Tax refund Essays & Research Papers

Best Tax refund Essays

  • Tax Refund and Federal Income Tax
    Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm. During 2012, the Deans recorded the following receipts. Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income City of Albuquerque general purpose bonds $1,000 Ford Motor Company bonds 1,100 Ally Bank certificate of deposit 400 2,500 Child support payments...
    584 Words | 2 Pages
  • Tax Refund Research Paper
    The term refund refers to the request to the IRS by the taxpayer for the return of excessive income taxes paid. According to data released by the IRS on March 2, 2005, the dollar amount of refunds sent to taxpayers is surprisingly strong in comparison to last year. Total refunds through February 25 were $93.3 billion, up $6.5 billion (7.5%) over the same period last year. Strong refund payments in the last three years are related to both the weak economy and three successive rounds of tax law...
    1,002 Words | 3 Pages
  • Tax Administration and Tax Planning
    A taxpayer's average tax rate is determined by dividing the total tax paid by the total income of the taxpayer. A) True B) False Beginning in 2011, all paid tax return preparers must sign up with the IRS, pay a fee, and obtain a preparer tax identification number. A) True B) False 22. Taxpayers who are unable to pay their taxes may enter into a payment plan with the IRS if the amount they owe is within certain limits. A) True B) False 23. At which of the following IRS...
    907 Words | 5 Pages
  • Tax Chargeability and Tax Return
    Tax Chargeability and Tax Return A sole proprietor who is resident in Malaysia is taxable on all income accruing in or derived from Malaysia. It is the duty of each sole proprietor who works for themselves in their own business to properly and regularly update accounts and statements. Malaysia’s Income Tax Return Form (ITRF) is the document needed for every taxpayer to the Inland Revenue Board of Malaysia. There are several things which a sole proprietor should take note. A sole...
    672 Words | 2 Pages
  • All Tax refund Essays

  • Income Tax - 1148 Words
    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....
    1,148 Words | 4 Pages
  • Tax Law - 7450 Words
    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...
    7,450 Words | 20 Pages
  • Regressive Tax - 572 Words
    Regressive Tax Subject: Argument for Implementing Regressive Income Tax The primary income taxation structure in the United States should be a regressive tax structure. A regressive tax rate decreases with an increase in the tax base. This means, the lower the amount of income a person earns, the greater the share of that income will go towards paying taxes. The income tax should become a regressive tax because every tax bracket would then pay roughly the same dollar amount in taxes to the...
    572 Words | 2 Pages
  • Income Tax - 1636 Words
    NAME: OGODETON KELVIN OKIEMUTE DEPARTMENT: ACCOUNTING 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...
    1,636 Words | 5 Pages
  • tax notes - 15836 Words
    Contents TAX LEG: ITAA1936 [eg. S6(1)], ITAA1997 [eg. S6-5], FBTAA 1986, GST Act 1999. Topic 2 – Jurisdiction to Tax taxable payable Tax Payable (s4-10 ITAA1997)= (Taxable income * Tax Rate) – Tax Offsets (Tax/Financial Year = I July – 30 June) – Income tax payable on a year-by-year basis s3-5 ITAA97. Taxable income (s 4-15 ITAA) = Assessable Income less Deductions Assessable Income (s6-1) = Ordinary income (s6-5) and Statutory income (s6-10) but not Exempt income (s6-15)....
    15,836 Words | 53 Pages
  • tax module - 1059 Words
    MODULE 9 – OTHER INCOME/DEDUCTIONS – FUNDAMENTALS & INTEGRATION Other income/deduction – Fundamentals Text Coverage – Chapter 9 You are NOT responsible for the following paragraphs: 9,030 9,040 – 9,060 9,090 – 9,090.40 9,095 – 9,095.70 9,120 – 9,130 9,140 – 9,155 9,310 9,395 9,400 9,405 – 9,410 9,415 – 9,415.40 9,420 – 9,430 9,490 – 9,515 9,520 9,530 Retiring allowances and other payments on termination of employment Support receipts and payments Registered education...
    1,059 Words | 15 Pages
  • Income Tax - 1081 Words
    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...
    1,081 Words | 5 Pages
  • Income Tax - 782 Words
    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...
    782 Words | 4 Pages
  • TAX HARDCOPY - 5616 Words
    KC COLLEGE TOPIC: DEALERS UNDER MVAT ACT, 2002 SYBMS SEMESTER 4 PRESENTED BY: MOHAMMAD LUKMANI 31 AISHWARYA LUNIA 32 ALPESH MAJERI 33 RIYA MASHRU 34 AFTAB MERCHANT 35 ACKNOWLEDGEMENT We would like to thank our professor Ms.Farida Katrak for her invaluable guidance, suggestions and her constant support from the project’s budding stage to its current maturity. She has always provided a helping hand and shared her valuable technical guidance regarding the project. The smooth completion of the...
    5,616 Words | 20 Pages
  • Tax Accounting - 10214 Words
    Tax accounting 1.461-2(c)(1) 1.461-4(d)(1) through (6) 1.461-4(e) 1.461-4(g)(1) through (7) 1.461-5 (a) through (c) Garber Abbey B [Abbey.B.Garber@IRSCOUNSEL.TREAS.GOV] Monday, February 04, 2013 11:30 PM Here are a few regulations Treas. Reg. sec. 1.461-1(a)(2)(i) Reg. sec. 1.461-1(a)(2)(ii) Reg. sec. 1.461-1(a)(3) Reg. sec. 1.461-1(c) We’ll work through these and more Thursday. Initial assignments for February 7: I.R.C. section 461 Look at Treas. Reg. Section...
    10,214 Words | 26 Pages
  • Tax Memorandum - 520 Words
    November 16, 2012 TAX FILE MEMORANDUM FROM SUBJECT Peaceful Pastures Funeral Home, INC. taxpayer engagement. FACT Peaceful Pastures Funeral Home, INC (“Peaceful”) has designed an approach that allows customers to prepay for their funeral goods and services. Under this program, the customer pays in advance for the goods and services that will be provided at the time of their death, often at a significant discount. Under the terms of the contract, the payments are refundable at the contract...
    520 Words | 2 Pages
  • Service Tax - 7737 Words
    SIGNIFICANT AMENDMENTS MADE THROUGH NOTIFICATIONS/CIRCULARS ISSUED BETWEEN 01.07.2011 TO 30.06.2012 A. 1. NEW EXEMPTIONS/AMENDMENTS IN/WITHDRAWAL OF EXISTING EXEMPTIONS Rate of service tax restored to 12% As per section 66, the charging section under earlier regime, rate of service tax was 12% of the value of taxable services. However, the rate of service tax was reduced to 10% vide Notification No. 8/2009 ST dated 24.02.2009. With effect from 01.04.2012, Notification No. 02/2012-ST dated...
    7,737 Words | 26 Pages
  • Coroporation Tax - 1068 Words
    Course: TA 322A, Section C1 Federal Income Taxation of Corporations and Shareholders I 1. Course Description This course analyzes the tax treatment, tax problems and tax planning techniques involving transactions between corporations and their shareholders: transfers to corporations; capital structure; dividends and other distributions; stock redemptions and liquidations; stock dividends and preferred stock bailouts; and provides an introduction to S corporations. Prerequisite TA 330....
    1,068 Words | 4 Pages
  • Tax return - 1260 Words
    Income Tax Return Assignment You have your own CPA tax practice and you are greeted with new clients: Albert and Jenny Cunningham and their two children. You meet with them and they give you the information shown below. They would like you to prepare their tax return for 2013. They would like to file married filing jointly. NOTE: Reference to the “current tax year” below for the taxpayers, Albert and Jenny, it is for the calendar year 2013. Albert and Jenny Cunningham (both 42...
    1,260 Words | 7 Pages
  • tax solution - 3583 Words
    SUGGESTED ANSWER FOR IPCE MAY 2013 TAXATION By CA Parasuram Iyer Contact: 9028518367 capkiyer@yahoo.com 1(a) Computation of Income of Mrs Rani for the Assessment Year 2013-14 PARTICULAR AMOUNT Income Under the Head Salary Income Under the Head House Property Income Under the Head Profits & Gains from Business or Profession (W.N.1) Income Under the Head Capital Gain Income Under the Head Other Sources (W.N.2) 3,21,000/34,000/- GROSS TOTAL INCOME 3,55,000/30,000/-...
    3,583 Words | 23 Pages
  • Refund: Export and Central Excise
    Notification No.17/2009 – Service Tax New Delhi, the 7th July, 2009 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the said Act) and in supersession of the Government of India in the Ministry of Finance (Department of Revenue) notification No.41/2007Service Tax, dated the 6th October, 2007, published in the Gazette of India, Extraordinary, vide number G.S.R. 645(E), dated the 6th October,...
    2,830 Words | 10 Pages
  • Tax Research Paper: Maxims of Tax Planning and Six Steps of Tax Research
    I. Introduction Business organizations use financial planning techniques to help make decisions that will maximize the net present value of the entity. An important component of the financial planning process is tax planning, which is the structuring of transactions with the intent reducing tax costs and gaining tax benefits. Strategic tax planning is a common occurrence in the business world because of its ability to help companies maximize their after-tax value. Typically, firms use...
    2,107 Words | 7 Pages
  • Tax and Share Holders - 1469 Words
    Sole Proprietorship- A simple business where a single person owns the business and is personally responsible for any debts incurred. •LIABILITY-You are liable for payment of any debts incurred that cannot be paid for by the profits from the company. Also if you have personal debts that have gone to collections a creditor can be awarded business profits and or business assets to offset these debts. You are also liable for any injuries that may occur due to your company. •INCOME TAXES-The...
    1,469 Words | 5 Pages
  • Is It Ethical to Tax the Rich More
    Should the Rich Pay Higher Taxes? I would first like to start off by saying that this question really doesn’t make sense as the rich already pay higher taxes and the candidates aren’t trying to make it so everyone pays the same amount, just that the rich will either pay more taxes or get a tax break. According to usatoday.com “The 10% of households with the highest incomes pay more than half of all federal taxes. They pay more than 70% of federal income taxes, according to the Congressional...
    1,743 Words | 4 Pages
  • E-Commerce and Sales Tax
    E-Commerce and Sales Tax 5/2/2012   Throughout the country, states are not collecting some or any taxes on online transactions. This debate has been brought to Congress, state, and local governments as to whether taxes should be imposed on online transactions as well as who should standardize online taxing. Research shows that the estimated revenue losses in excess of $60 billion alone from online transactions. This number is only to grow with increased use of ecommerce. (McClure 2000)...
    1,248 Words | 4 Pages
  • 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...
    1,249 Words | 4 Pages
  • Alternative Minimum Tax - 309 Words
    Richard Thomas EK 21 - Macroeconomics Professor Bockino Alternative Minimum Tax (AMT) The Alternative Minimum Tax was originally designed at targeting wealthy persons with crafty tax advisors or a plethora of tax exemptions. What it is, is an alternative tax calculation providing income tax. When this number is calculated (The AMT) you compare your regular income tax and the newly derived AMT. If the AMT is higher then your regular income tax you're paying, you're required to make up...
    309 Words | 1 Page
  • Business/Tax Research Assignment
    BUSINESS/TAX RESEARCH ASSIGNMENT 1. For the Tax year 2004, is SK eligible to switch from the accrual to cash method of accounting under Rev. Proc. 2001-10? This revenue procedure applies to taxpayer with "average annual gross receipts" of $1,000,000 or less. Since SK's average annual gross receipt is greater than 1,000,000 for 2004 therefore SK is not eligible to switch from the accrual to cash method of accounting. ( Rev. Proc. 2001-10,2001-1 CB 272) 2. For the tax year 2004, is SK...
    1,052 Words | 3 Pages
  • The Buffett Rule and Tax Reform
    The Buffett Rule and Tax Reform As the tax cuts enacted by George W Bush during his presidency come to a close, the importance of reconciling spending and taxation has produced a spirited debate as to the best manner in which to solve the debt crisis. One voice in the debate is that of Warren Buffett, Chairman and CEO of the holding company Berkshire Hathaway and one of the richest men in the world. He has come out against the status quo tax policies, stating “My friends and I have been...
    955 Words | 3 Pages
  • Individual Income Tax - 410 Words
    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...
    410 Words | 2 Pages
  • Taxation: Tax and Government - 402 Words
    III. Taxation Introduction Taxation * Defined as the power of the sovereign to impose burden or charges upon persons, property or property rights for the use and support of government In order to enable it to discharge its function. Nature of Taxation Power * The power of taxation is both inherent and legislative in character because it has been reserved by the State for it to exercise * It is inherent because the sustenance of government requires contribution from them....
    402 Words | 2 Pages
  • Tax Memorandum 1 - 1113 Words
    May 3, 2010 Tax File Memorandum Subject Peaceful Pastures Funeral Home Incorporated prepaid income treatment. Facts Peaceful Pastures Funeral Home Inc. is an accrual basis taxpayer who sells prepaid goods and services to clients that will be provided for them at the time of their death. Goods and services are refundable upon the purchasers request at any time until the contracts are fulfilled. Peaceful Pastures Funeral Home Incorporated is in need of determining the period of...
    1,113 Words | 4 Pages
  • Corporate Tax Notes - 5614 Words
    True/false #1 Any distribution in excess of E & P is treated as a tax-free recovery of capital by shareholders. ANS: F Distributions in excess of E & P are a tax-free recovery of capital to the extent of stock basis. Distributions in excess of basis trigger recognition of capital gain. #21 A corporation that distributes a property dividend must reduce its E & P by the fair market value of the property less any liability on the property. ANS: F E & P must be reduced by the greater of the...
    5,614 Words | 15 Pages
  • good and service tax - 1283 Words
    INTRODUCTION GST shall be levied and charged on the taxable supply of goods and services made in the course or furtherance of business in Malaysia by a taxable person. GST is also charged on the importation of goods and services. A taxable supply is a supply which is standard rated or zero rated. Exempt and out of scope supplies are not taxable supplies. GST is to be levied and charged at the proposed rate of 6% on the value of the supply. GST can be levied and charged only of the business...
    1,283 Words | 5 Pages
  • Accounting Gross Receipt Tax
    ASC 740-20 defines “income taxes” as “domestic and foreign federal (national), state, and local (including franchise) taxes based on income”. Further in the Glossary, “taxable income” is defined as “the excess of taxable revenues over tax deductible expenses and exemptions for the year as defined by the governmental taxing authority”. Therefore, the principles and the scope of ASC 740 are only applicable to “taxes based on income.” However, ASC 740 provides no further guidance on this matter...
    459 Words | 2 Pages
  • A Tax Dilemma Assignment - 378 Words
    BUSINESS MATH A TAX DILEMMA ASSIGNMENT 11.1 CASE STUDY 20.2 – PAGES 736 – 737 Rita just finished completing her educational requirements to become a dental hygienist. She has been offered jobs in two different cities and is trying to determine which one she should accept. Both employers offer similar benefits and working conditions, but the jobs are in two different states. Rita will move to the state in which she accepts a position. The first position is in Pennsylvania. Rita would earn...
    378 Words | 2 Pages
  • tax relief 2013 - 584 Words
    Tax Relief for Resident Individual Year 2010, 2011 & 2012 No. Individual Relief Types Amount (RM) 1 Self and Dependent 9,000 2 Medical expenses for parents 5,000 (Limited) 3 Basic supporting equipment 5,000 (Limited) 4 Disabled Individual 6,000 5 Education Fees (Individual) 5,000 (Limited) 6 Medical expenses for serious diseases 5,000 (Limited) 7 Complete medical examination 500 (Limited) 8 Purchase of books, journals, magazines and publications 1,000...
    584 Words | 7 Pages
  • Tax 2 Study Guide
    Tax Study Guide Chapter 19: Distributions that are not in complete liquidation Earnings & Profit is the ability of a corporation to pay a dividend. Similar to the accounting concept of retained earnings. Both are measures of the firm’s accumulated capital (E&P includes both the accumulated E&P of the corporation since February 28, 1913, and the current year’s E&P). *Both cash and accrual basis corporations use the same approach when determining E&P. How to calculate E&P: Taxable Income...
    471 Words | 2 Pages
  • Taxation: Tax on Income (Philippines)
    ALLOWABLE DEDUCTIONS - A SEC. 34. Deductions from Gross Income. - Except for taxpayers earning compensation income arising from personal services rendered under an employer-employee relationship where no deductions shall be allowed under this Section other than under subsection (M) hereof, in computing taxable income subject to income tax under Sections 24 (A); 25 (A); 26; 27 (A), (B) and (C); and 28 (A) (1), there shall be allowed the following deductions from gross income; (A) Expenses. -...
    23,539 Words | 66 Pages
  • Tax and Income Statement - 298 Words
    BYP2-2 1. (a) Work in Process Inventory  25,000 Raw Materials Inventory  25,000 (b) If this transaction was not corrected, the balance sheet would be affected. The Raw Materials Inventory would be overstated and the Cash is understated. 2. (a) Sales Bonus Expense   12,000 Cash  12,000 (b) If this transaction was not corrected, both the balance sheet and the income statement would be affected. The income statement would have the Sales Bonus Expense understated...
    298 Words | 2 Pages
  • Tax 2 Cases - 1498 Words
    G.R. No. 106913 May 10, 1994 COMMISSIONER OF INTERNAL REVENUE, petitioner, vs. HON. COURT OF APPEALS and ATLAS CONSOLIDATED MINING AND DEVELOPMENT CORPORATION, respondents. FACTS: Private respondent (Atlas) mining corporation, organized and existing under and by virtue of the laws of the Philippines, operates a concession in Toledo City, Cebu. It actually used and/or consumed tax paid extra gasoline and diesel fuel for the mining operation purchased on various dates from Mobil Oil...
    1,498 Words | 5 Pages
  • The History of Tax Rates - 485 Words
    The history of tax rates The tax rate is the tax imposed by the federal government and some states based on a corporation's earnings or an individual's taxable income. During the period from 1917-1922, Malaysia income taxes based on the Tax Ordinance which was apply to British colonies. But this Ordinance was a departure from taxpayers, because the tax income was used to expenditure rather than the construction of the country. So this Ordinance was opposed by taxpayers and abolished by...
    485 Words | 3 Pages
  • Tax File Memorandum - 1081 Words
    Tax File Memorandum To: Peaceful Pastures Funeral Home From: Whomever Date: 2/17/2013 Re: Peaceful Pastures Tax Payer Engagement Confidential I SPOKE WITH PEACEFUL TAX PAYER ABOUT THE AUDIT NOTICE THE IRS HAD SENT. IT CONTENDS THAT THE AMOUNT PREPAID UNDER PEACEFUL’S PROGRAM CONSTITUTES PREPAID INCOME THAT MUST BE INCLUDED IN PEACEFUL’S INCOME (AND THEREFORE SUBJECT TO TAX) IN THE YEAR IN WHICH IT IS RECEIVED. THE TAX PAYER WANTED TO KNOW IF THE IRS...
    1,081 Words | 4 Pages
  • Tax Treaty Indonesia Singapura
    AGREEMENT BETWEEN THE REPUBLIC OF INDONESIA AND THE REPUBLIC OF SINGAPORE FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME Article 1 PERSONAL SCOPE This Agreement shall apply to persons who are residents of one or both of the Contracting States. Article 2 TAXES COVERED 1. This Agreement shall apply to taxes on income imposed on behalf of each Contracting State, irrespective of the manner in which they are levied. 2. There shall be...
    7,774 Words | 26 Pages
  • China-U.S. Tax Treaty
    United States-The People’s Republic of China Income Tax Convention (1984) This Agreement shall apply to persons who are residents of one or both of the Contracting States (The People’s Republic of China, or United States of America, or both). The term of “resident of a Contracting State” means any person who, under the laws of that Contracting State, is liable to tax therein by reason of his domicile, residence, place of head office, place of incorporation or any other criterion of a similar...
    717 Words | 2 Pages
  • Tax and Personal Property Sales
    Question 1 - Land Sales (a) Mr and Mrs Fry are not liable for under CB 6 as the land was acquired with the intention that the family would spend weekends there. Under CB 7(2) r liable for as it exclusion under Cb 16 because it is a holiday home of Mr and Mrs Fry therefore it is residential home. (b) * Whether or not Mr and Mrs Laurie will constitute “income” for the sale of sub-divided land under CB 6 – 23 of ITA 2007? * The total land that is on sale is 3500m2 and Somerfield...
    334 Words | 1 Page
  • Federal Tax Notes - 293 Words
    § 63- Taxable Income Gross income §61, 71-90, 101-104 –permitted deductions from gross income= AGI- standard or itemized-personal and dependency exemptions= taxable income x appropriate tax rates= tax liability- tax credits+ other taxes- tax payments and refundable credits= tax refund or tax due. IRC 6012-Who is required to file an income tax return? IRC 6072-When is an income tax return due? IRC 6081- Can I obtain an extension for filing an income tax return? §7703 – Determination of...
    293 Words | 2 Pages
  • Accounting Deferred Tax Asset
    According to the accounting practice in business, companies will always be levied by the federal through the income tax payable that will become the company’s income tax expense when it is paid. The tax net includes the personal profit, business income, and the capital gain. Referring to Australian Accounting Standard Board (AASB) 112, the income tax expense (income) is not merely equal to current tax liability (asset), but also the function of the deferred tax liabilities and assets (Leo,...
    1,434 Words | 4 Pages
  • Income Tax Paper - 1692 Words
    Mr. Spruill Comp II April 24, 2013 Income Tax Predicaments Many people do not look forward to preparing their taxes. Taxes cause problems for everyone involved. Whenever something causes a problem there is usually controversy that follows. There are many controversies surrounding income taxes. These range from how complicated they are, to how they should be carried out. There are many different thoughts on how taxes should be handled. Taxes are hundreds of years old, and one would think...
    1,692 Words | 5 Pages
  • Tax Tutorial 7 - 375 Words
    1. What is an IHC under section 60F of the Income Tax Act 1967. IHC (Investment Holding Company) is a company: 1) Its main activity is holding of investment 2) Whose income is mainly which is 80% derived from the holding of investment. Eg: the gross income derived from holding of investment dividends, interest, rental (include exempt income) is ≥ 80% The amount of gross income from a ‘business of holding of investment’ is not computed as gross income from the holding of investment...
    375 Words | 2 Pages
  • Tax Law Research - 535 Words
    ------------------------------------------------- 45 ------------------------------------------------- SECTION 681 ------------------------------------------------- Go to search section and go to legislation search ------------------------------------------------- Search section code 681 * ------------------------------------------------- Checkpoint Contents * ------------------------------------------------- Federal Library *...
    535 Words | 4 Pages
  • Tax Code & Social Policy
    The Tax Code is inexorably linked to social policy. Is this a good or bad thing? Government policy should be designed to create greater good for the society and the economy at large. I think the tax laws pertaining to health care have been successful in making health care insurance more accessible, and in keeping health care costs confined to an affordable range. However, there are times when our representatives in Washington attempt to engineer people’s behavior, not to address the greater...
    386 Words | 1 Page
  • Corporate Tax Case Study
    SCENARIO: You are a CPA with an office in NearLakes City and clients consisting primarily of professionals, entrepreneurs, and small business owners. John Smith, Esq., a practicing attorney with offices near yours, walks in your office and wants advice from you relating to a recent influx of cash he received as a result of winning a large jury verdict on behalf of his client in a personal injury case. His wife Jane Smith accompanies him during your meeting because she has some additional tax...
    1,176 Words | 4 Pages
  • Tax Research Memo - 325 Words
    Facts: Terry Hutchison was a self-employed lawyer until two years ago when he retired. He had a cash basis business for tax purposes and paid self-employment taxes on all of his income. Five years ago, Terry represented ABC corporation in an antitrust lawsuit against XYZ corporation and won the lawsuit. At that time, Terry and ABC could not agree on the...
    325 Words | 2 Pages
  • Tax Case Study in Vietnam
    CASE 1 Mrs Nguyen Thi Thuy is the reporter of An Giang newspaper. She has won the second prize in the competition “ Creative day for Vietnam” supported by World Bank with the project “creating job for the blind”. With the money given by the competition she opened her first shop “Van Tho” in An Giang. Then she opened the second shop in Can Tho at Ngo Duc Ke Street. The problem is that when opening the second shop, she is asked to pay the excise tax (massage business is one of the taxable...
    738 Words | 2 Pages
  • Accounting for Income Tax - 694 Words
    Accounting for Income Tax The standard prescribes the accounting treatment for income taxes is AASB 112 AASB 112 is based on a balance sheet approach to account for income taxes and it covers: • the accounting treatment of current and deferred tax expenses; • recognition and measurement of current tax assets and liabilities; • recognition and measurement of deferred tax assets and liabilities; • the accounting treatment of the tax consequences of various transactions and events,...
    694 Words | 4 Pages
  • Value Added Tax - 3070 Words
    UNIVERSITI TEKNOLOGI MALAYSIA FACULTY OF MANAGEMENT Financial Management Value Added Tax; Goods and Service Tax ABDOLMABOOD FOOLADIVANDA | MH101017 | Prepared for Prof. Dr. Melati bt Ahmad Anuar April, 2011 1. Introduction VAT is a system in which the tax is collected on the value added to the goods at each stage of sales. The dealer selling the goods collects tax on the full price at which he sells the goods. At the end of a tax period he reduces from the tax so...
    3,070 Words | 12 Pages
  • Income Tax Authorities - 3896 Words
    INCOME TAX AUTHORITIES A. Income Tax Authorities under the Income Tax Act [Section 116] 1. Central Board of Direct Taxes (CBDT) 2. Director-General of Income Tax (DGIT) or Chief Commissioner of Income Tax (CCIT) 3. Directors of Income Tax (DIT) or Commissioners of Income Tax (CIT) or CIT (Appeals) 4. Additional Directors of Income-Tax (ADIT) or Additional Commissioners of Income-tax (ACIT) or ACIT (Appeals) 5. Joint Directors of Income Tax (JDIT) or Joint Commissioners of Income Tax (JCIT) 6....
    3,896 Words | 12 Pages
  • Federal Tax: Agi - 560 Words
    I:6-33 For or From AGI Deductions. Roberta is an accountant employed by a local firm. During the year, Roberta incurs the following unreimbursed expenses: Travel to client locations $750 Subscriptions to professional journals $215 Taking potential clients to lunch $400 Photocopying $60 a. Identify which of these expenses are deductible and the amount that is deductible. Indicate whether they are deductible for or from AGI. Travel to client locations would be from AGI and would...
    560 Words | 2 Pages
  • Tax and Prior Written Consent.
    CONFIDENTIAL and not for reproduction without prior written consent. © of the Sporting Exchange Limited. Immediately: 25 days Annual Leave (pro rata) Winning Benefits Site Childcare Vouchers (£243 pm) Payroll Giving Volunteer Days Off Employee Assistance Program Asperity: Employee Discount CONFIDENTIAL and not for reproduction without prior written consent. © of the Sporting Exchange Limited. After 3 months: Contributory Pension Scheme Private Health Care Tax Free Bikes (up to £1,000)...
    317 Words | 2 Pages
  • Minimum Alternate Tax - 514 Words
    Minimum Alternate Tax * Contributed under income tax * by vakilsearch Taxation on income is a vital source of revenue for our Government. Although Companies have to follow a mind-bogglingly complex procedure, the list of exemptions and deductions is long. As a result, a lot of Companies used these deductions and exemptions and escaped tax liability. While they enjoyed book profits as per their profit and loss accounts (and sometimes even distributed dividend), tax liability as per...
    514 Words | 2 Pages
  • Impact of Publicity on Collection of Turnover Tax
    1. Project Title The impact of publicity on the collection of Turnover Tax by Zambia Revenue Authority: A case of the Small Taxpayer Population in Zambia. Publicity here means all those activities that Zambia Revenue Authority does to ensure that all its activities relating to the taxes administered are well known to the taxpaying community. The small taxpayer population is a group of taxpayers whose yearly turnover does not exceed K200 million in a particular 12 months year. 2. Research...
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  • Gst Bill Tax Reform India
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  • Accounting: John Smith Tax Issue
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  • Benefits of Filing Your Income Tax Return
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  • Income Tax in the United States and Dividend Income
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  • Ningbo Zhongqiang Electric Appliance Co
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  • Bus 210 Job Fair Essay
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  • Yhyh - 678 Words
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  • National Convenience HBS Case
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  • CHAPTER 4 PRE TEST
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