Tax and Income - 7630 Words
Q _ Tran Nam Quan: Blue
Bui Minh Tri
Which of the following items are income:
Rent from a residential rental property rented by a young family? yes, ordinary income under sec. 6-5
A birthday gift ? No
A dividend from BP? Yes, Statutory income under sec.44(1) ITAA 1936
Wages and Salaries from your employer? Yes. Ordinary income under sec 6-5
Bank Interest Received? Yes, Ordinary income under sec 6-5(2)
Your boss takes you out to dinner? No
An allowance paid...
7,630 Words | 23 Pages
Income Tax - 1636 Words
NAME: OGODETON KELVIN OKIEMUTE
COURSE CODE: ACC325 (ASSIGNMENT)
MATRIC NO: 09AA08569
TOPIC: ‘Income tax is one of the major sources of revenue for all government in Nigeria and it is a factor to be recon with in both the state and the Federal Government body….It is an enforced contribution of money enacted pursuant to legislative authority….Analyze the importance and the problems of TAXATION and the way forward in Nigeria………….’
1,636 Words | 5 Pages
Income Tax - 1081 Words
Definition of Tax
“Taxes are compulsory payment to government without expectation of direct return in benefit to the tax payer”
According to section 2 (62) of the ITO (Income Tax Ordinance) 1984: “Tax means the income tax payable under ordinance and includes any additional tax, excess profit tax, penalty, interest, fees or other charges leviable or payable under this ordinance.”
Characteristics of Tax
i. Tax is a payment to the government by the people.
ii. Payment of taxes is...
1,081 Words | 5 Pages
Income Tax - 782 Words
University of Central Punjab
* Assignment: Income tax return filling
* Presented to: Prof Imran Shehzad
* Presented by: Sami Elahi
* Registration number: L1F11MCOM2077
* Date: 12-01-2013
Question (Case study)
Tax year 2013
Mr. Sami is employee of a private company with following emoluments’.
* Basic salary 60,000 PM
* Medical allowance 8,000 PM
* House rent...
782 Words | 4 Pages
All Income tax Essays
Income Tax - 2565 Words
The income tax is administrated Income Tax Ordinance, 1984 and the Income tax Rules, 1984 as well as notification made under the Ordinance. The charge of tax of a person depends on its resident ship. Total world Income of a resident is charged to tax in Bangladesh. Where as a non-resident's Bangladesh income is only charged to tax in Bangladesh. There are seven heads of income. The are salary, interest on security, house property, agriculture, business and...
2,565 Words | 8 Pages
Tax and Income - 2393 Words
Computation of Income and Tax Liability of an Individual
Professor Mahbubur Rahman (MbR)
Nymul Hasan Taseen (083 414 030)
Sharafat Halim (091 0615 030)
Abu Syed Arik Kibria (091 0622 030)
Abdullah Mohammed Zoboer Abhi (092 0096 030 - From Section 1)
Date of Submission – 21st April, 2012.
Of all the direct taxes, Income Tax ranks foremost. By nature and heritage, many of us tend to be just “free riders”...
2,393 Words | 9 Pages
Income Tax - 17048 Words
Fast Track Revision AY 2010-2011
Written by: Bhavin Pathak (Student, CA-IPCC, BN-14, Arihant Inst. Pvt. Ltd.) Special thanks to: CA Sunil Sanghvi, CA Sunil Jain
Features: Based on the Study Material issued by ICAI With Estimated Time Allotment Written according to suggestions and guidance of above faculties Full coverage of Taxation with IMP aspects Useful for revision
Kindly send your suggestions on: [email protected] You can visit me at: http://bhavinpathak.caclubindia.com...
17,048 Words | 44 Pages
Tax Refund and Federal Income Tax
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm.
During 2012, the Deans recorded the following receipts.
Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000
City of Albuquerque general purpose bonds $1,000
Ford Motor Company bonds 1,100
Ally Bank certificate of deposit 400 2,500
Child support payments...
584 Words | 2 Pages
Income Tax Mod 4
Income Tax 2
Route 1, Box 2440
Mason, OH 45040
Dear Ms. Xanders
As you are interested in the reorganization of Drab and Olive, please find the following information regarding three different types of consolidation, or reorganization; a “Type A” consolidation, a “Type C” or an acquisitive “Type D” reorganization. The advantages of a “Type A” consolidation include that consideration need not include voting stock. Up to 60% of consideration can be cash and...
477 Words | 2 Pages
Singapore Income Tax Guide
Singapore Corporate Tax Guide
Singapore is often cited as the leading example of countries that continues to reduce corporate income tax rates and introduce various tax incentives to attract and keep global investments. Singapore has a single-tier territorial based flat-rate corporate income tax system. Effective tax rates as one of the lowest in the world and the general “business friendliness” of Singapore are the two important factors contributing to the economic growth and foreign...
828 Words | 4 Pages
Income Tax Basic Concepts
Income Tax Act 1961
Assessment Year: The period of twelve months starting from April 1 of every year and ending on March 31 of the next year.
Previous Year: Income earned in a year (Previous year) is taxable in the next year (Assessment Year).
Income earned during the previous year (PY) 2011-12 is taxable in the Assessment year (AY) 2012-13.
From the AY 1989-90 onwards, all assesses are required to follow the financial year April 1 to March 31 as previous year for all sources of...
1,249 Words | 4 Pages
Progressive Tax and Net Income
(2-3) Little Books Inc. recently reported $3m of net income. Its EBIT was $6m, and its tax was 40%. What was
its interest expense?
ANSWER: Net Income $3 Million EBIT $6 Million
Divided by 0.6 Less IBT $5 Million
Income before Taxes $5 Million Interest Expense $1 Million
**Interest Expense = $1M**
(2-7) The Talley Corporation had a taxable income of $365,000 from operations after all operating costs but
before (1) interest...
294 Words | 2 Pages
Income Tax Guide - 1211 Words
GUIDE FOR INTERACTIVE FORMS
BIR FORM NO. 1702:
ANNUAL INCOME TAX RETURN FOR
CORPORATION, PARTNERSHIP AND OTHER
|Open the form. |
|For Form 1702: Annual Income Tax Return for Corporation,...
1,211 Words | 5 Pages
Wage and Progressive Income Tax
Under-employment is a major problem of the human species. In much of the world, people are idle who need meaningful work.
Under-employment has three components:
• Not employed - desires employment
• Employed part time - desires full time employment
• Employment in non-essential efforts
Q. What is the cause of this problem?
A. Under-employment is caused by technology. People are no longer able to provide for themselves due to increased population, scarcity of...
670 Words | 2 Pages
Individual Income Tax - 410 Words
a) State Income - regressive
b) Federal State Tax – Progressive (larger the state; larger the tax)
c) Corporate & franchise tax - Progressive
d) Property tax – Proportional (value of property is taxed at flat rate)
e) State Sales Tax – Proportional
a) Property Tax – State Local
b) Excise Taxes – All three (State, federal, and local)
c) Sales – State and Local
d) Income Tax – Federal, State, Local
e) Employment – Federal, State, and...
410 Words | 2 Pages
Tax and Income Statement - 298 Words
1. (a) Work in Process Inventory 25,000
Raw Materials Inventory 25,000
(b) If this transaction was not corrected, the balance sheet would be affected. The Raw Materials Inventory would be overstated and the Cash is understated.
2. (a) Sales Bonus Expense 12,000
(b) If this transaction was not corrected, both the balance sheet and the income statement would be affected. The income statement would have the Sales Bonus Expense understated...
298 Words | 2 Pages
Accounting for Income Tax - 10154 Words
Accounting for Income Taxes
After careful study of this chapter, you will be able to: 1. 2. 3. 4. 5. 6. 7. 8. 9. Understand permanent and temporary differences. Explain the conceptual issues regarding interperiod tax allocation. Record and report deferred tax liabilities. Record and report deferred tax assets. Explain an operating loss carryback and carryforward. Account for an operating loss carryback. Account for an operating loss carryforward. Apply intraperiod tax...
10,154 Words | 35 Pages
Income Tax in India - 5130 Words
Income Tax Is not one Tax but an Aggregation Of Taxes
Tax is a fee charge by the Govt. on any product income or activity. Taxes in India are of two types, Direct Tax and Indirect Tax. Direct Tax, like income tax, wealth tax, etc. are those whose burden falls directly on the taxpayer. The burden of indirect taxes, like service tax, VAT, etc. can be passed on to a third party.
Income Tax is all income other than agricultural income levied and collected by the central government and shared...
5,130 Words | 15 Pages
Philippines Income Tax Rates
Philippines Income Tax Rates
Income of residents in Philippines is taxed progressively up to 32%.
Income Tax Rate 32%
Corporate Tax Rate 30%
Sales Tax / VAT Rate 12%
Taxable Income Tax Rate
PhP 0 - PhP 10,000: - 5%
PhP 10,000 - PhP 30,000: PhP 500 10%
PhP 30,000 - PhP...
1,230 Words | 4 Pages
INCOME TAX REPORT 3
OUTCOME 1 - UK INOCME TAX SYSTEM
OUTCOME 2 - PAY AS YOU EARN (PAYE)
UK employment status 5
1. Employment status 5
2. Criteria of differentiate employment and self-employment 5
Right of Control 5
Financial Risk 6
Work performance and correction 6
Holidays and sickness 6
3. Concusions 6
UK income TAX 7
1. Taxable person 7
2. Tax year 7
3. Self assessment 7
4. Payment dates 8
5. Procedures involved in application of surcharges,...
2,580 Words | 9 Pages
Income Tax Authorities - 3896 Words
INCOME TAX AUTHORITIES
A. Income Tax Authorities under the Income Tax Act [Section 116] 1. Central Board of Direct Taxes (CBDT) 2. Director-General of Income Tax (DGIT) or Chief Commissioner of Income Tax (CCIT) 3. Directors of Income Tax (DIT) or Commissioners of Income Tax (CIT) or CIT (Appeals) 4. Additional Directors of Income-Tax (ADIT) or Additional Commissioners of Income-tax (ACIT) or ACIT (Appeals) 5. Joint Directors of Income Tax (JDIT) or Joint Commissioners of Income Tax (JCIT) 6....
3,896 Words | 12 Pages
Income Tax Chapter - 21755 Words
Individual Income Tax Computation and Tax Credits
True / False Questions
Both the width (or range) of the tax brackets (the amount of income taxed at a particular rate) in the tax rate schedules and the range of the tax rates in the tax rate schedules (the difference between the lowest tax rate and the highest tax rate) vary by filing status.
The tax rate schedules are set up to tax lower levels of income at higher tax rates than higher levels of...
21,755 Words | 166 Pages
Income Tax Essay - 1890 Words
Assessment - Report writing
NAME: xxxx xxxx
STUDENT NUMBER: xxxxxx
TUTOR: xxxx xxxx
DATE: April 2012
I would like to thank my tutor, xxxx xxxx for the valuable advice and support given to me to enable me to write my report.
The purpose of this report is to fully evaluate Katy’s situation by providing detailed information about the different issues regarding employment and self-employment to enable her to...
1,890 Words | 6 Pages
Income Tax Paper - 1692 Words
April 24, 2013
Income Tax Predicaments
Many people do not look forward to preparing their taxes. Taxes cause problems for everyone involved. Whenever something causes a problem there is usually controversy that follows. There are many controversies surrounding income taxes. These range from how complicated they are, to how they should be carried out. There are many different thoughts on how taxes should be handled. Taxes are hundreds of years old, and one would think...
1,692 Words | 5 Pages
Income Tax Contribution - 1935 Words
Chapter - I - Introduction
1.1-Focus of the Study
This is the age of management information system (MIS) in the business world, which enables management to provide the appropriate information at optimal cost so manager can manage in private as well as government organizations. MIS can be defined as the system, which provides proper information that helps management to take management decisions in a timely fashion. Therefore the information served by management information system is...
1,935 Words | 7 Pages
The effects of Personal Income Tax on Income Inequality in Vietnam
THE IMPACTS OF PERSONAL INCOME TAX TO REDUCE INCOME INEQUALITY IN KOREA
AND LESSONS FOR VIETNAM
In each period of development, the government of a country always targets to build a stabilized society to all their citizens. Growing the economics and reducing the inequality, therefore, have been taken into thorough consideration. In order to achieve both aims at the same time, it requires a very detailed...
10,272 Words | 31 Pages
Income Tax in the United States and Dividend Income
Chapter 2 Research Problem
Jackal Corporation declared a dividend of $ 4 per share on September 15, 2013. The date of record was October 15 and the date of payment was October 22. The stock exchange on which the Jackal Corporation stock is traded set an ex- dividend date of October 22. On October 19, Coyote Corporation sold 1,000 shares of Jackal Corporation stock to Fox Corporation through the exchange for $ 75 per share. As required by exchange rules, Coyote signed an agreement that Fox...
577 Words | 2 Pages
Australian Income Tax Guidance Notes
Table of Contents
Australian Income Tax Guidance Notes 4
Topic 1 Introduction to income tax 5
Topic 2 Assessable Income 5
Topic 3 Exempt Income 5
Topic 4 Capital Gains 5
Topic 5 Annuities and Foreign Pensions 5
Topic 6 Termination payments 5
Topic 7 Small Business Entities 5
Topic 8 Trading stock 5
08.1 Valuation of trading stock (S9-180) 5
08.1.1 Methods used to work out the cost of trading stock (S9-200) 5
08.1.1.1 Trading stock on hand taken into...
8,098 Words | 27 Pages
Income Tax Slab 2012-2013
Income tax slab 2012-2013
March 16, 2012 by finance minister
Tax exemption limit raised to Rs 2 lakhs and tax rates has changed for other slabs too.
Find the latest income tax slab for Year 2012-2013 based on the budget presented on 16 March 2012.
Use our Free income tax calculator for getting an idea of how much tax you will be saving compared to last year per the latest tax rates.
India Income tax slabs 2012-2013 for General tax payers
Income tax slab (in Rs.) | Tax |
0 to 2,00,000 |...
254 Words | 1 Page
Income Tax Generation: Prospects and Problems
PROBLEMS AND PROSPECTS OF PERSONAL INCOME TAX ADMINISTRATION ON ACHABA RIDERS IN KANO METROPOLIS
ADAMU GARBA ZANGO DEPARTMENT OF ACCOUNTING FACULTY OF SOCIAL AND MANAGEMENT SCIENCES UMARU MUSA YAR’ADUA UNIVERSITY KATSINA STATE, NIGERIA Email:[email protected] Phone No: 08024043404, 07057541413
Abstract This Paper examines the problems associated with the Assessment and Administration of Personal Income Tax on Motorcycle riders (Achaba) in Kano Metropolis. The study uses Primary data...
8,970 Words | 27 Pages
Income Tax Under Gaap and Ifer
Accounting for Income Tax
Under IFRS, Income Tax is taxes based on taxable profits, and taxes that are payable by a subsidiary, associate or joint venture on distribution to investors.
U.S GAAP defines income tax as all domestic federal, state and local taxes based on income, including foreign income taxes from an entity's operations that are consolidated, combined or accounted for under the equity method, both foreign and domestic.
In IFRS, the guidance about accounting for income taxes...
1,510 Words | 5 Pages
Preparation and Filing of Income Tax Returns
Preparation and Filing of Income Tax Returns
A PROJECT REPORT
in partial fulfillment for the award of the degree
Post Graduate Diploma in Management Studies
Under the Guidance of
Prof. N. Krishnamurthy
THAKUR INSTITUTE OF MANAGEMENT STUDIES AND RESEARCH
Table of Contents
Chapter 1 INTRODUCTION: 5
Chapter 2 CURRENT SENARIO: 10
A. Income from Salary 10
B. Income from House Property 11
1. Computation of...
5,995 Words | 25 Pages
Income Tax Administration and Scale Business Earnings in Uganda
The chapter is concerned with the background of the study, statement problem, purpose of the study, objective of the study, research questions and scope of the study and the significance of the study.
2.1 BACKGROUND OF THE STUDY
The income tax Act and constitution are the main legal basis for charging income tax. It is chargeable to both artificial and mutual persons hence can be businesses, companies and people.
According to Bahemuka (2001), income tax...
6,771 Words | 21 Pages
Single Tier Company Income Tax System
Singapore already start adopting a one-tier corporate tax system effect from 1 January 2003. In Malaysia, it is referred as the ‘single tier’ system. The government allowed a six-year transitional period to enable companies with unutilized dividend franking credits to pay franked dividends. From 1 January 2008, all resident companies in Singapore will come under the one-tier system. Meanwhile, other countries including Hong Kong, Ireland and also Malaysia are adopting the...
2,995 Words | 10 Pages
Tax Amendments to File Income-Tax Return for Ay 2013-14
Tax amendments to file Income-Tax return for AY 2013-14
It is well known fact that tax payers are now required filing their Income-tax Return for the Financial Year 2012-13 relevant to the Assessment Year 2013-14. These Income-tax Returns in most cases have to be filed by 31st July, 2013. However, for the Corporate Sector as well as for persons who are having the requirement of tax audit the last date of filing Income-tax Return happens to be 30th September 2013.
The Central Board of...
1,759 Words | 5 Pages
Management's Responsibility for Annual Income Tax Return
7 Farouk St., Kingsville Subd., Antipolo City
“STATEMENT OF MANAGEMENT’S RESPONSIBILITY
FOR ANNUAL INCOME TAX RETURN”
The Management of BTKPNB VENTURES is responsible for all information and representations contained in the Annual Income Tax Return for the year ended December 31, 2012. Management is likewise responsible for all information and representations contained in the financial statements accompanying the Annual Income Tax Return covering the same reporting...
324 Words | 2 Pages
Effects of Tax Income on Labor Supply and Ad
One of the most commonly discussed issues in economics is how tax rates relate to economic growth. Advocates of tax cuts claim that a reduction in the tax rate will lead to increased economic growth and prosperity. Others claim that if we reduce taxes, almost all of the benefits will go to the rich, as those are the ones who pay the most taxes. Specially, we truly care about how tax rates can lead to the changes in labor supply and aggregate demand (AD). What does...
5,047 Words | 14 Pages
Comparison: State Income Tax, Oregon vs. Florida
Income Tax, Oregon vs Florida, Comparison and Analysis
Income tax, as defined by thefreedictionary.com, is “A charge imposed by government on the annual gains of a person, corporation, or other taxable unit derived through work, business pursuits, investments, property dealings, and other sources determined in accordance with the Internal Revenue Code or state law.” In layman's terms, Income tax is money taken out of someone's pay and given to the government, state, federal, or in some cases...
2,620 Words | 7 Pages
Income Tax Planning Wrt Individual Assesee
“PROJECT REPORT SYNOPSIS”
Name:-Jaspreet kaur bindra
This Income Tax Planning in India with respect to Individual Assessee MBA Project
covers the basics of the Income Tax Act, 1961 as amended by the Finance Act, 2007 and broadly presents the nuances of prudent tax planning and tax...
496 Words | 2 Pages
Should the Us Adopt a Flat Federal Income Tax?
Should the United States Adopt a “Flat” Federal Income Tax?
The tax system in the United States has changed throughout the years, with many attempts to make it "fair" or "equal" while at the same time generating enough income for the United States government to thrive. It is a complex issue, and a controversial one at that. While it may not be possible for our tax system to ever be fair, it is important to make sure it doesn't put more financial...
1,187 Words | 3 Pages
Benefits of Filing Your Income Tax Return
Benefits of Filing your Income Tax Return
1. Standard Income Proof: ITR is considered a customary income proof not only in India but also globally. If you are looking for higher education or employment abroad, ITR is the largely accepted income proof.
2. Speeds your loan application process: Apart from a good credit history (or past repayment track), the fact that you are filing your ITR regularly gives you speedier access to credit and at better terms -- although not necessarily a larger...
302 Words | 1 Page
Comment to Exposure Draft Income Tax - Lurie
Ehud M. Lurie C.P.A. (Isr.) 46 Hadaliot St. Ramat Poleg Netanya 42650 Israel Miss Anne McGeachin Senior Project Manager International Accounting Standards Board 30 Cannon St. London EC4M 6XH United Kingdom 2 July 2009 Dear Miss McGeachin
Comment to Exposure Draft Income Tax
I appreciate the opportunity to comment on IASB's Exposure Draft Income Tax. This letter expresses my personal views based on my experience with a very specific issue: deferred taxes arising from the differences that...
385 Words | 2 Pages
Income Tax Rates Ay 2013-14
Income Tax Reckoner
1. Rates of Income Tax
Individuals & Charitable Trust,
General* Up to ` 2.00 Lacs ` 2.00 - ` 5.00 Lacs ` 5.00 - ` 10.00 Lacs ` 10.00 Lacs & above Senior Citizen (60 to 79) Up to ` 2.50 Lacs ` 2.50 - ` 5.00 Lacs ` 5.00 - ` 10.00 Lacs ` 10.00 Lacs & above Very Senior citizen (80 and above) Up to ` 5.00 Lacs ` 5.00 - ` 10.00 Lacs ` 10.00 Lacs & above
1,359 Words | 8 Pages
Comparison of Section 50c and 69b of Income Tax Act
1. Section 50C of the Income Tax Act (I.T Act) does not apply to the purchaser of the property. There is no direct section similar to section 50C, which can be applied to the purchaser.
2. Section 69B has been in the statute book to take care of involvement of black money in case of purchase, but this section can be invoked when there is a positive finding by the assessing officer (AO) to prove that the amount actually paid for purchase of property is more than the amount recorded in the...
1,758 Words | 5 Pages
Tax Administration and Tax Planning
A taxpayer's average tax rate is determined by dividing the total tax paid by the total income of the taxpayer.
Beginning in 2011, all paid tax return preparers must sign up with the IRS, pay a fee, and obtain a preparer tax identification number.
Taxpayers who are unable to pay their taxes may enter into a payment plan with the IRS if the amount they owe is within certain limits.
At which of the following IRS...
907 Words | 5 Pages
Tax Chargeability and Tax Return
Tax Chargeability and Tax Return
A sole proprietor who is resident in Malaysia is taxable on all income accruing in or derived from Malaysia. It is the duty of each sole proprietor who works for themselves in their own business to properly and regularly update accounts and statements. Malaysia’s Income Tax Return Form (ITRF) is the document needed for every taxpayer to the Inland Revenue Board of Malaysia. There are several things which a sole proprietor should take note.
672 Words | 2 Pages
Indian Tax Act: A Short Article on Business & Professional Income
Professional and Business Income
In this article we will discuss about Professional and Business Income and as interpreted by the Indian Tax Department. We will understand what the Professional and Business income means by definition, identify key differences between the two and how each are interpreted by the Indian Tax Department.
What is Business and Professional Income?
A business income is earned from trade, commerce, manufacture or earnings gained from invested capital on...
606 Words | 3 Pages
Which are the Most Beneficial Cut between the GST/HST and Income Tax?
Which are the Most Beneficial Cut between the GST/HST and Income Tax?
Which are the Most Beneficial Cut between the GST/HST and Income Tax?
The federal government decided to cut the generation skipping transfer tax (GST) in the recent years. GST is the tax imposed on gift, bequest and inheritance transfer. Ontario later decided to blend in with the ProShares Ultrashort (PST) and created the Harmonized Sales Tax (HST) by two percent. Different...
620 Words | 2 Pages
: Compare and Contrast the Three Categories of Scope of Charge to Income Tax
Question 1: Compare and contrast the three categories of scope of charge to income tax
A modern form of income tax was introduced into Federation of Malaya in 1947 by using the derived and remittance basis. Income Tax Act (ITA) 1967 came into effect has imposed world income basis on the resident company involved in specialized industries. Malaysia adopted a territorial and remittance. With effect of year of assessment of 2004, taxation basis amended to exempt income remitted into Malaysia from...
1,192 Words | 3 Pages
Tax Types of Tax - 5014 Words
Income Tax is a tax on a person's income, emoluments, profits arising from property, practice of profession, conduct of trade or business or on the pertinent items of gross income specified in the Tax Code of 1997 (Tax Code), as amended, less the deductions and/or personal and additional exemptions, if any, authorized for such types of income, by the Tax Code, as amended, or other special laws.
Types of Income Tax
Personal Income Tax (PIT) is a direct tax levied on...
5,014 Words | 18 Pages
Power of Commissioner to Waive or Reduce the Penalty, Under Income Tax Act.
Power of Commissioner to waive or reduce the Penalty, under Income Tax Act.
PROJECT FOR THE SUBJECT
Tax laws - I
Mr. Utkarsh R. Kodekar (Roll No. 07BAL022) & Mr. Jayneel Parikh (Roll No. 07BAL037) Semester – VII (B.A.LL.B.)
UNDER THE GUIDANCE OF
Asst. Prof. Tinku Punjabi
Asst. Prof., ILNU
INSTITUTE OF LAW, NIRMAUNIVERSITY AHMEDABAD
ACADEMIC YEAR (2010-11)
Page 1 of 40
I Parikh Jayneel declare the work entitled “Power of Commissioner to...
11,541 Words | 36 Pages
Discuss Whether the Most Effective Way to Have Income and Wealth Equality Is to Tax Income More Progressively.
Discuss whether the most effective way to have income and wealth equality is to tax income more progressively.
Income is a stable flow of money, often a salary, which someone works for but this can also be made through interest on savings. This flow of money is often very unequal from person to person due to wage differentials, this then creates inequality. Wealth on the other hand is a stock of assets which have a market value, which may change over time e.g. houses or cars. These are often...
1,106 Words | 3 Pages
Income Taxes - 3828 Words
When you get your paycheck at the end of the first pay period at a new job, it's always interesting to see your net pay. Most of us expect more than we get. By the time you get your check, it has been cut up like a piece of pie, with several entities taking a piece of the pie. The entities that take money differ from person to person, company to company and state to state. However, almost every income earner has to pay federal income tax.
An income tax is a tax levied on the financial income of...
3,828 Words | 9 Pages
Income of Deceased - 380 Words
As per the Income Tax Act, 1961 where a person dies, his legal representatives shall be liable to pay any sum which the deceased would have been liable to pay if he had not died, in the similar manner and to the same extent as the deceased.
As per section 159 of the Income Tax Act, 1961 (Act), even when a person dies, the assessment of his income is to be done upto the time of his death. So, the legal representative of the deceased has to file the income tax return for the income on which the...
380 Words | 1 Page
Tax Avoidance vs. Tax Evasion
TAX AVOIDANCE vs. TAX EVASION
From the time taxes were first imposed on American citizens, people have been trying to find ways to escape paying them. While some taxpayers continue to find legal ways to avoid paying a portion of their taxes, others simply choose to evade taxes or not pay them at all. Avoiding taxes and evading taxes may sound like similar actions, but the two terms have very different meanings. Avoiding taxes can be accomplished though various legal means, whereas evading...
1,872 Words | 6 Pages
tax growth - 35524 Words
Please cite this paper as:
Johansson, Å. et al. (2008), “Taxation and Economic
Growth”, OECD Economics Department Working Papers,
No. 620, OECD Publishing.
OECD Economics Department
Working Papers No. 620
Taxation and Economic
Åsa Johansson, Chistopher Heady,
Jens Arnold, Bert Brys, Laura Vartia
JEL Classification: C33, H23, H24, H25, O40, O43
Organisation de Coopération et de Développement...
35,524 Words | 190 Pages
Agriculture Income - 2037 Words
What is agricultural Income
(a) any rent or revenue derived from land which is situated in India and is used for agricultural purposes;
(b). any income derived from such land by agricultural or by the process employed to render the produce fit for market or by sale of such produce by a cultivator or receiver of rent-in-kind;
(c). any income derived from a building provided following conditions are satisfied: -
(i). The building is situated on or...
2,037 Words | 7 Pages
Employment Income - 880 Words
oyment incomeEMPLOYMENT INCOME
Source of Employment Income The basis of taxation on employment income is that income from exercising an employment in Malaysia is regarded as Malaysian derived income. All income attributable to the employment exercised in Malaysia is subject to Malaysian tax irrespective of where the remuneration is paid. Where an employee is required to perform his duties outside Malaysia, the entire remuneration is still chargeable to Malaysian tax if the services rendered...
880 Words | 4 Pages
Income Taxes - 1964 Words
E 16-1 Temporary difference; taxable income given LO1
Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is only $250,000. At the beginning of the year, no temporary differences existed.
1. Assuming a tax rate of 35%, what will be Alvis's net income?
2. What will Alvis report in the balance sheet pertaining to income taxes?
Since taxable income is less than pretax accounting...
1,964 Words | 14 Pages
tax notes - 15836 Words
TAX LEG: ITAA1936 [eg. S6(1)], ITAA1997 [eg. S6-5], FBTAA 1986, GST Act 1999.
Topic 2 – Jurisdiction to Tax
Tax Payable (s4-10 ITAA1997)= (Taxable income * Tax Rate) – Tax Offsets
(Tax/Financial Year = I July – 30 June) – Income tax payable on a year-by-year basis s3-5 ITAA97.
Taxable income (s 4-15 ITAA) = Assessable Income less Deductions
Assessable Income (s6-1) = Ordinary income (s6-5) and Statutory income (s6-10) but not Exempt income (s6-15)....
15,836 Words | 53 Pages
tax avoidance - 2260 Words
The goal of report is going to analysis the facts and use appropriate information to conclude whether there has been a tax avoidance arrangement, and also to outline the effect on a taxpayer if the tax avoidance arrangement exists. In order to meet the goal, this report followed steps from Draft Interpretations Statement to prove my opinions.
BG 1, YA 1, GA 1 of Income tax 2007,
Penny and Hooper v Commissioner of Inland Revenue (2011) 3 NZTR 21-014.
Ben Nevis Forestry...
2,260 Words | 6 Pages
tax memo - 697 Words
September 10, 2014
SUBJECT: Brett and Kathy
Brett and Kathy’s filing status used to be married, filing jointly. Although both of Brett and Kathy want to get divorce, they have not divorced considering financial pressure and their three children. From 2014, Brett begins to contribute more than Kathy do to support the home and their children. Also they want to file income tax returns separately. Thus Brett believes he can claim...
697 Words | 2 Pages
Gst Tax - 2164 Words
Goods and Services Tax- Australia
To uphold a country's political and economical stability, governments often implement policies. There are many different types of policies that a government would implement to stabilize their country. However, one significant policy that almost every country uses is tax. In particular, Australia and Canada use a value added tax known as the Goods and Services Tax (GST). Australia's GST policy was introduced by the Howard government and went into effect on...
2,164 Words | 6 Pages
tax fairness - 382 Words
Hong Kong taxation characteristics
Hong Kong taxation has the following characteristics:
1) Territorial source concept: the income taxes will be charged when the income comes from Hong Kong source.
2) Scheduler system: the income is taxed under different separate headings: which is property tax, salaries tax, profit tax and stamp duty. The taxpayer also can select the personal assessment to assess their total income in order to pay tax.
3) Direct assessment: the taxpayers need to pay their...
382 Words | 2 Pages
Tax Planning - 813 Words
CA Ninad J Panchakshari
What is Tax Planning?
Tax planning is an essential part of your financial planning. Efficient tax planning enables you to reduce your tax liability to the minimum. This is done by legitimately taking advantage of all tax exemptions, deductions rebates and allowances while ensuring that your investments are in line with your long-term goals.
However in a broader sense tax planning is not to save the tax for current financial year but also make...
813 Words | 4 Pages
Tax Outline - 21019 Words
FEDERAL INCOME TAXATION OUTLINE
Gross Income Defined (§61) – except as otherwise provided, gross income means all income from whatever source derived, including (but not limited to) the following items:
Compensation for services, including fees, commissions, fringe benefits, and similar items;
Gross income derived from business
Gains derived from dealings in property
Alimony and separate maintenance payments
21,019 Words | 70 Pages
Regressive Tax - 572 Words
Subject: Argument for Implementing Regressive Income Tax
The primary income taxation structure in the United States should be a regressive tax structure. A regressive tax rate decreases with an increase in the tax base. This means, the lower the amount of income a person earns, the greater the share of that income will go towards paying taxes. The income tax should become a regressive tax because every tax bracket would then pay roughly the same dollar amount in taxes to the...
572 Words | 2 Pages
Tax and Money - 595 Words
Money - buying, selling and paying
Sometimes in a shop they ask you: 'How do you want to pay?' You can answer: 'Cash. / By cheque. / By credit card.'
In a bank you usually have a current account, which is one where you pay in your salary and then withdraw money to pay your everyday bills. The bank sends you a regular banki statement telling you how much money has gone in and out of your account. You may also have a savings account where...
595 Words | 2 Pages
Income Taxation - 471 Words
Sta. Maria, Oel Angel
BSBA – Marketing III
February 15, 2014
Law in Income Taxation
Business Income Tax –
A tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public....
471 Words | 4 Pages
Tax and Reagan - 1587 Words
At the end of the Carter presidency, the nation’s idealistic dreams of the 60’s was worn down by inflation, foreign policy turmoil and rising crime rate, the nation was troubled by the late 70’s. Due to this many Americans were ready to embrace a new conservatism in social, economic and political life in the 80’s. In the 1980 bid for President, Reagan won the Republican nomination after two failed attempts in 1968 and 1976. Although Ronald Reagan once held Democratic views, he grew more...
1,587 Words | 5 Pages
Tax Incident - 2792 Words
2. Review of literature
2.1 The incidence of sin taxes
2.2 The incidence of tax on pure rent in a small open economy
2.3 Tax incidence in bargaining
2.4 The general equilibrium incidence of environmental taxes
2.5 The tax system incidence on unemployment: A country specific analysis
for the OECD economies:
2.6 Tax and subsidy incidence equivalence theories: experimental evidence
from competitive markets
2.7 Tax incidence under...
2,792 Words | 9 Pages
Tax of Bangladesh - 9578 Words
Incidence of income taxation in Bangladesh
Tapan K Sarker1 ABSTRACT: This article reviews the incidence of income taxation in Bangladesh tax system. The main purpose of the study is to determine how the burden of personal and corporation income taxes is allocated among taxpayers of different income groups. In case of personal income taxes it shows that only 13 percent taxpayers paying around 73 percent of tax revenue collected through personal income taxes and interestingly about 53 percent...
9,578 Words | 31 Pages
Zakat and Tax - 3367 Words
To date, zakat is not a new thing in our daily life especially for muslims. Zakat is well known since thousand years back ago from the teaching of prophet Ismail, followed by Prophet Ishaaq, Yaakob and Isa A.S. as mention in the Quran. Besides that, Allah also revealed the obligation of the Jews to pay zakat from Surah al-Baqarah verse 83.
Under the reign of Prophet Muhammad S.A.W, zakat was become fard to all muslims in the second year after Hijrah. Prophet Muhammad S.A.W had...
3,367 Words | 10 Pages
Coroporation Tax - 1068 Words
Course: TA 322A, Section C1
Federal Income Taxation of Corporations and Shareholders I
1. Course Description
This course analyzes the tax treatment, tax problems and tax planning techniques involving transactions between corporations and their shareholders: transfers to corporations; capital structure; dividends and other distributions; stock redemptions and liquidations; stock dividends and preferred stock bailouts; and provides an introduction to S corporations. Prerequisite TA 330....
1,068 Words | 4 Pages
Impact of Tax - 2066 Words
THE IMPACT OF INCOME TAX RATES (ITR) ON THE ECONOMIC
Income tax is a tool to achieve economic growth in any country. Income tax is accepted not only as a means of raising the required public revenue, but also as an essential fiscal instrument for managing the economy (Burgess, 1993). Of all the taxing systems, income tax plays a major role in generation of revenue and distribution of income in any country. If income taxation is poorly designed, it may lead to fiscal imbalance,...
2,066 Words | 6 Pages
Direct Tax - 3310 Words
ISSN : 2230-9519 (Online) | ISSN : 2231-2463 (Print)
IJMBS Vol. 2, ISSue 2, AprIl - June 2012
Assessee Perception towards Direct Tax Code (DTC)
Dept. of FMS, Gurukul Kangri University, Haridwar, UK, India
tax regime as it is based on well accepted principles of taxation and best international practices. It will eventually pave the way for a single unified taxpayer reporting system. The Philosophy behind such replacement is to make the Direct Taxes Code very easy and simple so that tax...
3,310 Words | 9 Pages
Tax in Bangladesh - 8837 Words
A Simplified Taxation System for Maximization of Government Revenue
The taxation system in Bangladesh is based on the ability to pay theory and hence utilizes the progressive tax system. The revenue administrative body is the National Board of Revenue under the Ministry of Finance. The main responsibility of NBR is to collect domestic revenue for the government. However, revenue collection and management has been a perennial challenge for Bangladesh since its very inception....
8,837 Words | 28 Pages
Tax Accounting - 10214 Words
1.461-4(d)(1) through (6)
1.461-4(g)(1) through (7)
1.461-5 (a) through (c)
Garber Abbey B [[email protected]]
Monday, February 04, 2013 11:30 PM
Here are a few regulations
Treas. Reg. sec. 1.461-1(a)(2)(i)
Reg. sec. 1.461-1(a)(2)(ii)
Reg. sec. 1.461-1(a)(3)
Reg. sec. 1.461-1(c)
We’ll work through these and more Thursday.
Initial assignments for February 7:
I.R.C. section 461
Look at Treas. Reg. Section...
10,214 Words | 26 Pages
Tax Administration - 6291 Words
Over the years, taxation has been taken as a veritable source of funding public sector
activities as well as bein g an econ omic tool for the management of the con sumption,
in vestment, and pr od uction patterns. In most d eve lopin g countries, the imposition of various
forms of taxes has been with out some for ms of feed back on the effectiveness/efficien cy of
such taxes. This stud y attempts to appr aise the usefulness of the tax system in Nigeria, usin g
Value Added Tax system...
6,291 Words | 22 Pages
Tax Requirements - 9561 Words
Source: Payroll Administration Guide > State and Local Income Tax Withholding > Multistate Withholding Requirements: State Comparison Chart
Multistate Withholding Requirements:
State Comparison Chart
Employees who reside in one state but work in another can create withholding questions for payroll departments. The following chart illustrates the different state taxation and withholding rules applicable to such multistate taxation situations. In general, when an...
9,561 Words | 42 Pages
What Is Tax - 1583 Words
What is Tax
The tax revenue is the most important source of public revenue. A tax is a compulsory payment levied by the government on individual or companies to meet the expenditure which is required for the public welfare.
According to Hugh Dalton, “a tax is a compulsory contribution imposed by a public authority, irrespective of the exact amount of service rendered to the taxpayer in return, and not imposed as penalty for any legal offence”
A good tax system is one which is designed on...
1,583 Words | 4 Pages
Distribution of Income - 359 Words
The goal of the distribution of income is to achieve economic equality, which is to give every citizen the opportunity of earning a decent living. However, our current system’s inability to better allocate the resources we have at our disposal has widened the gap between the wealthy and the poor especially during the past 20 years. The primary benefit of the distribution of income is to transfer wealth, with the help of the government, to those who are less fortunate.
The current distribution...
359 Words | 1 Page
Tax Quiz - 263 Words
With respect to the prepaid income from services which of the following is true?
The treatment of prepaid income is the same for tax and financial accounting.
An accrual basis taxpayer can spread the income over the period services are to be provided if all of the servidcdes will be completed by the end of the tax year
The effects of a below-market loan for 450,000 made by a a corporation to its chief
The corporation has imputed interest income and compensation expense.
263 Words | 1 Page
Tax Structure - 6889 Words
Tax Structure in Malaysia
Generally, all income of companies and individuals accrued in, derived from or remitted to Malaysia are liable to tax. However, income remitted to Malaysia by resident companies (other than companies carrying on the business of banking, insurance, air and sea transportation), non-resident companies and non-resident individuals are exempted from tax.
Apart from income tax, there are other direct taxes such as real property gains tax, and indirect...
6,889 Words | 25 Pages
Tax Essay - 2957 Words
This report is divided into two main parts. In the first part, the badges of trade are considered and how they would be applied to Ali situation. In the second part, the principles of VAT, i.e. taxable persons, registration and deregistration, imports and exports, categories of supplies, different accounting schemes, and the administration of VAT, are discussed.
Income tax is charged under the trading income provisions of Income Tax (Trading and Other...
2,957 Words | 10 Pages
Tax Avoidance - 1867 Words
HOW TO MINIMISE THE TAX LIABILTY WITHIN THE BOUNDARIES OF INCOME TAX ACT 1961
Tax avoidance is the legal utilization of the tax regime to one's own advantage, to reduce the amount of tax that is payable by means that are within the law. The term tax mitigation is not however a synonym for tax avoidance. Its original use was by tax advisors as an alternative to the pejorative term tax avoidance. The term has also been used in the tax regulations of some jurisdictions to...
1,867 Words | 7 Pages
Tax Reform - 1658 Words
ECON 201: Short Paper
There is effect when you talk about taxing a country as a whole and founding out that it actually helps or sometimes the functionality of the country to reform taxes as they weather away as time goes on. It was the unfair and demanding taxes the British put on the colonies in the 1700, as the American colonies were finding their identity and still under British rule, in which it lead to a Revolution. Nowadays, there is...
1,658 Words | 5 Pages
Tax assignment - 1919 Words
ASSIGNMENT NO. 1
Student ID :
Delivery Mode : External – Distance
The best answer is (C).
An individual’s marginal tax rate is the rate of tax he/she pays on the last dollar of income earned assuming there is nothing else affecting the individual. In this question, Sandra has no dependants or other sources of income so there is nothing else affecting her.
An effective marginal tax...
1,919 Words | 10 Pages
China Tax - 3607 Words
ABG Limited which is established in Mainland china in 1998 would now want to pay out dividends to Gamma Limited which is a private company incorporated in Hong Kong. What is the tax percentage to be paid by Hong Kong Company for the amount received by ABC Limited? According to the a completely rewritten corporate income tax law, the Enterprise Income Tax Law, that came into effect on 1 January 2008. The new system applies to both FIEs and ordinary domestic Chinese companies, with the...
3,607 Words | 9 Pages
Tax and Accountability - 14423 Words
DAC Guidelines and Reference Series
A DAC Reference Document
ISSUES AND PRACTICES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
ORGANISATION FOR ECONOMIC CO-OPERATION
The OECD is a unique forum where the governments of 30 democracies work together to address the
economic, social and environmental challenges of globalisation. The OECD is also at the forefront of efforts
to understand and to help...
14,423 Words | 53 Pages
Tax-Profit - 793 Words
In order to expand its market in PRC, KK(HK)Ltd is going to set up a subsidiary in PRC. Other than the injection of initial capital, KK(HK)Ltd will finance the funding of the subsidiary by way of interest bearing loan. It is estimated that the funding required from Hong Kong by the PRC subsidiary is as follows:
| |2009 (3 months) |2010 (12 months) |2011 (12 months) |
|Funding required |$1,500,000...
793 Words | 4 Pages
Fed Tax - 3559 Words
Income: from whatever sources derived Sec. 702(a)(8)- owners of partner and S corp – items subject to ord income treatment are lumped ‘S’-Corporation vs. Sole Proprietorships comparison: Note: 1
GI, Prop G/L, Prop Non-Recog, Sale and called 702 Income or loss. Recognized even if no cash is distributed. Accordingly, generally not (a) BOTH have single taxation; ‘S’ over Prop-(b)Liability shield except for personal profession
of Business &...
3,559 Words | 11 Pages
tax solution - 3583 Words
SUGGESTED ANSWER FOR IPCE MAY 2013
By CA Parasuram Iyer
Computation of Income of Mrs Rani for the Assessment Year 2013-14
Income Under the Head Salary
Income Under the Head House Property
Income Under the Head Profits & Gains from Business or Profession (W.N.1)
Income Under the Head Capital Gain
Income Under the Head Other Sources (W.N.2)
GROSS TOTAL INCOME
3,583 Words | 23 Pages
Tax Memorandum - 520 Words
November 16, 2012
TAX FILE MEMORANDUM
SUBJECT Peaceful Pastures Funeral Home, INC. taxpayer engagement.
FACT Peaceful Pastures Funeral Home, INC (“Peaceful”) has designed an approach that allows customers to prepay for their funeral goods and services. Under this program, the customer pays in advance for the goods and services that will be provided at the time of their death, often at a significant discount. Under the terms of the contract, the payments are refundable at the contract...
520 Words | 2 Pages
BUSINESS TAX CREDITS AND CORPORATE ALTERNATIVE MINIMUM TAX
BUSINESS TAX CREDITS AND
CORPORATE ALTERNATIVE MINIMUM TAX
SOLUTIONS TO PROBLEM MATERIALS
Question/ Present in Prior
Problem Topic Edition Edition
1 Limitation on general business credit for Modified 1
2 General business credit carryovers Modified 2
3 Issue recognition New
4 Rehabilitation expenditures tax credit Unchanged 3
5 Rehabilitation expenditures tax credit Unchanged 4
5,482 Words | 30 Pages
Instructions for Filling Out Income Tax Return Form Saral-Ii Itr-1
Instructions for filling out Income Tax Return FORM SARAL-II ITR-1 These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. Assessment Year for which this Return Form is applicable This Return Form is applicable for assessment year 2010-2011 only, i.e., it relates to income earned in Financial Year 2009-10. Who can use this Return Form This Return Form...
2,979 Words | 8 Pages
Federal Income Taxation: An Overview
Chapter 1—Federal Income Taxation - An Overview
Match each term with the correct statement below.
Average tax rate
Effective tax rate
Marginal tax rate
Progressive rate structure
Proportional rate structure
Regressive rate structure
1. A tax rate that increases as the tax base increases.
2. A tax rate that decreases as the tax base increases.
11,807 Words | 84 Pages
Life Insurance and Gross Income
Chapter 2: Gross Income and Exclusions
1. Noncash items received as income must be included in income at their fair market value.
2. Awards, bonuses, and gifts are all included in gross income.
3. Disability benefits are generally taxable to the individual receiving the amounts.
4. Interest income received by a cash basis taxpayer is generally reported in the tax year it is received.
5. Interest on U.S. Treasury...
13,786 Words | 72 Pages
Accounting for Income Taxes - 1889 Words
According to Accounting Theory: Contemporary Accounting Issues by Evans, accountants have developed two alternative approaches to accounting for income taxes, which are the cash method and the allocation method. The cash method is described as a simple and direct approach. The amount of income taxes actually paid for the year is reported on the Income Statement. The amount comes from the firm's income tax return and fit is not adjusted in any way. Therefore, the firm's actual transaction to...
1,889 Words | 6 Pages