Open AccessAnnual Statement of Rates (A.S.R.) as a Baseline for Calculating Various Taxes and Premium - A Critical Review
Author(s) -
Vickrant Gaikwad
Publication year - 2021
Publication title -
international journal for research in applied science and engineering technology
Language(s) - English
Resource type - Journals
ISSN - 2321-9653
DOI - 10.22214/ijraset.2021.36400
Subject(s) - statement (logic) , baseline (sea) , order (exchange) , value (mathematics) , task (project management) , context (archaeology) , computer science , automation , operations research , government (linguistics) , economics , finance , engineering , management , mechanical engineering , paleontology , linguistics , oceanography , philosophy , machine learning , political science , law , biology , geology
This paper has been written in the context of critically reviewing the practice of using Annual Statement of Rates by various Government departments for computing their respective taxes and premiums. The Author explores the existing method of preparation of the Annual Statement of Rates and suggested some alterations in the same. Arriving at true market value is a difficult task because it needs consideration of many value-governing parameters on a single immovable property which is a time-consuming and strenuous job. Therefore, in order to make ASR much rational than before, the attempt is made by suggesting a methodology that is not going to change the base of the existing preparation methodology and recommended some suggestions which can be practically implementable and helpful to arrive at true market value. The need for automation tools like a real-time updating system along with a geological information system in the existing system is addressed to avoid manual errors. Which may achieve a rational ASR to some extent.