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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Claim of Rebate Introduction Central Excise Duty is an indirect tax levied on goods manufactured in India for home consumption. When the goods manufactured in India are exported‚ they are exempt from excise duty. Generally‚ manufacturer of commodities is responsible to pay duty to the Government. This indirect taxation is administered through an enactment of the Central Government viz.‚ The Central Excise Act‚ 1944 and other connected rules- which provide for levy‚ collection and connected procedures
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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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Malaysian Accounting Review‚ Vol. 10 No. 2‚ 13-25‚ 2011 TECHNICAL COMPARISON BETWEEN BUSINESS ZAKAT AND TAX ON BUSINESS INCOME IN MALAYSIA Rohila Awang Mohd Zulkifli Mokhtar Faculty of Management and Economics Universiti Malaysia Terengganu Abstract The focus of this paper is to demonstrate the technical comparison between business zakat and taxation. This paper aims to enhance the knowledge on the part of zakat assessment and the management of zakat as compared to the system of taxation in Malaysia
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Excise Taxes Definition of ’Excise Tax’ 1. An indirect tax charged on the sale of a particular good. 2. A penalty tax applied to ineligible transactions in retirement accounts. This penalty is assessed by and paid to the Internal Revenue Service (IRS). 1. Excise taxes are considered an indirect form of taxation because the government does not directly apply the tax. An intermediary‚ either the producer or merchant‚ is charged and then must pay the tax to the government. These taxes can be categorized
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