College of Business and Accountancy COLUMBAN COLLEGE‚ INC. No. 1 Mt. Apo Street‚ New Asinan Olongapo City 2200 Tel. No.: (047) 222-3329 Telefax No.: (047) 222-7789 Website: www.columban.edu.ph DEDUCTIONS FROM GROSS ESTATE 1. Classify the following into exclusive deduction or conjugal/communal deduction. a. Funeral expenses b. Judicial expenses c. Loss of exclusive properties d. Loss of conjugal/communal properties e. Claims against exclusive properties f. Claims against conjugal/communal
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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
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The Sin Tax Bill (Senator Miriam Defensor Santiago) The Philippines has scandalously low taxes on two commodities that have been proven killers of individuals‚ destroyers of families and threats to national economic security: cigarette and spirits. At present‚ 25 million Filipino youth who are 18 years old are smokers. If they continue to smoke‚ half of them will die. Santiago is the principal author of Senate Bill No. 3249‚ “An Act restructuring the excise taxes on alcohol and tobacco products
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Question 1(A): Briefly review the tax system in Malaysia A tax is a financial charge or other levy imposed upon a taxpayer that known as an individual or legal entity by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxation is a compulsory levy that the government of a country will finance their expenditure by imposing charge to the persons‚ individuals‚ businesses and other bodies to allows the government provide money needed for them
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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 adjusted
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How the SWOT analysis can be used to make investment recommendations ——based on the case of “China Life Insurance Company Limited” Contents 1. Introduction 3 2. Company Overview 5 2.1 History and firm size 5 2.2 Product and service network 5 2.3 Financial overview 6 2.4 Strategic Objectives 6 3. SWOT analysis 7 3.1 Strengths 8 3.1.1 Financial achievement 8 3.1.2 Corporation operation 10 3.2 Weaknesses 11 3.2.1 Geographic concentration 12 3.2.2 Declining performance
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I. Globalization and Economic Crisis A. An Interconnected Economy B. Globalization and the Democracy The expansion of trade‚ global interconnection and privatization of government enterprises that gained momentum with the dismantling of Soviet-style socialist economies in the 1990s cooled abruptly in the wake of 9/11. Growth in India and China resumed quickly‚ and the large population marked them as future world economic powers. OPECs manipulation of
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discovered through logic‚ reason‚ and observable evidence. If something cannot be indicated by empirical evidence then it must be assumed to not exist and that tradition is only useful if it serves a purpose of some sort. In The Feminine Mystique Betty Friedan urges readers to abandon a romantic approach and the idea of some ethereal “feminine mystique” for an enlightened one. Contrasting‚ in Varieties of Religious Revival Reinhold Niebuhr attributes the rise in religious interest to a failing of
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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
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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 business is not taxed
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