"Income Tax" Essays and Research Papers

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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...

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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 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...

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Income Tax

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 provide the largest single source of government revenues in most...

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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...

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Wage and Progressive Income Tax

will serve community needs and be paid from a national, progressive income tax. The wage rate will be one half of the established poverty level. Jobs of last resort will require a minimum of forty hours per week of attendance on the job. • Adjust the number of hours in a work week inversely to the number of jobs of last resort provided by the state There will always be the poor, by definition the bottom ten per cent of income earners; but, poverty can be eliminated by forcing the economic system...

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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...

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16th Amendment: Income Tax

16th amendment: Income Tax In America, one of the biggest tax bites on our income is the federal income tax, although state and local taxes also take a substantial bite. There are property taxes and sales taxes. Every time we fill up the gas tax, we are paying a tax. We pay so much taxes that some have calculated “tax freedom day”, as the day during the year when our nation has theoretically earned the income necessary to have paid our taxes for a year. We pay taxes to pay for government services...

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Financial Plan Year 10

after graduating from Ohio University. It will evaluate my financial situations based upon realistic projections regarding salary, spending categories, estimates of income and social security taxes, and clear explanations of wealth accumulation. Detailed assumptions for Year 10:  Base Salary w/ financial career ' $92,000.00  28% Tax bracket  Investment strategy ' Buy-and-hold strategy and Diversified Reinvestment Plans (DRIP)  Reassessing goals and accumulating wealth for retirement, protection...

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Income Tax in the United States and Dividend Income

gain of $ 30,000 [($ 75 - $ 45) 1,000)] on its 2013 Federal tax return. Fox Corporation reported dividend income of $ 4,000 ($ 4 per share 1,000 shares) and took a 70% dividends received deduction. 1) Have Coyote Corporation and Fox Corporation reported these transactions properly? Please explain. No they have not recorded them properly, according to Rev. Ruling 82-11, Coyote Corp. actually includes the dividend income for federal tax purposes because they are contractually entitled to receive...

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