E-COMMERCE AND TAXATION Thousands of businesses are selling goods and services through electronic commerce‚ including the Web and private electronic networks. Selling through electronic commerce is a rapidly growing channel for sales to both retail consumers and businesses. Since about one-quarter of all state and local revenue comes from sales‚ use‚ and gross receipts taxes‚ the state and local governments are eager to avoid losing any tax revenue to electronic commerce. Traditional
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COMPREHENSIVE VOLUME--CHAPTER 7--DEDUCTIONS AND LOSSES: CERTAIN BUSINESS EXPENSES AND LOSSES Student: ___________________________________________________________________________ 1. James is in the business of debt collection. He purchased a $20‚000 account receivable from Green Corporation for $15‚000. During the year‚ James collected $17‚000 in final settlement of the account. James can take a $2‚000 bad debt deduction in the current year. True False 2. If a business debt previously
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Question: WHAT IS PARLIAMENTARY SOVEREIGNTY IN THEORY AND IN PRACTICE? Sovereignty is defined as the supreme power or authority. Therefore‚ ‘parliamentary sovereignty’ means there is supremacy or authority of parliament in making or unmaking the law as they like. According to A.V. Dicey‚ the parliament sovereignty is the single most important principle of the UK constitution. With the Parliament’s supremacy‚ ’no person or body is recognised by the law of England as having the right to override
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Income Tax: Introduction The tax statutes in India: Income Tax Act‚ 1961 Income Tax Rules‚ 1962 Amendments made by Finance Acts decisions of Supreme Court decisions of respective High Court decisions of Income Tax Appellate Tribunals Notifications and circulars issued by Central Board of Direct Taxes (CBDT) Assessee 2 (7) “assessee” means a person by whom any tax is payable and includes— • A person by whom any tax
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among the question faced by nations is how to tax it. As the internet crosses the boundaries the main challenges are how can the basic requirements of physical presence and substantial nexus criteria of taxation can be met. The article tries to analyse the key issues in the area of e-commerce taxation. Article alarms the nation that if it is left untaxed it will give rise to a parallet economy. Every industry contributes to the nations economic growth. The communications industry has become very significant
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NATURE OF POWER OF TAXATION - Joliever Villanueva Hi Folks. Good morning! I’m Joliever Villanueva. for those who don’t know my names co’z I don’t know your names too. Well’ going to discuss is about the NATURE OF POWER OF TAXATION. - But First I want you to know the meaning of Sovereignty. Sovereignty in tagalong is Karapatang Mamahala. But how it relates to taxation? - because. 1. The power of taxation is inherent in Sovereignty‚ it is essential or important to the existence
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executive branch. In order to fix the problems under the Articles‚ specifically the dilemma regarding representation‚ taxation‚ and slavery issue within the states‚ the Constitutional Convention took place. These disputes did not only create a problem but they also caused a division between the states. The colonists did not know how great and substantial the issue with representation‚ taxation‚ and slavery would affect them‚ but as they came together and attempted to resolve the problem‚ they brought forth
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Business Taxation Agriculture Income Sec 2 (1A) of income tax 1961 act agriculture income means 1) Any rent or revenue derived from the land which is situated in India and used for agriculture activities. 2) Any income derived from such land by the agriculture person or by the process employed to make agriculture produce which can be fit for sale in the market. 3) Or any other income derived from any building provided that the: a) Building is on or on the immediate next to the
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China Taxation: Interpretation An Approach to Chapter 1An Overview of Taxation INTRODUCTION The People’s Republic of China has established what is perhaps the most sophisticated and complex taxation system in the world today. This system of taxation has an impact on almost every business and investment decision. Decisions a business enterprise must make‚ such as the form it will take (i.e.‚ sole proprietorship‚ partnership‚ or company)‚ the scope and nature of its operations‚ and the
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RGeneral Principles of Taxation Fundamental Principles in Taxation Taxation Taxation is the inherent power of the sovereign‚ exercised through the legislature‚ to impose burdens upon subjects and objects within its jurisdiction for the purpose of raising revenues to carry out the legitimate objects of government. It is also defined as the act of levying a tax‚ i.e. the process or means by which the sovereign‚ through its law-making
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