What does KGT mean in TAX
KGT stands for Key Group Tax. It is a term used in Business.
KGT meaning in Tax in Business
KGT mostly used in an acronym Tax in Category Business that means Key Group Tax
Shorthand: KGT,
Full Form: Key Group Tax
For more information of "Key Group Tax", see the section below.
Key Points
- KGT is a term used in Business.
- It refers to the tax paid by a group of companies.
- The tax is calculated on the combined income of the group.
- The purpose of KGT is to ensure that all companies in the group pay their fair share of tax.
Essential Questions and Answers on Key Group Tax in "BUSINESS»TAX"
What is Key Group Tax (KGT)?
Key Group Tax (KGT) is a tax levied on the net income of key groups in India. Key groups are defined as groups of companies that have at least one common director or shareholder who holds more than 50% of the voting power in each of the companies in the group.
Who is liable to pay KGT?
All key groups that are resident in India and have a net income exceeding the prescribed threshold are liable to pay KGT.
What is the rate of KGT?
The rate of KGT is 25%.
What is the basis of assessment for KGT?
KGT is assessed on the basis of the net income of the key group, which is calculated as the total income minus all allowable deductions.
What are the key features of KGT?
The key features of KGT include:
- It is a tax on the net income of key groups.
- The rate of tax is 25%.
- It is assessed on the basis of the net income of the key group.
- It is applicable to all key groups that are resident in India and have a net income exceeding the prescribed threshold.
Final Words: KGT is an important concept in Business. It helps to ensure that all companies pay their fair share of tax. It also encourages cooperation between companies in a group.
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