[pic] [pic] Project submitted in partial fulfillment for the award of degree [pic] DECLARATION I hereby declare that this project report titled‚ Income Tax Planning in India with respect to Individual Assessee submitted by me to the Department of Business Management of XXXXX‚ is a bonafide work undertaken by me and it is not submitted to any other University or Institute for the Award of any degree diploma/certificate or published any time before. Date: (XXXX) ACKNOWLEDGEMENT A
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DEDUCTIONS FROM GROSS ESTATE UNDER PHILIPPINES TAX RULES AND SINGAPORE TAX RULES ADVENTIST UNIVERSITY OF PHILIPPINES PUTING KAHOY 2008 DEDUCTIONS FROM GROSS ESTATE PHILIPPINES TAX RULES Funeral Expenses For deaths occurring on or after January 1‚ 1998‚ the amount allowable as deduction shall be the lower amount between the actual funeral expenses (whether paid or unpaid) and five percent (5%) of the gross estate‚ but in no case to exceed two hundred thousand pesos (P200‚000). Judicial Expenses
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Chapter 6 Individual Deductions SOLUTIONS MANUAL Discussion Questions: 1. [LO 1] It has been suggested that tax policy favors deductions for AGI compared to itemized deductions. Describe two ways in which deductions for AGI are treated more favorably than itemized deductions. Itemized deductions must exceed the standard deduction before taxpayers receive any tax benefit from the deductions (this is equivalent to an overall floor limit). In contrast‚ business deductions that are deductible
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Deduction under section 33AB is allowable against composite income and not against only 40% of composite income- A case of un-necessary litigation by revenue in case of Tea Companies . Computation provision: Section 33AB is a provision relating to allowing deduction from business income. It falls under Part “D” of Chapter IV of the Income-tax Act‚ 1961. This part consists of various sections from section 28-44DB. As per section 29 the income referred to in section 28 shall be computed in accordance
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Federal Income Tax Professor Lon Sobel Southwestern Law School Study Guide Fall 2010 Copyright © 2010 by Lionel S. Sobel SCALE – Federal Income Tax SCALE – Federal Income Tax Southwestern Law School FEDERAL INCOME TAX Syllabus‚ Course Requirements‚ and Grading Criteria Professor Lon Sobel SCALE II- Period 4 Fall 2010 PHONE: 213-738-6756 EMAIL: lsobel@swlaw.edu OFFICE: BW325 ___________________________ I. COURSE MATERIALS A. Required Text or Course Materials The assigned readings
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Appeal of Low Income Housing Tax Credits Overview of the LIHTC The Low Income Housing Tax Credit (LIHTC) provides incentives for corporations and individuals to invest in the acquisition‚ development and rehabilitation of affordable housing. The program offers federal tax credits to private equity investors that work with profit or non-profit developers in constructing or renovating rental properties for low-income tenants‚ those who earn 60 percent or less of the median family income for their county
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Tax Memo to the File May 8‚ 2013 From: Earnest J. Lumpkin III Subject: Minsu Deductions Facts: For the past two years‚ Minsu‚ a Korean American‚ has worked as a high school physical education teacher. He is also a body-builder and a part-time graduate student in educational technology at State University. In preparing for a master’s thesis he has decided to participate in Arnold’s World Body-building training program and analyzing advanced technology used to help students absorb physical education
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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
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Problem 2 How Are These Fees Determined? Card processors normally charge taxpayers for convenience fees when they use their credit or debit card to pay taxes. Fees vary but average about 2.5 percent of the tax payment (IRS.gov). Are These Fees Themselves Deductible? Explain. Credit and debit card convenience fees charged for paying federal individual income taxes are deductible as miscellaneous itemized deductions subject to the 2% floor for taxpayers who itemize (RIA 16181 Tax Liability).
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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
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