Direct Taxes and Indirect Taxes. Direct Taxes are levied directly on income‚ capital value‚ wealth‚ corporate assets. Consequently‚ following are the types of Direct taxes. Income tax‚ Capital Value tax‚ Wealth tax‚ and Corporate Assets tax are Direct taxes. These taxes are directly applied on the capital gain‚ profit‚ earnings and salaries of people. Income tax is a kind of progressive tax whereas corporate tax is a kind of proportional tax or applied on flat rate. Indirect taxes are charged
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Tax is defined as a compulsory payment made to the government by the individuals firms and companies without any expectation of a direct return. In general there are two types of tax system prevailing in our country. One is direct tax and other is indirect tax. Here we will restrict our discussion to direct tax only. Direct taxes are those the burden of which cannot be shifted‚ that is incidence and impact is on the same person. In India the tax law is governed by the finance act. The amendments are
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The use of bonds is not restricted to individual consumers. Traders‚ manufacturers‚ importers‚ agriculturists‚ and corporate entities will also require bonds for their day-to-day use. These bond users will buy and sell their merchandise through the United States Monetary Fund (USMF). Spare bonds can be sold on the open market at a profit or surrendered to the government to obtain duty-free options. The use of black money in this system will not generate the same amount of revenue in subsequent
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Direct and Indirect taxes both have their benefits and disadvantages‚ these factors need to be taken into consideration when thinking about which of these taxes revenue should go towards the improvement of education of the UK workers. Direct taxes are taxes imposed on income‚ wealth and company profits‚ for example income tax‚ national insurance contributions and corporation tax. By using the revenue direct taxation this would allow the governments to estimate how much income tax revenue can
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first tax was introduced in 1904 in the northern region by Lord Types of Taxes 1. Direct Tax 2. Indirect Tax Direct taxes in Nigeria consist of the following: 1. Personal Income Tax (PIT) 1. 1. Company Income Tax (CIT) 2. Withholding Tax (WHT) 3. Capital Gain Tax (CGT) 4. Capital Transfer Tax (CTT) 5. Petroleum Profit Tax (PPT 1. Indirect taxes in Nigeria consist of the following: 1. Custom Duties 2. Excise Duties 3. Value Added
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Salazar‚ Kristine Kim B. 4-DLM 1. Arturo Tolentino vs Secretary of Finance FACTS: Tolentino et al is questioning the constitutionality of RA 7716 otherwise known as the Expanded Value Added Tax (EVAT) Law. Tolentino averred that this revenue bill did not exclusively originate from the House of Representatives as required by Section 24‚ Article 6 of the Constitution. Even though RA 7716 originated as HB 11197 and that it passed the 3 readings in the HoR‚ the same did not complete the 3 readings
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1. Compose a summary of the case. Include how the fraud was perpetrated‚ the characteristics of the perpetrator(s) who committed the fraud‚ the role the auditor(s) had in the case‚ and the direct and indirect effects the incident had on the organization’s stakeholders (customers‚ vendors‚ employees‚ executive committee‚ and board of directors). Comerica is being sued by Experi- Metal’s for a $560‚000 phishing attack to their bank account. Experi- Metal‚ a custom auto- parts maker‚ was hit by phishing
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Australian GST The GST (Goods and Services Tax) proposed by the Howard government is a new tax which plans to add ten percent to the cost of every item purchased whether it be a car or a pen with only a few exceptions. The tax set to commence on July 1 2000 may still not become a reality if the senate does not have a majority vote on the issue. The VAT (Value Added Tax) of the United Kingdom is much the same tax adding seventeen and a half percent to all goods and services (although there
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Methods of computation of VAT. (a) Addition Method. (b) Subtraction Method. (c) Tax credit or Invoice Method. Methods of calculation of VAT. As mentioned earlier VAT is nothing but a form of sales tax only and is charged at each stage of sale on the value added to the goods. “Value Added” is the difference between sale and purchase of a business. A straight forward way to compute the base of a VAT for a given period‚ say a quarter‚ is‚ in the case of a manufacturer‚ to deduct the total
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Samaj’s Nashik [pic] Institute of Management Research and Technology (IMRT) For The Academic Year 2008 -2009 PREFACE Indirect tax is the one of the most enormous source of fund collection of the Indian government which aids to development expenses and other aspects. Central excise is one aspects of fund/revenue collection. Features of indirect taxes. Government of India needs funds for various purposes like maintenance of law and order‚ defence‚ social /health services etc
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