Basics of Direct Taxes(Income Tax Act) and Indirect Taxes(VAT‚ CST‚ Excise duty‚ Service Tax etc.‚) The Persons who are taxed are called “Assessees”. Assessees or “Person” under the Income Tax Act‚ 1961(as amended Yearly under the respective Finance Acts) are as follows:- 1) Individual 2) Hindu Undivided Family(HUF) 3) Firm or Association of Persons(AOP) 4) Joint Stock Company 5) Every other person Whether an Assessee is liable to be taxed and if so‚ on what income etc.‚ depends on the
Premium Indirect tax Tax Value added tax
24) "income"20 includes20— (i) profits and gains20 ; (ii) dividend ; 21[(iia) voluntary contributions received by a trust created wholly or partly for charitable or religious purposes or by an institution established wholly or partly for such purposes 22[or by an association or institution referred to in clause (21) or clause (23)22a‚ or by a fund or trust or institution referred to in sub-clause (iv) or sub-clause (v) 23[or by any university or other educational institution referred to in
Premium Insurance Obligation
(Contact; 2007). By this‚ Tax administrations can mobilize financial resources in order to secure the provision of public services such as education‚ infrastructure‚ health services‚ or social protection. This is to say that revenue administrations occupy a pivotal position in the mobilization of domestic financial resources (Contact; 2007). But over the years‚ many developing countries lack an efficient tax collection system‚ leaving in some cases more than 60% of the tax potential untapped. In these
Premium Tax
Part II – The Buffett Rule and The Ethics of a Millionaire’s Tax” Course: Investments Instructor: William Callahan Summary Часть Алишера Problem This problem was discovered by famous investor and billionaire – Warren Buffet. In his situation‚ he informed us the main points of “millionaire’s tax”. He explained us‚ that in 2010 he paid tax rate of 17.4%‚ when other peoples who worked in office with less revenue paid much higher tax rate (between 33% and 41%). These two situations about taxation
Premium Warren Buffett Berkshire Hathaway Tax
DEDUCTIONS FROM GROSS ESTATE UNDER PHILIPPINES TAX RULES AND SINGAPORE TAX RULES ADVENTIST UNIVERSITY OF PHILIPPINES PUTING KAHOY 2008 DEDUCTIONS FROM GROSS ESTATE PHILIPPINES TAX RULES Funeral Expenses For deaths occurring on or after January 1‚ 1998‚ the amount allowable as deduction shall be the lower amount between the actual funeral expenses (whether paid or unpaid) and five percent (5%) of the gross estate‚ but in no case to exceed two hundred thousand pesos (P200‚000). Judicial Expenses
Premium Tax Taxation in the United States Inheritance
component of the Income Statement and the Balance Sheet Determine how Income Statement and Balance Sheet are use in making financial decision 1 6/23/2014 BASIC Terms • FINANCIAL STATEMENT represent a formal record of the financial activities of an entity. These are written reports that quantify the financial strength‚ performance and liquidity of a company. It reflect the financial effects of business transactions and events on the entity. • INCOME STATEMENT also known
Premium Generally Accepted Accounting Principles Income statement Balance sheet
Online Business Expansion for Comp-Tax Communications H. Anechia Wiggins Western Governors University Executive Summary Comp-Tax Communications is a multi-faceted company. They offer services in accounting‚ personal and business taxes‚ payroll‚ business contracts‚ small business consultation‚ computer sale & repair‚ print media design‚ and video photo editing. The business is owned and operated by Lashonda Simons. It’s a small base woman owned. The team consist primarily the owner and
Premium Taxation in the United States Tax Income tax
about income inequality. It is global income inequality is increasing. Besides that that’s is more information about measurement for the income inequality The relationship between the income inequality and economic growth Technological change and globalisation partly on income inequality‚ Way to reduce the income inequality‚ Causes of income inequality‚ and High income inequality gap-Latin America. Mostly it is all about the income inequality in this assignment is telling about the income inequality
Premium Economic inequality Gini coefficient Lorenz curve
Note: Income Statement Format Hanna 2004-08-03 Income Statement Presentation The objective of studying the format and presentation of the income statement is to gain an understanding of the different ways that certain economic events can be presented. Sometimes‚ the type of presentation depends upon management’s intent regarding the future. Needless to say‚ there is a lot of room for the application of judgment when choosing amongst various acceptable income statement formats. Interpreting
Premium Income statement Balance sheet Generally Accepted Accounting Principles
CHAPTER I INTRODUCTION 1.1 BACKGROUND OF THE STUDY Asia Technological School of Science and Arts (ASIATECH) are in the education business since 2010. It started opening vocational or two year program in the field of information technology and hospitality management. To date‚ ASIATECH is now offering programs in the tertiary education with eight baccalaureate programs. With the increase of students enrolling in the institution‚ it is also a requirement that they increase the
Premium Computer software Tax Software development