History Income tax levels in India were very high during 1950-1980‚ in 1970-71 there were 11 tax slabs with highest tax rate being 93.5% including surcharges. In 1973-74 highest rate was 97.5%. But to reduce tax evasion tax rates were reduced later on‚ by "1992-93" maximum tax rates were reduced to 40%. [2][3] [edit]Residential status‚ Scope of taxable income & Charge [edit]Charge to Income-tax Whose income exceeds the maximum amount‚ which is not chargeable to the income tax‚ is an assesse
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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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Tax Law Assignment According to the Act Gross Income is defined as ‚ in relation to any year or period of assessment‚ means‚ in the case of any person‚ the total amount‚ in cash or otherwise‚ received by or accrued to or in favour of such person during such year or period of assessment from a source within or deemed to be within Namibia‚ excluding receipts or accruals of a capital nature‚ but including‚ without in any way limiting the scope of this definition‚ such amounts (whether of a capital
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Section 1: “Cigarette tax hike sparks panic buying” By Ashley Hall Updated Thu Apr 29‚ 2010 What is the main issue presented in the media report? Discuss what has actually happened: In the year of 2010‚ the Federal Government raised taxes on cigarettes by an extra 25 per cent‚ resulting in an increase price of $2.16 to every pack of 30 cigarettes. A proclamation stated by Prime Minister Kevin Rudd on the crackdown on Internet advertising of cigarettes was mentioned. Mr. Rudd also affirmed
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creatures‚ victims of the devil’s trickery as described in Genesis. Allusions or direct references to Adam‚ the Garden of Eden‚ and original sin occur throughout the play. In the first act‚ Shakespeare discloses that King Hamlet died in an orchard (Garden of Eden) from the bite of a serpent (Claudius). Later‚ Hamlet alludes to the burdens imposed by original sin when he says‚ in his famous “To be‚ or not to be” soliloquy‚ that the “flesh is heir to” tribulation in the form of “heart-ache” and a “thousand
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Persuasive Speech Tax on Cigarettes I. Opening Statement of Interest- Imagine every year a town the size of Bakersfield disappearing‚ well you don’t have to imagine because it’s happening already. A. Speaker Credibility- According to Centers for disease control and prevention 443‚000 people die prematurely from smoking or exposure to secondhand smoke‚ another 8.6 million people live with a serious illness caused by smoking. Despite the factors of smoking 46.6 million adults in the
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7 Deadly Sins A Term Paper Presented to Dr. Susanne Dominquez Rizal Technological University Joanna Michele C. Aguilar CBET-18-202A TOPIC OUTLINE Thesis Statement: Sin a transgression of the law of God‚ especially when deliberate it is caused by an irresistible temptation. I. Introduction II. The 7 Deadly Sin A. History B. Why Seven? III. Lust Demon of Lust: Asmodeus IV. Greed Demon of Greed: Mammon V. Gluttony Demon of Gluttony: Beelzebub VI.
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government losing money from tax avoidance. The BBC reported that some multinational companies use tax avoidance strategy to decrease the tax. It seems like these companies are lack of corporate social responsibility. However‚ tax avoidance does not equal to tax evasion. Some individuals assert that the government should publish a new policy to stop tax avoidance. While many others argue that it is blameless economic activity in the economic market to reduce the tax. Personally‚ I am in favor of
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by the amount of the tax. There are two types of indirect taxes: 1) a specific tax : this is a fixed amount of tax per unit imposed upon a product and 2) an ad valorem tax: this is where the tax is a percentage of the selling price. When an indirect tax is imposed on a product it affects both consumers and producers. Part of the tax is paid by consumers and another part is paid by producers. The tax burden is shared between the two. The burden of a tax is referred to as tax incidence. The allocation
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marginal tax rate is the rate of tax he/she pays on the last dollar of income earned assuming there is nothing else affecting the individual. In this question‚ Sandra has no dependants or other sources of income so there is nothing else affecting her. An effective marginal tax rate of 40% applies to Sandra. This includes the top tax rate of 30% applicable to taxable income of $56‚000 and the student loan standard rate of 10%. (A) - The 30% rate would be Sandra’s base marginal tax rate without
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