Ch. 12 Taxable Income and Tax Payable for Corporations I. Calculation of Net Income For Tax Purposes and Taxable Income - Corporations follow the applicable ordering rules of Section 3 in computing NITP Net Income for Tax Purposes Less: Div C deductions Taxable Income Most of the Div. C deductions for corporations are DIFFERENT from the Div. C deductions for individuals. Div C deductions for Corporations: 1. Charitable
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Tax Law Assignment According to the Act Gross Income is defined as ‚ in relation to any year or period of assessment‚ means‚ in the case of any person‚ the total amount‚ in cash or otherwise‚ received by or accrued to or in favour of such person during such year or period of assessment from a source within or deemed to be within Namibia‚ excluding receipts or accruals of a capital nature‚ but including‚ without in any way limiting the scope of this definition‚ such amounts (whether of a capital
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1. Levy of service tax | http://www.servicetax.gov.in/st-forms-home.htm 1.1 As on 1st May‚ 2011‚ 119 services are taxable services in India. These taxable services are specified in Section 65(105) of the Finance Act‚1994. Section 64 of the Finance Act‚ 1994‚ extends the levy of service tax to the whole of India‚ except the State of Jammu & Kashmir. Generally‚ the liability to pay service tax has been placed on the ‘service provider’. However‚ in respect of the taxable
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In todays society‚ its a crime to be honest. In the old days‚ you could just tell it like it was‚ and if people got mad‚ so be it. But now‚ make a comment about soemthing or someone you did not or dont like‚ it immediately becomes a war of the words. We know discrimination‚ like we know the back of our hands. Our society has become a burger king society‚ we want it our way and want it now. So the question I came upon‚ concerning what would would be the economic impact of of legalizing Recreational
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►Progressive/graduated tax Generally‚ rates increase as income increases ►Federal income taxes ►FORMULA: ►Income (very broadly inclusive) ►LESS: Exclusions (income not subject to taxation) ►EQUALS Gross income ►LESS: Deductions for adjusted gross income ►EQUALS Adjusted gross income ►LESS: Greater of itemized deductions or standard deduction ►LESS: Personal exemptions ►EQUALS Taxable income ►MULTIPLIED BY: Tax rate ►EQUALS Tax owed ►LESS: Tax credits ►LESS: Tax prepayments/withholdings
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288A) 3‚25‚000/- Deduction under Chapter VIA (W.N.3) Computation of Tax Payable by Mrs Rani for the Assessment Year 2013-14 PARTICULAR Tax at Normal Rate (W.N. 4) Tax at Special Rate (W.N. 4) AMOUNT 11500/3000/- Total tax 14‚500/- Add: Education Cess 2% Add: SHEC 1% 290/145/- Tax including Cess Relief 14‚935/0/- Tax Payable TDS/TCS/ Advance Tax 14‚935/3‚000/Self Assessment Tax u/s 140A 11‚935/- TAXABLE INCOME(Round off U/s 288A) 11‚940/- W.N
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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”
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An ad valorem tax is a tax based on the value of the incurred‚ like the value added tax‚ sales tax‚ property tax or inheritance tax. The value of the goods‚ services or properties is the basis for the tax collected. Specific tax on the other hand‚ is a tax based on the quantity produced. It is not a function of the value of the product being taxed. Cigarettes are a product being taxed in such category. The use of specific tax could have been a good idea since it is evident that even though
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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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FEATURES OF SERVICE TAX 1. Scope: It is leviable on taxable services ‘provided’ or ‘to be provided’ by a service provider. The services ‘to be provided’ in future are taxed only if payment in its respect is received in advance. Two separate persons required Payment to employees not covered: For charge of service tax‚ it is necessary that the service provider and service recipient should be two separate persons acting on ‘principal to principal basis’. Services provided by an employee to
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