Ninad J Panchakshari Mcom. FCA‚ Nashik What is Tax Planning? Tax planning is an essential part of your financial planning. Efficient tax planning enables you to reduce your tax liability to the minimum. This is done by legitimately taking advantage of all tax exemptions‚ deductions rebates and allowances while ensuring that your investments are in line with your long-term goals. However in a broader sense tax planning is not to save the tax for current financial year but also make an effective
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INCOME TAX Introduction : The income tax is administrated Income Tax Ordinance‚ 1984 and the Income tax Rules‚ 1984 as well as notification made under the Ordinance. The charge of tax of a person depends on its resident ship. Total world Income of a resident is charged to tax in Bangladesh. Where as a non-resident’s Bangladesh income is only charged to tax in Bangladesh. There are seven heads of income. The are salary‚ interest on security‚ house property‚ agriculture‚ business and profession
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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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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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3 CHAPTER TAX DETERMINATION; PERSONAL AND DEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS Instructor: The test items in both the print Test Bank and ExamView test-creation software are numbered by question type within each chapter. Thus‚ users of ExamView can more easily preview their selections using the printed Test Bank in the same numbering system. Status: Present Topic TRUE OR FALSE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Level of current income
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Sin Tax: Form Your Own Opinion Use complete sentences and save this form to KSpall’s folder on www.saveschoolwork.com. Lastname.Sintax.doc or write our your answers and turn in at end of period. Reference Websites: Use these websites and others you find on your own. http://micurl.com/dvEii (Sin Taxes in Chicago) http://micurl.com/jejjk (History of Sin Taxes) http://micurl.com/bnlzt (President Obama’s recent comments on taxing soda) http://nofoodtaxes.com (Americans Against Food Taxes)
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Tax case: Taxes and Growth 3‚ The average growth rate of U.S. economy over time is 3.4% The trend is slightly downward. 7‚ the correlation of political party of the president and GDP growth is -0.277811979‚ which indicates a strong relation. The correlation of Top individual marginal tax rate and GDP growth is 0.218935712‚ which indicates a strong relation as well. 8‚ what I am surprised is that the top individual marginal tax rate does have a strong relation with GDP growth. Before
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University of Central Punjab * Assignment: Income tax return filling * Presented to: Prof Imran Shehzad * Presented by: Sami Elahi * Registration number: L1F11MCOM2077 * Date: 12-01-2013 Question (Case study) Tax year 2013 Mr. Sami is employee of a private company with following emoluments’. * Basic salary 60‚000 PM * Medical allowance 8‚000 PM * House rent allowance
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The payment of the motor vehicle allowance – this allowance is generally made to cover the expected deductible costs associated with the business usage of the employees vehicle. This allowance is effectively assessable income to the employee in their tax return. (sec.15-2) Task 2: Mike’s taxable income for the year ended 30 June 2012 Taxable Income = (Assessable Income – Deductions) Assessable Income § Wages RMIT under sec.6-5 ITAA 1997
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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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