"Income" Essays and Research Papers

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  • Taxation and Income Statutory Income

    Assessable income=ordinary income + statutory income. Ordinary income: income deriving from the courts (s6-5) Negative propositions: items that are not income by ordinary concepts: 1.Amounts not convertible into money :In Tennant v Smith (1892) free accommodation provided to a bank manager was held not to be ordinary income because building could not be sub-let and the benefit thereby converted to money. In FCT v Cooke & Sherden (1980) an incentive prize offered by a manufacturer was not income of the

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  • National Income

    Importance of National Income Statistics There are several important uses of national income statistics and‚ therefore‚ there is great need for their regular preparation. National income estimates provide not only a single figure showing the national income‚ but also supply the detailed figures in regard to the various components of the national income. It is both the figure of national income and the details regarding its various constituents that throw light on the functioning and performance

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  • Family Income

    “Family Income” Wage- Is the money amount receive daily for rendering service. Received by unskilled semiskilled‚ and skilled workers or blue-collar workers. A salary is the amount of money received monthly by professionals or white-collar workers. IN ADDITION TO WAGES OR SALARIES‚ SOME FAMILIES HAVE OTHER SOURCE OF INCOME THIS INCLUDE THE FOLLOWING: 1. Dividends from investments in bonds & stock. 2. Gifts from relatives & friends. 3. Inheritance. 4. Rentals from apartments

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  • national income

    NATIONAL INCOME Definition: According to Alfred Marshall‚ National Income is the labour and Capital of a country‚ acting on its natural resources‚ produced annually a certain net aggregate of commodities and in materials including services of all kinds. This is the net annual income or revenue of the country or the true national dividend. According to A.C.Pigou “ The national income dividend is that part of the objective income of the community‚ including‚ the income derived from aboard

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  • National Income

    NATIONAL INCOME:- What is National Income? National Income is the sum that is total money value of all the goods and services produced in one accounting year. So when we talk about goods and services we are only talking about the final goods and services and not the semi processed‚ when we take the money value of all the goods and services produced within the domestic boundary on India only and to not other countries. CONCEPTS OF NATIONAL INCOME IN TERMS OF MARKET PRICE:- 1) Gross Domestic

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  • Income Elasticity

    Income Elasticity of Demand Income elasticity of demand may be defined as the ratio or proportionate change in the quantity demanded of a commodity to a given proportionate change in the income. In short‚ it indicates the extent to which demand changes with a variation in consumer’s income. Practical application of income elasticity of demand 1. Helps in determining the rate of growth of the firm. If the growth rate of the economy and income growth of the people is reasonably forecasted‚ in that

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  • Income Smoothing

    Introduction The income smoothing literature has been the centre of attention in the accounting world for the past few decades. When companies experience economic turbulence due to a poor performance year‚ they turn to the accounting management department to resolve the bottom line. A strategy that managers can approach is changing the true information content of the company. As a result this has led managers to resort to smoothing their income. Many questions have been raised whether or not it

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  • 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

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  • Income Statement

    4-1 4 Income Statement Usefulness   Predicting future performance.  4-2 Evaluate past performance. Help assess the risk or uncertainty of achieving future cash flows. Income Statement Limitations  Companies omit items that cannot be measured reliably.   4-3 Income is affected by the accounting methods employed. Income measurement involves judgment. Income Statement Quality of Earnings Companies have incentives to manage income to meet or

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  • Employment Income

    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 outside

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