"Sources Of Income Tax Law" Essays and Research Papers

  • Sources Of Income Tax Law

    TAXATION OF EARNINGS OF GHANAIAN FOOTBALLERS AND OFFICIALS AT FIFA 2010 By Isaac Nyame & Abdallah Ali-Nakyea of WTS Nakyea & Adebiyi (Tax Attorneys & Solicitors) Introduction The FIFA world cup Fiesta in South Africa came to a very successful end on Sunday, 11 July 2010. It has been hailed, and rightly so, by most football pundits as one of the most successful international sporting events organized by an African Country. Once again Ghanaian footballers made us proud...

    Internal Revenue Service, Tax, Tax refund 1983  Words | 3  Pages

  • Income Tax

    (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………….’ INTRODUCTION Income taxes provide the largest single source of government revenues in most developed countries...

    Income, Income tax, Progressive tax 1636  Words | 5  Pages

  • Tax Law

    Summarize the sources and objectives of modern income tax statutes. The primary source of US tax law is Congress. Power to initiate tax legislation is vested in the House of Representatives but all tax bills must pass both houses and be signed into law by the President. Many times the details of the legislation are not dictated by Congress, but left to the Treasury Department which adopts regulations (that have the force of law) to spell out the details as well as interpret the statutes and provide...

    Court, Income tax, Income tax in the United States 1272  Words | 4  Pages

  • Income Tax

    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 non-penal...

    Corporate tax, Government spending, Income tax 1081  Words | 5  Pages

  • Income Tax

    Agricultural Income As per the Income Tax Act income earned from any of the under given three sources are meant to be Agricultural Income; ← Any rent received from land which is used for agricultural purpose:  Assesses do not have to pay tax on rent or revenue from agricultural land. Such land should, of course, be assessed to land revenue in the country or be subject to a local rate. Further, there must be a direct link between the agricultural land and the receipt of income by way of...

    Agriculture, Arable land, Cultivation 658  Words | 3  Pages

  • Tax Law & Accounting Paper

    Tax Law and Accounting Sue Abraham University of Phoenix Tax Law and Accounting The word "tax" did not become a household name until the late 1800's when congress created the nation's first income tax law. Prior to this law the government used tariff's and imported goods to help support the economy. However, in order to bring in more revenue to help cover the costs of the civil war the government had to make necessary reforms and re-establish tax law. The Revenue Act of 1862 (July 1, 1862...

    American Civil War, Depreciation, Income tax in the United States 921  Words | 3  Pages

  • Income Tax

    INCOME TAX NOTES Residential Status and Incidence of Tax According to Section 5 of the Income Tax Act the scope of total Income of an assessee depends on his residential status.On the basis of residential status assessee are classified under the following two categories: 1. Resident 2. Non-resident. As per as resident individuals and Hindu Undivided Families are concerned, they can be further divided into two categories: 1. Ordinarily Resident 2. Not ordinarily Resident. Residential...

    Control, Following, Income 1148  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 income...

    Income tax, Legal person, Natural person 1249  Words | 4  Pages

  • Tax Law and Accounting Paper

     This essay is going to summarize the sources of modern income tax statutes, summarize the objectives of modern income tax statutes and compare and contrast generally accepted accounting principles. There are three sources of modern income tax statutes which are legislative, executive and judicial. In this paper only the legislative and the executive will be discussed. The Internal Revenue Code, which consists of statutory provisions relating to Federal...

    Corporate tax, Income tax, Income tax in the United States 1267  Words | 4  Pages

  • Tax Law and Accounting Paper

    Tax Law and Accounting Paper In today’s financial world, preparation and reporting of income taxes has become one among the other main reasons why individuals and businesses are keeping and maintain their financial records. However, there has been some controversy between tax laws and accounting under the General Accepted Accounting Principles (GAAP). Simply because IRS is not always agrees with GAAP’s principles and thus creates its own tax laws. This paper will discuss the objectives of modern...

    Corporate tax, Depreciation, Income tax 1300  Words | 3  Pages

  • Income Tax Essay

    TITLE PAGE INCOME TAX Assessment - Report writing NAME: xxxx xxxx STUDENT NUMBER: xxxxxx HND Accounting TUTOR: xxxx xxxx DATE: April 2012 ACKNOWLEDGEMENTS. 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. INTRODUCTION. 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 determine...

    Corporate tax, Employment, Income tax 1890  Words | 6  Pages

  • Reaction: Sin Tax Law

    REACTION: SIN TAX LAW I am so glad of the very purpose of passing the sin tax law which is to protect the health and save the lives of the countrymen. This simply means that the government officials are concern about the good health of all Filipinos but this doesn’t mean that I am into this bill, for some reasons that the government or most of the senate themselves failed to look unto. Firstly, I would like to agree with ...

    Externality, Pigovian tax, Prohibition 782  Words | 3  Pages

  • Indian Income Tax Basic Concepts

    Basic Concepts INTRODUCTION Tax is today an important source of revenue for governments in all the countries. It has become inevitable imposition because it has great potentials for raising funds for meeting the development and defence needs of a nation.  DIRECT AND INDIRECT TAXES •Direct Taxes: A tax which is born and paid directly by the person on whom it is impose is a direct tax e.g., Income Tax, Wealth Tax, Gift Tax, etc. It is directly paid by the tax payer to the government without any...

    Capital expenditure, Generally Accepted Accounting Principles, Income tax 1681  Words | 5  Pages

  • Significance and Evolution of Income Tax in the UK

    Income tax is a vital source of funds to any government. Money raised by taxing the working population can be used to fund infrastructure development as well as improving the standard of living in the country. United Kingdom was the first the country to establish a working income tax on its civilians in 1799. Initially implemented as a temporary source of income to fund the war to beat Napoleon, income tax is now an essential source of revenue for the government all over the world. This report will...

    Chancellor of the Exchequer, Government spending, Income tax 1489  Words | 4  Pages

  • Income Tax

    of federal income tax. It helps to identify the different terms that are associated with income tax. It will point out how calculations are formed to paying taxes or getting a refund. This essay distinguishes the importance of your income and knowing what taxes you will be paying. Federal income taxes can be complicated and hard to file. But, knowing how it works can help save money, understand how it’s calculated, and what is determined in taxation. Income tax includes your income, deductions...

    Income, Income tax, Income tax in the United States 1752  Words | 4  Pages

  • Income Tax

    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 allowance...

    Asset, Income, Income tax 782  Words | 4  Pages

  • Income Tax

    for determining whether an item is deductible as an expense under § 162 or under § 212 is that a. production of income expenses are not deductible. b. § 162 business expenses usually are deductions for A.G.I., while § 212 production of income expenses usually are miscellaneous itemized deductions. c. § 162 business expenses are deductions from A.G.I., while § 212 production of income expenses are deductions for A.G.I. d. it resolves certain ownership questions. 3. C purchased two cars in 2010...

    Deduction, Depreciation, Expense 1522  Words | 5  Pages

  • Income tax

    when a new corporation is formed or may reflect additional capital contributions to an existing corporation. Without Section 351, a sole proprietorship or a partnership would have difficulty adopting the corporate form of organization for legal and/or tax purposes because the transfer of appreciated property would constitute a taxable transaction in a recognized gain. The deferral of gain or loss under Section 351 can be justified because the assets have merely been transferred to a corporation that...

    Corporation, Fiscal year, Limited liability company 929  Words | 3  Pages

  • Income Tax Contribution

    position of income tax in government revenue. Income tax is the main source of government revenue. If high sources of income tax in government revenue, government can make good development, economic planning for development of the nation. After knowing about the contribution of Income tax in government revenue of Nepal, we can find the strength and weakness of the government functions and method of raising the revenue. < There are various sources of government revenue. Income tax, VAT, custom...

    Fiscal year, Generally Accepted Accounting Principles, Government 1935  Words | 7  Pages

  • Philippines Income Tax Rates

    Philippines Income Tax Rates Income of residents in Philippines is taxed progressively up to 32%. Philippines Income Tax Rate 32% Philippines Corporate Tax Rate 30% Philippines 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 70,000:        ...

    Corporate tax, Income, Income tax 1230  Words | 4  Pages

  • Accounting for Income Tax

    Accounting for Income Tax The standard prescribes the accounting treatment for income taxes is AASB 112 AASB 112 is based on a balance sheet approach to account for income taxes and it covers: • the accounting treatment of current and deferred tax expenses; • recognition and measurement of current tax assets and liabilities; • recognition and measurement of deferred tax assets and liabilities; • the accounting treatment of the tax consequences of various transactions and events, including...

    Asset, Balance sheet, Depreciation 694  Words | 4  Pages

  • Income Tax Paper

    Mr. Spruill Comp II 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 that...

    Corporate tax, Income tax, Progressive tax 1692  Words | 5  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 Direct...

    Double taxation, Income, Income tax 1759  Words | 5  Pages

  • Tax Avoidance and Tax Evasion

    Tax Avoidance Analysis Tax Avoidance is a legally manipulation for the corporations to lower their tax bill by structuring transactions, is also called tax planning. Different with Tax Evasion, the Tax Evasion is Criminal and completely illegal. And in generally, company which have more profit should have higher tax rate, but with the growth of the company, many tax avoidance strategy were used by management as result of minimize the tax bills and also without obey the law, There are 3 strategies...

    International taxation, Tax, Tax avoidance and tax evasion 1216  Words | 4  Pages

  • Sources of Law

    Question 1: Explain the different sources of Law in England. The legal system in the UK has expanded over many centuries and has also changed regularly during this period. The present UK law consists of four major sources that include the Interpretation of Statues (Acts of Parliament), Common Law, European law and European Court of Human Rights. ‘These sources of Law have all one common element, influenced by political, social and technological change.’ (Open University, Block 1, Pg 89)...

    Appeal, Case law, Common law 1355  Words | 4  Pages

  • Sources of Law

    Sources of Malaysian Law Weeks 3 & 4 • The sources of Malaysian Law mean the legal rules that make the laws in Malaysia, which can be classified into written and unwritten law. Written Law • Is the most important source of law, includes the following: 1. Federal and State Constitutions. Federal Constitution – Is the supreme law of the land (Article 4 states that any law passed after Merdeka Day which is inconsistent with the constitution shall, to the extent of inconsistency,...

    Common law, Constitution, Law 551  Words | 3  Pages

  • Tax Law

    Ordinary income Tennant v Smith, (money or convertible into money) An employee was given accommodation rent free by his employer. Was this ordinary income? • The employee could not sublet the accommodation to anyone else, therefore could not turn this accommodation into cash. • The Court said it was not ordinary income under s. 25(1) (now s.6-5) since the accommodation was not convertible into money. • Not ordinary income under s.6-5. FCT v Cooke &amp; Sherden. (money or convertible into money) ...

    Deduction, High Court of Justice, Income 1877  Words | 6  Pages

  • Tax Law and Accounting

    Tax Law and Accounting As much as everyone hates the “T” word, taxes are an essential part of our society. Taxes pay for many of the services we are entitled to as citizens of the United States. Services like the military, Medicare, and welfare are all paid for with tax dollars. Taxes often fund things that stir up quite the controversy because of the service provided, but they are important nonetheless. There are different levels of taxes as well. There are Federal taxes, which cover what was mentioned...

    Corporate tax, Internal Revenue Service, Tax 1137  Words | 3  Pages

  • What Is Tax

    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 the...

    Corporate tax, Income tax, Indirect tax 1583  Words | 4  Pages

  • Income Tax

    dilakukan dengan penerapkan Manajemen Perpajakan (Tax Planning) untuk meminimalisir munculnya sanksi sanksi perpajakan yang dapat merugikan perusahaan, khususnya untuk PPh Pasal 21 atas penghasilan seluruh karyawan PT Jasa Marga (Persero) Tbk. Yang dimaksud dengan tax planning atau manajemen pajak adalah upaya yang dapat dilakukan oleh Wajib Pajak dalam rangka meminimalkan pembayaran pajaknya.[2] Dalam peraturan perundang-undangan perpajakan, tax planning yang diperboleh kan dalam pemotongan...

    711  Words | 3  Pages

  • Double Taxation Law in India

    DOUBLE TAX AVOIDANCE AGGREMENT SECTION 90 OF INCOME TAX 73 India has comprehensive Double Taxation Avoidance Agreements (DTAA ) with 79 countries. This means that there are agreed rates of tax and jurisdiction on specified types of income arising in a country to a tax resident of another country. Under the Income Tax Act 1961 of India, there are two provisions, Section 90 and Section 91, which provide specific relief to taxpayers to save them from double taxation. Section 90 is for taxpayers who...

    Corporate tax, Income tax, International taxation 835  Words | 3  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...

    Corporate tax, Income tax, Progressive tax 2620  Words | 7  Pages

  • Tax Planning

    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 an effective planning of the sources of your income...

    Family, Income, Income tax 813  Words | 4  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 investment...

    Corporate tax, Financial services, Income tax 828  Words | 4  Pages

  • Sources of Law

    What are the sources of law in Australia? There are two main sources of law in Australia, case law or common law. This is based on the decisions of judges in the superior courts, and legislation, the law made by Parliament. How did English Law come to Australia? English Law became the legal foundation of Australia because it was treated as a settled colony. When was the Commonwealth of Australia established? The Commonwealth of Australia was established and it became a dominion of the British...

    Appeal, Case law, Civil law 1520  Words | 5  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 is in...

    Balance sheet, Generally Accepted Accounting Principles, Income tax 1510  Words | 5  Pages

  • Tax Return

    Tax Return Position Terrence Bellamy ACC/455 – Corporate Taxation April 15, 2013 John Nadalet Tax Return Position What position should you take on tax return? Decision-making is loosely defined as the cognitive process or reaching or making a certain choice based on physical, mental, and emotional reasoning. (“Define Decision Making”, 2013.) I have found myself making several decision on tax returns every year, some small, and others large and life altering. People can found themselves seriously...

    Income tax in the United States, Internal Revenue Service, Law 766  Words | 3  Pages

  • Sources of Common Law

    Sources of common law I. Sources of the Common Law A. Court Decisions The principal source of positive law in the common law system is customary law. The common law system has some analogies to French medieval law: trial by jury, the binding nature of precedent. B. Statutes and treaties Statutes and treaties are the other source of law in the anglo-saxon world. However to be enforced even statutes and treaties must be ultimately interpreted by judges. Statutes are however controlling; that...

    Appeal, Civil procedure, Common law 1003  Words | 3  Pages

  • Sources of Law

    SOURCES OF LAW All the sources have a relevance to the operation of business and management which means that managers and employees have to be aware of them and their different features. PRINCIPAL FEATURES 1. STATUTE. law made by the Government known also as legislation and statute. a. This is law made by Parliament. A Bill goes through several procedures and debates in Parliament and when it is finally agreed it receives the Royal Assent. This is now a formality as our system of government...

    Common law, Court, English law 695  Words | 3  Pages

  • Income Tax Exemptions in Pakistan

    The Most Beneficent Assignment of: Principle & Practice Income Tax Topic: Need of Tax Exemption [pic] Question: What is the need of Tax Exemption or Tax Concession in income tax from government point of view? And Does present income tax exemption policy of Pakistan effective in achieving its objectives give comments? TAX EXEMPTION According To “Community Benefit” theorists Tax-exemption contributes to pluralism “by providing the public goods...

    Economics, Economy, Finance 667  Words | 4  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 purchase...

    Appeal, Appellate court, Court 1758  Words | 5  Pages

  • Income Taxation

    Sta. Maria, Oel Angel BSBA – Marketing III February 15, 2014 Law in Income Taxation Mrs. Gosom 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. ...

    Income tax, PAYE, Progressive tax 471  Words | 3  Pages

  • Tax Return Position Paper

    Tax Return Position Paper ACC/455   Tax Law Tax laws come from several sources and each source has a particular amount of rein over the laws conducted. Sources, such as the IRC, have a defined amount of say in the laws and the consequences. The way a law is interpreted and applied is also a very large part of tax law. Tax research is how tax laws are defined and followed for individual facts (Anderson, Pope & Kramer 2010) Sources of Tax Law The primary and secondary sources of tax...

    Income tax in the United States, Internal Revenue Service, Law 660  Words | 3  Pages

  • Tax Administration

    EFFECTIVENESS AND EFFECIENCY OF TAX ADMINISTRATION IN KUMASI BACKGROUND OF THE STUDY Tax administration attaches great importance to all forms of taxes, in the sense that they aim at reducing tax evasion to its minimum level. Ghana has relatively a long tax history on tax administration. According to the Report of the Tax Review Commission (Parts 1, 2 &amp; 3)," Accra, (1977) the first custom law was first passed under colonial rule in 1855 and later replaced in 1876 by a custom law based in the U.K. With...

    Income tax, Indirect tax, Internal Revenue Service 2381  Words | 7  Pages

  • Individual Income Tax Exam 1

    removed from the tax base by law Deductions- subtracted from the tax base rather than fully excluded. Flat tax- one single rate applied to the entire tax base. Progressive tax- rates increase as tax base increases. (Federal income tax) Tax credit- authorized deduction in gross tax liability Real and personal property taxes- Real (real estate) Personal (difficult to enforce because property is easily concealed or moved, with the exception of vehicles which must be registered) Excise tax- imposed on...

    Income tax, Progressive tax, Proportional tax 2155  Words | 6  Pages

  • Tax - Lec Ordinary Income T3 2012

    lecture, you should be able to: understand the ordinary concepts of income;   |    | THE ORDINARY CONCEPTS OF INCOME What is Income? The assessable income of an entity for a year of income includes the ordinary income of an entity and the statutory income of the entity for that year (Section 6-1 ITAA (1997)). Ordinary income is income according to ordinary concepts. The courts have had to determine what is income according to ordinary concepts as there is no definition in the...

    Capital asset, Capital gain, Capital gains tax 1707  Words | 7  Pages

  • Sin Tax Law Articles

    Articles about Sin Tax Law Sin Tax: For better or for worse? AFTER months of deliberations, the senate has finally approved the sin tax bill. Just days before Christmas it will be signed by the President Benigno Aquino III and will soon become a law. A bill that seeks to impose higher taxes on tobacco and alcohol products. While waiting for this day people are now wondering what could be the effects of this bill. With the question “Is it for better or for worse?” FOR BETTER? • This bill is expecting...

    Cigarette, Dipping tobacco, Nicotine 2013  Words | 5  Pages

  • BASIC PRINCIPLES OF INCOME TAX LAW

    BASIC PRINCIPLES OF INCOME-TAX LAW By: Justice R.K. Abichandani 1.                Constitutional Provisions : The Constitution of India vests the Parliament with plenary legislative powers to impose taxes on matters specifically enumerated in the Union List and all the power of making any law imposing a tax not mentioned in Concurrent or State Lists, as provided by Article 248(2). “Tax on income” is defined in an inclusive manner by Article 366(29) under which the...

    Income tax, Progressive tax, Proportional tax 4557  Words | 22  Pages

  • SIN TAX LAW

    STATE INTERVENTION AND PUBLIC POLICIES “Tobacco is the only industry that produces products to make huge profits and at the same time damage the health and kill their consumers.” - Margaret Chan, n.d. The controversial Sin Tax Bill was approved and became a law when the Philippine President, Benigno S. Aquino III signed the Republic Act No. 10351 on December 19, 2012 after the long sixteen (16) years hot debate in the Legislative branch of the Philippines. This issue has been discussed and...

    Corazon Aquino, Lung cancer, Nicotine 1201  Words | 4  Pages

  • Tax Law Research

    ------------------------------------------------- Federal Source Materials * ------------------------------------------------- Code, Regulations, Committee Reports &amp; Tax Treaties * ------------------------------------------------- Internal Revenue Code * ------------------------------------------------- Current Code * ------------------------------------------------- Subtitle A Income Taxes §§1-1563 * ------------------------------------------------- ...

    Corporate tax, Income tax, Internal Revenue Code 535  Words | 4  Pages

  • Income Tax Guide

    FOR INTERACTIVE FORMS BIR FORM NO. 1702: ANNUAL INCOME TAX RETURN FOR CORPORATION, PARTNERSHIP AND OTHER NON-INDIVIDUAL TAXPAYER |Script | |Open the form. | |For Form 1702: Annual Income Tax Return for Corporation, Partnership and Other Non-Individual...

    Corporate tax, Income tax, Itemized deduction 1211  Words | 5  Pages

  • LAW Personal Income Tax Notes

    Article 1. Nature of the tax The income tax on individuals is a personal, direct tax levied according to the principles of equality, universality and progressivity, the income of individuals according to their nature and their personal and family circumstances. Article 2. Object of the tax The object of the taxpayer’s income tax, understood as the entirety of their income, capital investments and losses and income allocations established by law, regardless of where they may have occurred and...

    Income, Income tax, Insurance 15310  Words | 43  Pages

  • Income Tax: Class Notes

    1, 8, 12, 19, 22, 23, 37, 38 3-1: b. Income g. Less: Exclusions f. Gross Income a. Less: Deductions for adjusted gross income d. Adjusted gross income h. Less: The greater of— Total itemized deductions or standard deduction e. Less: Personal and dependency exemptions c. Taxable Income 3-8: In choosing between the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following variables have? a. The age of the taxpayer(s). If over...

    Income tax, Itemized deduction, Progressive tax 722  Words | 3  Pages

  • Tax Research Paper: Maxims of Tax Planning and Six Steps of Tax Research

    important component of the financial planning process is tax planning, which is the structuring of transactions with the intent reducing tax costs and gaining tax benefits. Strategic tax planning is a common occurrence in the business world because of its ability to help companies maximize their after-tax value. Typically, firms use the services of outside specialists, also known as tax researchers, in tax planning. The role of the tax specialist is to determine the optimal business decisions...

    Corporate tax, Income tax, Progressive tax 2107  Words | 7  Pages

  • Tax Avoidance

    TAX AVOIDANCE -By Ramesh Badhri Narayan(12741880) Vijayakumar Muniyandi (12741572) Punjabi Nikhil Prakash (12744129) LIM QI CHONG (12782025) Koundompalayam Jagannathan Meignanam(12742198) 1.0 Tax Avoidance:- An Arrangement where the intention is to avoid or defer tax obligations. Various means of approach- from mass marketed (advertised to general public) to specialist financial arrangements offered directly to investors. Certain Schemes can be camouflaged as legal financial...

    Finance, Investment, Mumbai 835  Words | 3  Pages

  • Determining Assessable Income

    Introduction. Individuals thrive off producing income in order to meet their day-to-day needs and wants. Tax is imposed on these income producing activities to provide the government revenue. This involves identifying the various ranges of assessable income. The legal question which must be addressed is any of the income that was earned by these individuals assessable income under the Australian income tax assessment act? To answer this question, we must determine if a nexus exists between Australia...

    Australia, Income, Income tax 2508  Words | 7  Pages

  • Income from Other Sources [Section 56 to 59]

    Any income which is not chargeable to tax under Section 15, 22, 28, or 45, will be chargeable to tax as Income from Other Sources (IFOS) i.e. any income not taxable under the head Income from Salary, House Property, Business/Profession or Capital Gains, is chargeable to tax as Income from Other Sources. Section 56 (2): Under Section 56 (2), the items that are mentioned as taxable under this head are as follows:- 1. Interest on Securities, provided Securities are held as Investment and not as...

    Income tax, Personal property, Property 2257  Words | 7  Pages

  • The Uk Tax System.

    typical tax paying resident within the UK consists of Income tax, Corporation tax and Capital Gains tax. In the past tax payers have tried to ‘evade’ paying tax, with some ludicrous plans to keep their own personal taxes to a minimum, if not have a tax liability in the negative. This is partly why the UK Government has had to implement tax laws to maintain and clarify the structure of the taxation system within its policies. The system relies on a number of references, these are known as ‘sources of tax...

    Case law, Common law, Law 1571  Words | 5  Pages

  • Income Tax

    INCOME TAX Introduction : 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 profession...

    Income tax, Progressive tax, Proportional tax 2565  Words | 8  Pages

  • Trends and Issues in Income-Tax Policy and Reform in India

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