SC 2279: (1977) 4 SCC 98: 1977 SCC (Tax) 536 Decided On: 31.08.1977 Bench: 7 Judge Bench consisting of the following Justices of the Supreme Court of India: Chief Justice M. Hameedullah Beg.‚ Justice N. L. Untwalia‚ Justice P. N. Bhagwati‚ Justice P. S. Kailasam‚ Justice S. Murtaza Fazal Ali‚ Justice V. R. Krishna Iyer and Justice Y. V. Chandrachud. Brief facts of the case: The case dealt with the constitutionality of a certain pattern of sales tax legislation‚ calculated to counter
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Article Rebuttal By: Nathan BUS/COM 275 According to The Seattle Times Editorial (2012) website a new Seattle Arena will cost too much tax payer dollars and could affect mobility in the city. It should be understood that the arena proposal uses no current taxes to support neither the construction nor the daily operational expenses of the arena. The tax dollars generated by the arena itself will be put toward paying the balance of the 290 million dollars in bonds. Therefore the arena will require
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Introduction) Tax Structure in Malaysia Generally‚ all income of companies and individuals accrued in‚ derived from or remitted to Malaysia are liable to tax. However‚ income remitted to Malaysia by resident companies (other than companies carrying on the business of banking‚ insurance‚ air and sea transportation)‚ non-resident companies and non-resident individuals are exempted from tax. Apart from income tax‚ there are other direct taxes such as real property gains tax‚ and indirect taxes
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SOCIO-ECONOMIC PROBLEM OF TAX AVOIDANCE AND EVASION IN NIGERIA: AN OVERVIEW Dominic Asada LL.B. (Hons.) B.L‚ LL.M. Tax Avoidance and Evasion are some of the most perplexing problems facing the nation today. It is widely believed that there is a considerable difference between estimated revenue from taxation every year and what is actually collected. This disturbing aversion to taxation has some historical antecedents. Traditionally‚ there has always been a hostile response to the payment of tax by the people
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Section 1: “Cigarette tax hike sparks panic buying” By Ashley Hall Updated Thu Apr 29‚ 2010 What is the main issue presented in the media report? Discuss what has actually happened: In the year of 2010‚ the Federal Government raised taxes on cigarettes by an extra 25 per cent‚ resulting in an increase price of $2.16 to every pack of 30 cigarettes. A proclamation stated by Prime Minister Kevin Rudd on the crackdown on Internet advertising of cigarettes was mentioned. Mr. Rudd also affirmed
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Tax Shelter I. Definition Any method of decreasing taxable income in a payments to tax collecting entities‚ including state and federal government. The most common type of tax shelter is an employer-sponsored 401(k)plan. a. Types of tax shelters Some tax shelters are questionable or even illegal: Offshore companies. A company which is incorporated outside the jurisdiction of its primary operations regardless of whether that jurisdiction is an offshore financial centre. Due to differing tax
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COMPANY VIEW A statement by Howard Schultz‚ Chairman and Chief Global Strategist of Starbucks Corporation and Orin C. Smith‚ President and Chief Executive Officer of Starbucks Corporation‚ follows. This has been taken from the company’s 2003 Annual Report. From the early days of Starbucks history‚ we have eagerly embraced possibilities and let our imagination propel us to create new experiences instead of accepting the status quo. That spirit‚ combined with our belief that a company can indeed
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TAX MANAGEMENT [pic] LESSONS FROM HISTORY Lessons From History [pic] Taxes are as old as recorded history. They are mentioned in ancient Sumer around 3‚000 B.C. Tithing‚ the practice of pledging ten percent of one’s wealth‚ was commonly practice among ancient peoples and still is used today by some religious groups in the United States. Rome collapsed when taxation reached fifty-two percent and when taxes imposed on the colonies reached twenty-three percent‚ that was considered
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Conduct Tax Audit – Part 1 Analysis of Certain Clauses Audit under Section 44AB of the Income Tax Act By Raman Jokhakar‚ Chartered Accountant Objective To understand the purposes of this Form To learn nuances of the clauses To understand audit risk To effectively carry out attestation To document adequately To disclose standard notes‚ limitations and stands To know inter links between clauses To be aware of important stands taken by Courts To understand the objective of the tax department
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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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