appeal which has been filed by the Commissioner of Income Tax-III is as to whether the respondent-assessee is liable to pay the penalty amounting to Rs.11‚37‚949/- under Section 271(1)(c) of the Income Tax Act (hereinafter referred to as "the Act") ordered by the Assessing Authority. The Commissioner of Income Tax (Appeals)‚ however‚ deleted the said penalty. The order of the Commissioner (Appeals) was appealed against before the Income Tax Appellate Tribunal (hereinafter referred to
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interest. a. The interest is original issue discount and must be included in gross income before retirement. b. The employee cannot defer the income (both the bonus and the interest) for tax purposes because it is constructively received each year. c. The employee must recognize the bonus each year‚ but can defer the interest. d. The bonus and the related interest can be deferred from inclusion in gross income until they are received. e. None of the above. 2. Under the original issue discount
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grew 3% and comparable currency neutral net revenues grew 6%. Third quarter reported operating income and comparable currency neutral operating income both grew 1%‚ in line with our expectations. Year-to-date reported operating income grew 5% and comparable currency neutral operating income grew 4%. Currency represented a 5% headwind on comparable net revenues and a 7% headwind on comparable operating income in the quarter. Third quarter reported EPS was $0.50‚ up 4%‚ and comparable EPS was $0.51‚ down
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CHAPTER 13 Investment Centers and Transfer Pricing ANSWERS TO REVIEW QUESTIONS 13-1 Goal congruence means a meshing of objectives‚ in which the managers throughout an organization strive to achieve goals that are consistent with the goals set by top management. Goal congruence is important for organizational success because managers often are unaware of the effects of their decisions on the organization’s other subunits. Also‚ it is natural for people to be more concerned with the performance
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What Happens to Economy when Government Raises Taxes? Terry Burchett ECO100 Survey of Contemporary Economic Issues Ramzi Salloum July 23‚ 2012 While should the government increases tax rate on everyone as a way to equalize incomes and wealth? It would make it easier for many people and make it fair for the poor and middle class citizens. Government officials that are elected are there to take care of policies and programs. Because when Gross Domestic Product( GPD) taxes increase spending
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NM Ltd. Income Statement For the Year Ended December 31‚ 2012 Sales revenue Less: Sales returns and allowances Net sales Cost of goods sold Gross profit $210‚000 6‚000 204‚000 77‚000 127‚000 Operating expenses Salaries Rent Promotional and advertising Depreciation Operating income 106‚000 21‚000 $38‚000 34‚000 20‚000 14‚000 Other income (expense) Interest income 2‚000 Interest expense (3‚000) Income before income tax Income tax expense Net income (1‚000)
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demand outstripping supply of goods and services. It can also be caused by suppliers/traders of certain goods and services (or speculators in goods) hiking their prices in order to effectively increase their profits/incomes. Such attempts to increase their incomes/profits may also be‚ in many cases‚ through hoarding or speculation or restrictive practices or through concerted action‚ formal or informal‚ of Syndicates/Guilds/.Unions/Associations/ groups of traders/industries
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transactions: Salary Interest income on City of Baltimore bonds Damages for personal injury (car accident) Punitive damages (same car accident) Cash dividends from Chevron Corporation stock $ 80‚000 1‚000 100‚000 200‚000 7‚000 Sarah’s AGI is: a. $185‚000. b. $187‚000. c. $285‚000. d. $287‚000. e. $387‚000. ____ 3. Sylvia‚ age 17‚ is claimed by her parents as a dependent. During this year‚ she had interest income from a bank savings account of $2‚000 and income from a part-time job
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is what development is about then it makes sense to concentrate on that rather than on some of the means or instruments of achieving it. This approach contrasts with others such as identifying development with the growth of GNP‚ rise in personal incomes‚ or with industrialisation‚ technological advance‚ or social modernisation. These are all important but are means and not ends. Freedoms depend also on other determinants e.g. social and economic arrangements (e.g. education and health facilities)
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Income Elasticity of Demand Income Elasticity of Demand is a measure of responsiveness of demand to the changes in income and it involves demand curve shifts. It provides information on the direction of change of demand‚ given a change in income and the size of the change. Formula for YED: Percentage change in quantity demanded = %ΔQ Percentage change in income %ΔY Normal goods have a positive value of YED‚ while Inferior goods have a negative value of YED as shown
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