The Act imposes income tax on income‚ while capital gains are not chargeable to income tax. Generally‚ income has the characteristics of repetitive‚ flow from a source of income and received in the ordinary course of business. It must also be examined from the recipient ’s perspective. On the other hand‚ capital receipts are non-business income and it arises independently‚ that are not considered as business income and treated as capital gain. For instances‚ realisations from long term investment
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conservation Prudence concept: revenue and profits are included in the balance sheet only when they are realized(or there is reasonable ’certainty ’ of realizing them) butliabilities are included when there is a reasonable ’possibility ’ of incurring them. Also called conservation concept. Du Pont analysis A type of analysis that examines a company ’s Return on Equity (ROE) by breaking it into three main components:profit margin‚ asset turnover and leverage factor. By breaking the ROE into
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TAX ASSIGNMENT On Computation of taxable income of individual‚ HUF and firms COMPUTATION OF TAXABLE INCOME OF AN INDIVIDUAL What is included in income of an individual? While computing taxable income of an individual‚ the following points should be considered— Nature of income | Tax treatment | Income earned by the taxpayerShare of profit from a HUFShare of profit from a firm assessed as firmSalary & interest from the aforesaid firmShare of profit from an association of persons/body of individualsIncome
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Income-tax Act‚ 1961 | No. | Title | Section - 001 | Short title‚ extent and commencement | | Section - 002 Part A | Definitions [Clause (1) to Clause (15)] - "Advance Tax" to "Charitable Purpose" | | Section - 002 Part B | Definitions [Clause (15A) to Clause (30)] - "Chief Commissioner" to "Non-resident" | | Section - 002 Part C | Definitions [Clause (31) to Clause (48)] - "Person" to "Zero Coupon Bond" | | Section - 003 | Previous year defined | | Section - 004
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REVISED SYLLABUS 2008 TEST PAPERS Final Group III QUESTION PAPERS FOR POSTAL STUDENTS ONLY (FOR JUNE/DECEMBER 2012) THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA DIRECTORATE OF STUDIES © Copyright Reserved by the Institute of Cost and Works Accountants of India 2 Test Papers — Final Group III PAPER 11 CAPITAL MARKET ANALYSIS & CORPORATE LAWS TEST PAPER — III/11/CMC/2008/T-1 GROUP – A Time Allowed : 3 hours Full Marks : 100 (Answer Question No. 1 and any two Questions from
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000 gain. The gain is a short-term capital gain. a. True b. False Gabriel has the following capital gains and losses for 2014: $6‚000 STCL‚ $5‚000 28% gain‚ $2‚000 25% gain‚ and $6‚000 0%/15%/20% gain. Which of the following is correct: a. The net capital gain is composed of $5‚000 28% gain and $2‚000 0%/15%/20% gain. b. The net capital gain is composed of $1‚000 28% gain and $6‚000 0%/15%/20% gain. c. The net capital gain is composed of $1‚000 25% gain and $6‚000 0%/15%/20% gain. d
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receives 50% of Green Corporation’s stock (total value of $180‚000). As a result of these transfers: a. Mitchell has a recognized loss of $15‚000‚ and Powell has a recognized gain of $67‚000. b. Neither Mitchell nor Powell has any recognized gain or loss. c. Mitchell has no recognized loss‚ but Powell has a recognized gain of $15‚000. d. Green Corporation will have a basis in the land of $23‚000. e. None of the above. Problem 5. On January 1‚ Tulip Corporation (a calendar year taxpayer) has accumulated
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income Chapter 3 Employment income Chapter 4 National Insurance Contribution Chapter 5 Income from self-employment Chapter 6 Capital allowances Chapter 7 Basis period Chapter 8 Trading losses Chapter 9 Partnership Chapter 10 Capital gain tax Chapter 11 Overseas aspects of income tax and CGT Chapter 12 Inheritance tax Chapter 13 Corporation tax‚ Groups & oversees issues for companies Chapter 14 Value added tax (VAT) Chapter 15 Self-assessment and payment of tax for individuals
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[pic] [pic] Project submitted in partial fulfillment for the award of degree [pic] DECLARATION I hereby declare that this project report titled‚ Income Tax Planning in India with respect to Individual Assessee submitted by me to the Department of Business Management of XXXXX‚ is a bonafide work undertaken by me and it is not submitted to any other University or Institute for the Award of any degree diploma/certificate or published any time before. Date: (XXXX) ACKNOWLEDGEMENT A
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C.S. Executive Tax Law Dec.09 Solved Ans. 1 Qn. 1. (A) Choose the most appropriate answer from the given options in respect of the following having regard to the provisions of the relevant direct‚ tax laws (i) Income-tax in India is charged at the rate(s) prescribed by — (a) The Finance Act (b) The Income-tax Act (c) The Central Board of Direct Taxes (d) The Ministry of Finance Solution: (a)The Finance Act (ii) Under the Income-tax Act‚ 1961‚ depreciation on machinery is charged on
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