part‚ the principles of VAT‚ i.e. taxable persons‚ registration and deregistration‚ imports and exports‚ categories of supplies‚ different accounting schemes‚ and the administration of VAT‚ are discussed. I. Income tax is charged under the trading income provisions of Income Tax (Trading and Other Income) Act 2005 Part 2 on the profits of any “trade‚ profession or vocation whether carried on in the UK or elsewhere” . Accordingly‚ all self-employed have trading income regardless of their business
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the same with no support‚ extra-curricular activities. The tax didn’t change anything for our schools. Our books still old and falling apart. People from Pepsi quit their job because they thought they weren’t getting paid enough. The soda tax should affect their paycheck. This is really an outrage and it is affecting not only the jobs at Pepsi Co. also it is effecting the stores who are not selling as much sodas and juices due to the tax. This affects the peoples’ families as well because the operations
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Where Do Income Tax Dollars Go Opening up an envelope on the first of the month to reveal ones monthly pay is a surprise in itself. After arriving down at the bottom of the pay stub it seems that half of the paycheck goes to the government. Where does the money go? Where do income tax dollars go? On that pay stub there are three places ones tax dollars go to and they are social security‚ healthcare‚ and defense spending. The first line that appears on a pay stub is social security tax. Where does ones
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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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Morgan Gillespie Professor Carr English Composition 1 November 25‚ 2012 What are Poll Taxes? A poll tax is a tax that costs the same for everyone no matter what their income or property is. In the United States‚ a poll tax is used to refer to a sum of money that people were required to pay in order to vote. Poll taxes were levied by the governments of John of Gaunt in the fourteenth century‚ Charles II in the seventeenth and Margaret Thatcher in the twentieth century. Most couldn’t afford
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Smokers and the tax The fallacy in the proposed higher tax on cigarettes is the belief that the number of smokers will be reduced if the price of the smoke goes up beyond their reach. This may well be true if there were no cheaper and better-tasting substitutes which are taxed. However‚ there are a lot of reasons for smokers should pay a health tax. First‚ smoking is unhealthy. Therefore‚ people should care about themselves and think about other people around them. Smoking cause a lot of diseases
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Tax is of two types Direct Tax and Indirect Tax. Direct Tax is the tax‚ which is paid directly by people to the government‚ while indirect tax is the tax‚ which is paid indirectly by people to the government. Income Tax is paid directly to the government therefore it is a direct tax while excise duty is paid by people to the manufacturer who pays it to the government‚ therefore it is an indirect tax. The Constitution of India (COI) has given power to levy tax to central and state government
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Ninad J Panchakshari Mcom. FCA‚ Nashik What is Tax Planning? Tax planning is an essential part of your financial planning. Efficient tax planning enables you to reduce your tax liability to the minimum. This is done by legitimately taking advantage of all tax exemptions‚ deductions rebates and allowances while ensuring that your investments are in line with your long-term goals. However in a broader sense tax planning is not to save the tax for current financial year but also make an effective
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firm’s cost of production and shift the supply curve for the product vertically upwards by the amount of the tax. There are two types of indirect taxes: 1) a specific tax : this is a fixed amount of tax per unit imposed upon a product and 2) an ad valorem tax: this is where the tax is a percentage of the selling price. When an indirect tax is imposed on a product it affects both consumers and producers. Part of the tax is paid by consumers and another part is paid by producers. The tax burden is
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“Fat Tax” Not a Panacea “Obesity now contributes to the death of more than 360‚000 Americans a year. The incidence of childhood obesity is now at epidemic level. Alarm bells are going off all over the place. But our government has done virtually nothing.”- Tom Harkin. Obesity is a medical condition in which excess body fat has accumulated to the extent that it may have an adverse effect on health‚ leading to reduce life expectancy and/or increased health problems (Wikipedia). To cut that number
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