverment need to take a decision wether to impose a tax for that national calamity or not.

Keep yourself updated on latest news on taxation at - Income Tax Return Filling - Alritz Consultancy

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