TAX STRUCTURE IN INDIA Introduction: India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies taxes on income (except tax on agricultural income‚ which the State Governments can levy)‚ customs duties‚ central excise and service tax. The Tax Structure in India is quite strong and follows the financial year. The taxation under the tax structure in India is applicable for any kind of income pertaining
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ADVANCED TAXATION Estate and Gift Tax I Alan Davis CHINESE PROVERB: “Tell me‚ I’ll forget. Show me‚ I may remember. But involve me and I’ll understand.”1 "To talk much and arrive nowhere is the same as climbing a tree to catch a fish”2 “One who talks does not know‚ one who knows does not speak.”3 SPECIAL TAX RATE FOR DIVIDENDS - The great tax debate of 2003 concerned the taxation of dividends. Prior to 2003‚ dividends were given no special treatment in the law. Conservatives argued
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pros and cons of the Bush Tax Cut Outline Intro: Introducing the topic and explaining it. Main Body 1: Discussing different pros of the Bush Tax Cut. Highlighting key positive differences that came from the Bush Tax Cut. Main Body 2: Discussing different cons of the Bush Tax Cut. Highlighting key negatives that came from the Bush Tax Cut. Conclusion: Discussion of the results of the legislation then and now. Several momentary income tax relief methods set by former
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What is Stamp Duty Land Tax? Stamp Duty Land Tax (SDLT) is generally payable on the purchase or transfer of property or land in the UK where the amount paid is above a certain threshold (£40‚000 or more). In addition most UK land and property transactions must be notified to HM Revenue & Customs (HMRC) on a Stamp Duty Land Tax return within a certain time limit - even if no tax is due. What value is SDLT charged on? Stamp Duty Land Tax (SDLT) may be payable when property or land is bought
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The Tax Code is inexorably linked to social policy. Is this a good or bad thing? Government policy should be designed to create greater good for the society and the economy at large. I think the tax laws pertaining to health care have been successful in making health care insurance more accessible‚ and in keeping health care costs confined to an affordable range. However‚ there are times when our representatives in Washington attempt to engineer people’s behavior‚ not to address the greater needs
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Reporting Comprehensive Income FASB topic 220-10-45 outlines what is required for companies to report comprehensive income (CI). To do this‚ the entity must report CI either in a single continuous financial statement or in two separate but consecutive financial statements. If an entity prefers to report CI in a single continuous financial statement‚ then the entity must report the components in two sections entitled net income and other comprehensive income (OCI). For both net income‚ and OCI‚ a total
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(Unit-5): Many places in the world‚ for example Bali or Thailand‚ depend on tourism as the main source of income. What are the pros and cons of this? Pros and Cons of depend on tourism income Tourism is travel for recreational‚ leisure or business purposes and dynamically developing sectors of external economic. Tourism income is vital for many countries‚ Egypt‚ Thailand and Caribbean due to the income generated by the consumption of goods and services by tourists. There are both pros and cons of
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INCOME TAXES AND DIVIDEND POLICY The income taxes of stockholders should affect the dividend policy of a firm. To help you understand these tax implications‚ we shall first examine the importance of tax deferral and then show the impact of having two different tax rates‚ one for ordinary income and one for capital gains. Rational stockholders should value a stock based on the after-tax returns they expect to receive from owning it. The tax status of the return depends on the form in which it is
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24) "income"20 includes20— (i) profits and gains20 ; (ii) dividend ; 21[(iia) voluntary contributions received by a trust created wholly or partly for charitable or religious purposes or by an institution established wholly or partly for such purposes 22[or by an association or institution referred to in clause (21) or clause (23)22a‚ or by a fund or trust or institution referred to in sub-clause (iv) or sub-clause (v) 23[or by any university or other educational institution referred to in
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The Sin Tax Bill (Senator Miriam Defensor Santiago) The Philippines has scandalously low taxes on two commodities that have been proven killers of individuals‚ destroyers of families and threats to national economic security: cigarette and spirits. At present‚ 25 million Filipino youth who are 18 years old are smokers. If they continue to smoke‚ half of them will die. Santiago is the principal author of Senate Bill No. 3249‚ “An Act restructuring the excise taxes on alcohol and tobacco products
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