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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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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COMPOUND INTEREST ASSIGNMENT - 1 1. Mr. Dubey borrows Rs 1‚00‚000 from State Bank of India at 11% per annum compound interest. He repays Rs 41‚000 at the end of first year and Rs 47‚700 at the end of the second year. Find the amount outstanding at the beginning of the third year. 2. What sum of money will amount to Rs 9261 in 3 years at 5% per annum compound interest? 3. The simple interest on a sum of money for 2 years at 4% per annum is Rs 340. Find (i) the sum of money and (ii) the compound
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Raising the Interest Rate Principles of Finance Introduction After years of declining interest rates‚ we are facing a dilemma; should the Federal government increase rates to contain inflation‚ or keep rates low to boost the US economy? Increases in consumption of oil‚ metals‚ materials‚ and food‚ both foreign and domestic‚ are increasing demand. Prices are rising on a global scale as demand increases. Additionally‚ the US is experiencing rising costs for healthcare and education. Yet‚ the
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unhealthy eating lifestyle. Hong Kong people today are taking an unbalanced diet. It is not uncommon for us to take in meals which are often full of saturated fats. In order to alleviate this problem‚ one useful way is to introduce ‘fat tax’ on foods high in saturated fat. In 2011‚ Denmark has implemented the world’s first fat food tax‚ levying a surcharge to food with more than 2.3 percent saturated fats. According to the Associated Press‚ saturated fats may lead to cardiovascular disease and cancer
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UV5319 May 10‚ 2010 B CORPORATION: A NEW SUSTAINABLE BUSINESS MODEL “We envision a new sector of the economy which harnesses the power of private enterprise to create public benefit.” —B Lab‚ “Declaration of Interdependence‚” 2010 Introduction Jay Coen Gilbert and Bart Houlahan were friends as undergraduates at Stanford University. In 1993‚ a few years after graduation‚ they helped start the basketball shoe and apparel company AND1. As the company grew‚ cofounder Gilbert and president
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Interest Groups University of Hawaii West Oahu Haijuan Hanger 1/27/13 Well I have to say that this is a very old video nearly twenty five years old‚ although the information was well presented. The examples with the AARP and the NRA was good as to explain the difference between the broad and narrow along with the quick explanation of a single issue groups. It did not leave me with any question as to the different types of groups. It
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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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Tax structure of Pakistan TAX: To tax (from the Latin taxo; "I estimate") is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. Some commentators have argued that "a direct tax is one that cannot be shifted by the taxpayer to someone else‚ whereas an indirect tax can be”. A income tax is a tax levied on the income of individuals or businesses (corporations
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Alpha Corporation Question 1) Assumption: Only transactions above 50 millions are considered as major transactions. a) 1989: i. Sources of Cash: Net cash provided by continuing operations‚ Proceeds from disposal of depreciable and other assets‚ Increase in short-term borrowings‚ Proceeds from long-term debt. ii. Uses of Cash: Investment in depreciable assets‚ Investment in capitalized software‚ Payments of long-term debt. b) 1990: i. Sources of Cash: Net Cash
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