Tax Return Worksheet Team “C” FP/120 December 3‚ 2010 Joseph Brennan‚ Instructor University of Phoenix Tax Return Worksheet 1. Even though Gloria is single‚ her filing status is Head of Household. Why is Gloria able to file as head of household? Gloria is able to file head of household because she is a single parent who lives with and pays more than half of the support for her dependent child. 2. How does Gloria benefit from filing as head of household‚ rather than single?
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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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------------------------------------------------- Federal Library * ------------------------------------------------- Federal Source Materials * ------------------------------------------------- Code‚ Regulations‚ Committee Reports & Tax Treaties * ------------------------------------------------- Internal Revenue Code * ------------------------------------------------- Current Code * -------------------------------------------------
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A value added tax (VAT) is a form of consumption tax. From the perspective of the buyer‚ it is a tax on the purchase price. From that of the seller‚ it is a tax only on the value added to a product‚ material‚ or service‚ from an accounting point of view‚ by this stage of its manufacture or distribution. The purpose of VAT is to generate tax revenues to the government similar to the corporate income tax or the personal income tax. Who Are Required To File VAT Returns • Any person or entity who
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ACC/445 | Tax Return Position | Axia College | | Kelli J Revel | 8/6/2012 | A look at how the tax laws are supported by its sources and a look at the secondary and substantial authorities. | Throughout the beginning of time there has always been a need for rules‚ kings and queens created new ones as there were needed. Rules are something that we as people live by‚ rules tell us how to live and give us guidelines in which we must follow. Taxes are kind of like rules for the financial
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SYMBIOSIS INSTITUTE OF MANAGEMENT STUDIES Goods & Services Tax Report submitted to Dr. Dhirendra Deshpande in partial fulfillment for the degree of Masters in Business Administration Symbiosis International University‚ Pune Abstract: This report is an attempt to understand the impact of GST on Indian economy. The report defines Sales Tax and Value-Added Tax (VAT). It then looks at the Goods and Services Tax (GST) design in India which has been adapted to suit the Indian taxation
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TAXATION MODULE What is tax? Why tax is levied? In Indian economy‚ the Government plays crucial role by making heavy investments/expenditure on core areas like heavy industries‚ infrastructure‚ defence‚ internal security‚ education‚ poverty alleviation‚ employment generation‚ health etc. For this purpose‚ the Government raises funds by levying various taxes‐ direct and indirect‚ other receipts and also borrows from the market. Different types of tax: For the above
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Summer Training Report On “Tax Deduction At Source” Submitted In Partial Fulfillment Of The Degree Of “Masters of Business Administration” By GOURAV GUPTA MBA (2010 – 12) Roll No.50-MBA-10 THE BUSINESS SCHOOL UNIVERSITY OF JAMMU KATHUA CAMPUS CERTIFICATE This is to certify that Gourav Gupta ‚ student of M.B.A – III Semester‚ Roll no. 50-MBA-10 is a bonafide student of this institute. He has completed the project report on the topic “Tax Deduction At Source” under
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Equal Taxation Tax rates in America have been changed and reformed to try and meet the needs of the current economy‚ or to make a politicians look good. Recent questions have been asked about whether we should reform the entire style of tax rates in America. Future generations are going to feel the burden or benefit from tax choices we make now because it takes time for things of this magnitude to take place. Also it is a possibility that the future generation may need new tax style because of
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RA7160 Sec. 140. Amusement Tax. (a) The province may levy an amusement tax to be collected from the proprietors‚ lessees‚ or operators of theaters‚ cinemas‚ concert halls‚ circuses‚ boxing stadia‚ and other places of amusement at a rate of not more than thirty-percent (30%) of the gross receipts from admission fees. (d.) The Sangguniang Panlalawigan may prescribe the time‚ manner‚ terms and conditions for the payment of tax. In case of fraud or failure to pay the tax‚ the sangguniang panlalawigan
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