rules. Nowadays‚ nevertheless‚ the payment of zakat has become issue to the payers. Basically‚ the payers in Malaysia have an obligation to pay zakat as well as income tax. Although the zakat payers may receive deduction of tax payment due to zakat amount‚ there are some thought that their obligation to pay is on income tax while zakat in only a voluntary form to the individual. As a result‚ some of them refuse to pay zakat regardless of their religion rules. In a nutshell‚ the issue would rise
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Conduct Tax Audit – Part 1 Analysis of Certain Clauses Audit under Section 44AB of the Income Tax Act By Raman Jokhakar‚ Chartered Accountant Objective To understand the purposes of this Form To learn nuances of the clauses To understand audit risk To effectively carry out attestation To document adequately To disclose standard notes‚ limitations and stands To know inter links between clauses To be aware of important stands taken by Courts To understand the objective of the tax department
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INSTRUCTIONS: You must show all of your work where calculations are required and you must include a brief explanation of approximately 50 words for each answer to receive full credit: 1. Markets‚ Demand and Supply‚ part 1 (10pts): a. What effect will each of the following have on the DEMAND for coffee (i.e. Increase Demand‚ Decrease Demand‚ or NO CHANGE)? You must include a brief explanation of approximately 50 words for each answer to receive full credit: i. There is an increase in the price
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Question 1 Some economists argue that one of the key political motivations for the introduction of the alcopops tax is to correct for the negative externalities which abusers of alcopops impose on society. Using diagram(s) discuss how a tax on alcopops can correct for negative externalities associated with excessive consumption of alcopops. In a publication by University of Southern Queensland (2008)‚ it defines that ‘excise taxes are taxes imposed on sellers of certain goods and services‚ and
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Annuities Income from life insurance and endowment contracts Pensions Income from discharge of indebtedness Distributive share of partnership gross income Income in respect of a decedent; and Income from an interest in an estate or trust § 1.61-1(a) – Gross income includes income realized in any form‚ whether in money‚ property or services. Gross income includes the receipt of any financial benefit which is Not a mere return of capital‚ and Not accompanied by a contemporaneously acknowledged
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Persuasive Speech Tax on Cigarettes I. Opening Statement of Interest- Imagine every year a town the size of Bakersfield disappearing‚ well you don’t have to imagine because it’s happening already. A. Speaker Credibility- According to Centers for disease control and prevention 443‚000 people die prematurely from smoking or exposure to secondhand smoke‚ another 8.6 million people live with a serious illness caused by smoking. Despite the factors of smoking 46.6 million adults in the
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2011 TO 30.06.2012 A. 1. NEW EXEMPTIONS/AMENDMENTS IN/WITHDRAWAL OF EXISTING EXEMPTIONS Rate of service tax restored to 12% As per section 66‚ the charging section under earlier regime‚ rate of service tax was 12% of the value of taxable services. However‚ the rate of service tax was reduced to 10% vide Notification No. 8/2009 ST dated 24.02.2009. With effect from 01.04.2012‚ Notification No. 02/2012-ST dated 17.03.2012 rescinded the said notification and the rate of service tax was restored to 12%
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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 taxes
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PARTICULARS PAGE NO REMARK 1 INTRODUCTION ON MVAT‚2002 4 2 MERITS AND DEMERITS OF MVAT‚ 2002 5 3 DEALERS UNDER MVAT‚ 2002 6 4 INCIDENCE AND LEVY OF TAX 10 5 REGISTRATION 12 6 RATE FOR TAX APPLICABLE TO DEALERS 16 7 FILING OF RETURNS AND PAYMENT OF TAXES 17 8 RETURN FORMS AND PAYMENT OF TAX 19 9 REVISED RETURNS 20 10 TAX INVOICE 26 11 BIBLIOGRAPHY 28 INTRODUCTION ON MVAT This Act may be called the Maharashtra Value Added Tax Act‚ 2002. Maharashtra Value Added Tax (Levy and Amendment) Act
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INTRODUCTION Service tax is a tax on Services. Service tax is not a tax on profession / trade but it is a tax on the service provided in exercise of the profession / trade. It is leviable only if there is provision of service. SALE V/S SERVICE Service is different from sale. The fact that some goods have been used in the course of providing service’ doesn’t make that transaction a sale. The nature of the transaction depends on the intention of the parties. If the parties intended to enter into
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