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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Income per person is described as the amount of money that is been earned per person in a certain area or place. It is also known as the per capita income. Income per person is the measure of the mean income of people in an economic unit such as a country or a city. Income per person or per capita income is calculated by taking a measure of all sources of income in the aggregate or the Gross national income and dividing it by the total population. The income person is used as the
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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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Mudharabah : Islamic Solution to Unemployment Crisis 1 Islamic Solution to the Unemployment Crisis Ezry Fahmy Bin Eddy Yusof International Islamic University of Malaysia (IIUM) Economics in the Qur’an and the Sunnah Mudharabah : Islamic Solution to Unemployment Crisis 2 1.0 INTRODUCTION The whole world is now in the grip of a financial crisis which is far more serious than any experienced since the Great Depression. It has taken more than $3 trillion of bailout and liquidity
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denial of unemployment benefits in New Mexico. It lists the reasons for which the Division of Unemployment Services can disqualify a person from receiving unemployment benefits. Read the statute‚ and then answer the questions which follow. QUESTIONS: 1. Who enacted this statute? 2. Is this statutory mandatory or discretionary? What causal term in the statute helped you answer this question? 3. According to this statute‚ what are the three ways that a person can be denied unemployment benefits
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Adapted : Unemployment Situation in Pakistan By Samina Khalil and Rao Noman Saleem Applied Economics Research Centre July 05 - 11‚1999 Society Unemployment Situation in Pakistan Column For the record Politics&Policy SAARC: UNIQUE FEATURE Unemployment is a central problem because when unemployment is high‚ resources are wasted and people’s incomes are depressed; during such periods‚ economic distress also spills over to affect people’s emotions and family lives. Now we see
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Social Science Marking Scheme Class X Part I 1. 2. (a) (c) or or (b) (a) or or 3. (a) or (c) 4. (a) or (b) 5. (c) 6. (d) 7. (c) 8. (b) 9. (a) 10. (b) 11. (b) 12. (d) 13. (a) 14. (d) 15. (d) 16. (d) (a) (b) Part II 17. i. The depression affected Indian trade. ii. Indian imports as well as exports almost halved between 1928 and 1934. iii. As international prices
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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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Definition of Tax “Taxes are compulsory payment to government without expectation of direct return in benefit to the tax payer” According to section 2 (62) of the ITO (Income Tax Ordinance) 1984: “Tax means the income tax payable under ordinance and includes any additional tax‚ excess profit tax‚ penalty‚ interest‚ fees or other charges leviable or payable under this ordinance.” Characteristics of Tax i. Tax is a payment to the government by the people. ii. Payment of taxes is non-penal
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Youth Unemployment South-Africa is currently struggling with a large unemployment amongst the youth. The National Development Plan has identified a number of policy interventions to improve youth employment. In your view‚ what are the causes of youth unemployment and what should government do to improve the levels of youth employment? Identify the pros and cons of each of your proposals. “Give a man a fish and feed him for a day. Teach a man to fish and feed him for a lifetime” (Chinese
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