Tax Law Exam L. 2 Jurisdiction To Tax Basic Formula: S4-10 -Tax Payable = (Taxable Income x Tax rate) - Tax Offsets Taxable Year: 1 July – 30 June (note: s4-10 Note 1 – Commissioner may allow to adopt different period Taxable Income S4-15 – Taxable Income= Assessable Income – Deductions Assessable Income S6-1 – Assessable Income= • Ordinary Income S6-5 AND • Statutory Income s6-10 BUT NOT • Exempt Income s6-15 Deductions General Deductions -s8-1 Specific Deductions
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businesses need cash to survive • Cash is needed to: – Invest in fixed assets – Pay suppliers and employees – Fund overheads and other fixed costs – Pay tax due to the Government Managing working capital effectively is‚ therefore‚ a vital part of making sure the business has enough cash to continue INTRODUCTION Managing Current Assets and Liabilities is nothing new to us. We practice it everyday without us notice it. Let us assume you want to reward your self by buying a new car. What are the
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Contractual and Non-contractual Liability I. Contract A contract is an agreement having a lawful object entered into voluntarily by two or more parties‚ each of whom intends to create one or more legal obligations between them. The elements of a contract are "offer" and "acceptance" by "competent persons" having legal capacity who exchange "consideration" to create "mutuality of obligation." Contracts may be bilateral or unilateral. A bilateral contract is an agreement in which each of the
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TAX STRUCTURE IN INDIA Introduction: India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies taxes on income (except tax on agricultural income‚ which the State Governments can levy)‚ customs duties‚ central excise and service tax. The Tax Structure in India is quite strong and follows the financial year. The taxation under the tax structure in India is applicable for any kind of income pertaining
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1. Importance of Donoghue v Stevenson Case The case established 3 things The case established negligence as a wrongful act for which there was a legal liability. The notion of duty of care was formed which if infringed would result in damage. The neighbour principle was established by Lord Akins namely that your neighbour is anyone who may be affected by your acts or omissions. Main points of Case (The details of this were) Mrs Donoghue drank some ginger beer in which she found the remains
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Question 4 (22 marks) You‚ a CGA‚ are given the following information regarding Stoiche Anders. a. Stoiche Anders is 49 years old and is married to Dimmi. Stoiche has been employed by Fasco Ltd. for a number of years as an engineer. His salary for 2011 was $168‚898 as shown on his T4. Amounts paid by Fasco Ltd. on behalf of Stoiche and not included on his T4 are as follows: • Retirement counselling fee $ 1‚800 • Employer contributions to the company’s Registered Pension Plan $ 675 •
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Chapter 1 introduction & tax residence •Direct taxes – taxes paid directly to government (income tax ‚ RPGT) •Indirect taxes – taxes paid to government via 3rd party( sale‚service) •Income tax –scope of charge( S3 of ITA) has been modified by ‘’tax exempted’’ Income tax shall be charged for each y/a upon income of any person accruing in or derived from MY or received in MY from outside MY Income known as revalue gain( capital gain never go for inc tax Person=individual ‚ Co(chargeable
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RETROSPECTIVITY OF TAX STATUTE Submitted By: Priya Misra Id. No.: 490 NATIONAL LAW SCHOOL OF INDIA UNIVERSITY BANAGALORE ACKNOWLEDGEMENT The first and most academic debt that I have incurred during the preparation of this project is to Prof. Rajendra Babu‚ I am also grateful to the library staff for helping me in searching for the relevant data. Priya Misra CONTENT Introduction
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considered giving in to the cycle of low expectations. In contrast‚ as a kid I had dreams and bright ideas. I wondered what would happen to my dreams. Would they look like what the poet Langston Hughes wrote about in his poem‚ “A Dream Deferred”? What happens to a dream deferred? Does it dry up‚ like a raisin in the sun? Or fester like a sore— and then run? Does it stink like rotten meat? Or crust and sugar over— like a syrupy sweet? Maybe it just sags‚ like a heavy load. Or
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►Progressive/graduated tax Generally‚ rates increase as income increases ►Federal income taxes ►FORMULA: ►Income (very broadly inclusive) ►LESS: Exclusions (income not subject to taxation) ►EQUALS Gross income ►LESS: Deductions for adjusted gross income ►EQUALS Adjusted gross income ►LESS: Greater of itemized deductions or standard deduction ►LESS: Personal exemptions ►EQUALS Taxable income ►MULTIPLIED BY: Tax rate ►EQUALS Tax owed ►LESS: Tax credits ►LESS: Tax prepayments/withholdings
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