ICWAI Objective Type questions and Answers on Indirect Tax 1. Multiple Choice Questions (1) Excise duty can be levied on those goods which are a) Manufactured in India b) Sold in India a) Removed from the factory b) None of the above (2) Dutiable goods means a) Goods are subject to Central Excise duty b) Goods which are exempted from excise duty c) Non excisable goods d) Goods not at all mentioned in the Central Excise Tariff (3) Place of Removal under Central Excise means
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Corporate Tax Levies Learning Objectives After studying this chapter‚ the student should be able to: 1. Calculate the corporation’s alternative minimum tax liability (if any). 2. Determine whether a corporation is a personal holding company (PHC). 3. Calculate the corporation’s PHC tax. 4. Determine whether a corporation is liable for the accumulated earnings tax. 5. Calculate the amount of the corporation’s accumulated earnings tax.
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The preparation of income tax returns overseas‚ outsourcing‚ raises many significant ethical issues. Reports of the scope and size of the outsourcing market vary greatly‚ but the largest outsourcing companies claim that thousands of returns were processed during the 2006 tax season. Estimates for the 2007 season indicate the total may now be well into the hundreds of thousands. Outsource Partners International (OPI) reports preparing 10‚000 U.S. tax returns last year. SurePrep claims to have processed
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7 Sins 7 Sins slot There are plenty of slots out there on the net‚ but so few of them can come up with a theme which is as original as the 7 Sins slot. This particular slot machine game is based on the seven deadly sins (Envy‚ Gluttony‚ Greed‚ Lust‚ Pride‚ Sloth‚ and Wrath)‚ and Play ‘n Go have decided to make these sins appear as tempting women. You may not be lured over by most of those sins‚ but greed is a very powerful lure‚ and with the kinds of magical wins you can encounter in 7 Sins‚ you
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Real Original Sin When John Milton wrote the epic poem Paradise Lost‚ his vision about how the books would effect peoples lives‚ even to this day could not be for seen. Since these books follow the same story about the first man and women most people know the basic concept already. Milton’s story‚ like most other epics starts in medias res‚ right after Satan’s failed attack to take over heaven. With God’s knowledge of Adam and Eve’s inevitable failure questions the idea of why sin had to be introduced
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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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Three Deadly Sins of Greed Greed is one of the most deadly sins and there are three forms greed. Greed is the most committed sin in the world we see everyday a person wanting more money‚ power‚ or goods. This sin is one of the most commonly depicted sin in the world the make movie‚ TV shows‚ and songs about this sin. Shows like American Greed describe people that commit this sin almost everyday people like Henry Jones‚ Albert Gonzalez‚ and Scott Rothstein these people committed this sin everyday of
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DQ 1 Why is tax minimization different from efficient tax planning? Effective tax planning involves considering the role of taxes when implementing the decision rule of maximizing after-tax returns. Tax-minimization does not aim to maximize after-tax returns‚ so it may be undesirable. Tax minimization can introduce significant costs along nontax dimensions. Tax minimization may not consider risks and costs‚ so may not catch the some profitable chances. But‚ effective tax planning always consider
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Tax & Taxation The term ’tax’ has been derived from the French word taxe and etymologically‚ the Latin word taxare is related to the term ’tax’‚ which means ’to charge’. Tax is an obligatory payment in the part of the citizen without the expectation of any direct benefit. Taxation is the obligation of non-penal‚ yet compulsory transfer of resources from the private to the public sector levied on a basis of predetermined criteria and without reference to specific benefit received. It is one of the
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TAX REFORMS IN INDIA * About :- Tax reform is the process of changing the way taxes are collected or managed by the government. Tax reformers have different goals. Some seek to reduce the level of taxation of all people by the government. Some seek to make the tax system more progressive or less progressive. Others seek to simplify the tax system and make the system more understandable‚ or more accountable . Numerous organizations have
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