Wednesday, March 23, 2011

Consequential tax news on petting…

Petting is becoming one of the most popular trading tools in India. The business is estimated to bring a turnover of Rs.500 crores which smartly doesn’t succumb to the taxation rules.

A lot of dog sellers’ trade varieties of breeds paying zero taxes and welcome huger profits with no difficulties. The Income Tax department is on a decision to track pet traders who never take the chance to pay taxes and make more money.

Amazing new varieties of dogs and cats get imported where these again get sold in crores and lakhs, they might not range so much though. There are many ads that employ pets as their symbols and this eventually brings pets to a “celebrity envisioning.” Well this could be one credible reason to rationalize the pet prices but that doesn’t mean pets are sold on an unpretending strategy with regular taxation applied.

All Income tax officials plan to do is to cut down the “big ticket” prices of pets and bring a nominal rate that applies to paying regular taxations as well... Before getting a pet, all one needs to do is to register in the Animal Welfare Board of India and the next step is to get the pet licensed for Rs.100 and the vaccine might just cost no more than Rs.200...

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