Income tax Essays & Research Papers

Best Income tax Essays

  • Tax and Income - 7630 Words
    Q _ Tran Nam Quan: Blue Bui Minh Tri Quy : Task 1: 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 DEPARTMENT: ACCOUNTING 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………….’ INTRODUCTION Income taxes...
    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
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  • Income Tax - 2565 Words
    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...
    2,565 Words | 8 Pages
  • Tax and Income - 2393 Words
    Group Assignment On Computation of Income and Tax Liability of an Individual Subject-ACT 322 Section-2 Prepared For Professor Mahbubur Rahman (MbR) Prepared By 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: bkp1992@gmail.com 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 Interest income 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
    Jessica Schmitt Income Tax 2 7-36: Lee Xanders 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
    QUESTIONS: (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
    [pic] 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,...
    1,211 Words | 5 Pages
  • Wage and Progressive Income Tax
    Under-employment 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
    CH1 10. 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 12. Who uses 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
  • INCOME TAX REPORT 3
     OUTCOME 1 - UK INOCME TAX SYSTEM OUTCOME 2 - PAY AS YOU EARN (PAYE) Introduction 4 Procedures 4 UK employment status 5 1. Employment status 5 2. Criteria of differentiate employment and self-employment 5 Right of Control 5 Financial Risk 6 Equipment 6 Work performance and correction 6 Holidays and sickness 6 Exclusivity 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
  • Tax and Income Statement - 298 Words
    BYP2-2 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 Cash  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
    CHAPTER Accounting for Income Taxes OBJECTIVES 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%. 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...
    1,230 Words | 4 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
    Chapter 07 Individual Income Tax Computation and Tax Credits True / False Questions 1. 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. True False 2. 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
    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...
    1,890 Words | 6 Pages
  • Income Tax Paper - 1692 Words
    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...
    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 INTRODUCTION 1. Abstract: 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 BY: ADAMU GARBA ZANGO DEPARTMENT OF ACCOUNTING FACULTY OF SOCIAL AND MANAGEMENT SCIENCES UMARU MUSA YAR’ADUA UNIVERSITY KATSINA STATE, NIGERIA Email:zangoage@yahoo.com 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 Submitted by Preksha Shetty in partial fulfillment for the award of the degree of Post Graduate Diploma in Management Studies Under the Guidance of Prof. N. Krishnamurthy THAKUR INSTITUTE OF MANAGEMENT STUDIES AND RESEARCH KANDIVILI MUMBAI 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
    CHAPTER ONE 1.0 INTRODUCTION 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
    1.0 Introduction 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
    BRUCE MATILLANO 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
    I. Introduction 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 Institute:- GNIM&IT Purpose- 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? Courtney Crowley ECO 211 Professor Reyes 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 AY: 2013-14...
    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. A) True B) False Beginning in 2011, all paid tax return preparers must sign up with the IRS, pay a fee, and obtain a preparer tax identification number. A) True B) False 22. 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. A) True B) False 23. 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. A sole...
    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
    Tax Description 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 SUBMITTED BY 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 DECLARATION 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. http://dx.doi.org/10.1787/241216205486 OECD Economics Department Working Papers No. 620 Taxation and Economic Growth Åsa Johansson, Chistopher Heady, Jens Arnold, Bert Brys, Laura Vartia JEL Classification: C33, H23, H24, H25, O40, O43 Unclassified ECO/WKP(2008)28 Organisation de Coopération et de Développement...
    35,524 Words | 190 Pages
  • Agriculture Income - 2037 Words
    AGRICULTURAL INCOME What is agricultural Income Section 2(1A) (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. Required: 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? Solution: Requirement 1 Since taxable income is less than pretax accounting...
    1,964 Words | 14 Pages
  • tax notes - 15836 Words
    Contents TAX LEG: ITAA1936 [eg. S6(1)], ITAA1997 [eg. S6-5], FBTAA 1986, GST Act 1999. Topic 2 – Jurisdiction to Tax taxable payable 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
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