NCOME-TAX ACT‚ 1961* [43 OF 1961] [AS AMENDED BY FINANCE ACT‚ 2012] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows :— CHAPTER I PRELIMINARY Short title‚ extent and commencement. 11. 2(1) This Act may be called the Income-tax Act‚ 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act‚ it shall come into force on the 1st day of April‚ 1962. Definitions
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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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As mentioned above‚ one of the primary sources for tax standards comes from the AICPA’s Standards for Tax Services (SSTSs). Originating from the Statements on Responsibilities in Tax Practice (SRTPs)‚ a body of advisory opinions on good tax practice‚ the SSTSs have been the go-to authority for any CPA practicing tax since 2000. As the guidelines originally set forth in the SRTPs became more and more important to the profession and others‚ organizations recognized the need for an official declaration
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Mrowicki 4-7-2014 Minimum Wage Income inequality in America has become a big issue‚ one that many of us hear every day; whether on the news or from our parents. But normally‚ we don’t hear the actual phrase used. We hear things like “the top two percent‚” or‚ the “rich vs. the poor.” So‚ what is income inequality? Income inequality is defined as the difference between individuals or populations in the distribution of their assets‚ wealth‚ or income. So‚ with that in mind‚ why would
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As per the Income Tax Act‚ 1961 where a person dies‚ his legal representatives shall be liable to pay any sum which the deceased would have been liable to pay if he had not died‚ in the similar manner and to the same extent as the deceased. As per section 159 of the Income Tax Act‚ 1961 (Act)‚ even when a person dies‚ the assessment of his income is to be done upto the time of his death. So‚ the legal representative of the deceased has to file the income tax return for the income on which the deceased
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And Tax Incidence Concept And Calculation Of Tax Income Under The Head Salary FBT* And New Perquisites Income Under The Head House Property Income Under The Head Business And Profession Income Under The Head Capital Gains Income Under The Head Of Other Sources Clubbing Of Incomes Set Off And Carry Forward Of Losses Agriculture Income And Its Taxability Deduction From Gross Total Income Exempted Incomes Assessment Procedure Advance Payment Of Income Tax Tax Deducted At Source Charitable And Religious
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Technology‚ Inc. (CTI). CTI resells‚ installs‚ and provides computer networking products (client software‚ gateway hardware and software‚ and twinax hardware) to other businesses. Figure 8.14 provides some summary information from CTI ’s financial statements. Figure 8.14. CTI Selected Financial Information ($000) | 20x1 | 20x2 | 20x3 | 20x4 | 20x5 | Accounts receivable‚ net | $ 837 | $ 1‚335 | $ 1‚121 | $ 962 | $ 822 | Inventory | $ 1‚025 | $ 1‚327 | $ 1‚099 | $ 1‚003 | $ 1‚027 | Accounts
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distribution of income is to achieve economic equality‚ which is to give every citizen the opportunity of earning a decent living. However‚ our current system’s inability to better allocate the resources we have at our disposal has widened the gap between the wealthy and the poor especially during the past 20 years. The primary benefit of the distribution of income is to transfer wealth‚ with the help of the government‚ to those who are less fortunate. The current distribution of income is a cost to
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When you are planned for a job interview‚ they are a view main tips you should know to succeed the whole way through. Before the interview‚ you should research the company that will be interviewing at so you can be prepared to answer questions or form questions that you may need to ask the employer. The employer will be impressed when he/she see that you’ve came prepared. Make sure you are dressed in business attire. Always arrive for an interview 15 to 20 minutes early just to give you time to go
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Introduction This case was happened on the 7th of March 2000. Gordon Gillingham was president and CEO of Northeastern Mutual Life which was the major subsidiary of the Calgary Insurance Group‚ and this company operated life insurance‚ reinsurance‚ general insurance and investment‚ and other activities in North American and internationally. Since Northeastern Mutual Life’s return on common equity had declined steadily during past four years‚ so he had to decide how to reduce costs‚ and balance shareholder
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