INCOME TAX NOTES Residential Status and Incidence of Tax According to Section 5 of the Income Tax Act the scope of total Income of an assessee depends on his residential status.On the basis of residential status assessee are classified under the following two categories: 1. Resident 2. Non-resident. As per as resident individuals and Hindu Undivided Families are concerned‚ they can be further divided into two categories: 1. Ordinarily Resident 2. Not ordinarily Resident. Residential
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Definition of Tax “Taxes are compulsory payment to government without expectation of direct return in benefit to the tax payer” According to section 2 (62) of the ITO (Income Tax Ordinance) 1984: “Tax means the income tax payable under ordinance and includes any additional tax‚ excess profit tax‚ penalty‚ interest‚ fees or other charges leviable or payable under this ordinance.” Characteristics of Tax i. Tax is a payment to the government by the people. ii. Payment of taxes is non-penal
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1 Psychology: APA Format Summary Psychology Department Mount Allison University Revised September 2011 2 Psychology: APA Format Summary APA stands for the “American Psychological Association‚” which has a specific format for manuscripts that is published in a Manual called the Publication Manual of the American Psychological Association‚ 6th Edition. It is the standard that is followed by psychologists who are submitting articles for publication to journals. Mount Allison’s Psychology
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Income Inequality Gap Over the years America’s inequality income gap has been growing‚ between the rich and the poor. There are many reasons why this is happening. Andrew Carnegie‚ John Kenneth Galbraith and Joseph Stiglitz may agree with me‚ but believe there are different reasons why and how it should be dealt with. I would have to say that I agree that Galbraith’s idea is what is better for America now. In the essay “The Gospel of Wealth” Andrew Carnegie says that the rich should invest
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healthcare‚ income inequality and poverty. Time to time changes in policies have been made‚ perhaps to improve these issues‚ however‚ the gap between rich and poor keeps increasing and there is very little improvement in healthcare and the economy. In fact‚ healthcare keeps on becoming costly. Major issues like income inequality and poverty are not being taken care of by the government. According to Dr. Raphael (2002) poverty is caused by several reasons such as inequality in people’s income‚ weak social
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analyze the question ● What is the question asking? ● What is the question asking you to do? [Know key words of the prompt] 2. Collect and Sort information ● Brainstorming‚ categorizing‚ generalizing [creating categories] 3. Create your thesis statement An effective thesis will have all these components- ● Fully addresses the question (prompt) asked ● Takes a position with regard to the question asked ● Provides organizational categories that will be used in the essay 4. Introductory Paragraph
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Balance Sheet and Income Statement Commentary Michael Turner BSA 500 – Business Systems I July 24‚ 2013 Simon Chen Balance Sheet and Income Statement Commentary Balance Sheets and Income Statements is an approach to review the overall financial status of the company. We will be reviewing four companies in different industries’ balance sheet and income statements. With a technique to combine the statements we will be able to evaluate the companies’ income‚ expense and stockholder’s equity in the
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Search For Meaning‚ Step By Step “What are we living for?” People throw these profound questions often. As modern time improves its quality of life‚ people attach great importance to search for meaning. In the process of searching for meaning‚ there are mainly 3 steps that many people go through; formative period influenced by surroundings‚ transition period encircled by lures and sins‚ and the completion along with a mentor. Yet‚ everyone experiences these steps different and produce diverse consequences
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National income‚ by itself‚ doesn’t tell us very much about the standard of living in a country. The national income of India exceeds that of Canada but no on would claim that India was a better place to live for the typical member of the population. India’s is higher simply because the population is 1.2 billion‚ there is enormous public-sector spending and high inward investment because of high interest rates and so on. What is more important is national income per head of the population.
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Some republican nominees. Rick Santorum and Mittens Romney. There were others but these guys stood out. We didn’t have a lot of choices it seemed. The Primaries are the first step of the election process. In this step there are multiple candidates competing to be their parties’ nominee. During this step people can cast a vote towards who they wish to become their parties’ nominee. These elections can be either opened or closed. In the closed election only people from the specified party
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