Gain $0.97 million Net Capital Gain = Gross Capital Gain * CGT Discount = 0.97 * 50% = $ 0.485 million So the following net capital gain would be added to the Janet taxable income for the year 2013-14 under the head Capital Gains and then it would be determined that how much of tax would be paid on taxable income. However‚ it is worth to be noted that if the relative of Janet had any unapplied capital losses then those capital losses cannot be passed to the beneficiary to offset against her
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Business Taxation Agriculture Income Sec 2 (1A) of income tax 1961 act agriculture income means 1) Any rent or revenue derived from the land which is situated in India and used for agriculture activities. 2) Any income derived from such land by the agriculture person or by the process employed to make agriculture produce which can be fit for sale in the market. 3) Or any other income derived from any building provided that the: a) Building is on or on the immediate next to the
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Bar Code : PAN : A E S PG 9 5 5 3 FORM No. 15G [See Rule 29C] Declaration under sub-sections (1) and (1A) of section 197A of the Income-tax Act‚ 1961‚ to be made by an individual or a person (not being a company or a firm) claiming certain receipts without deduction of tax I/We* DEEPU GUPTA son / daughter / wife of resident of WB-13-C WB-BLOCK SHAKARPUR‚ ‚ ‚ DELHI‚ NEW DELHI‚ 110092‚ INDIA @ do hereby declare. 1. *that I am a shareholder in (name and address
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adverse effects on entrepreneurship and innovation outweigh any such considerations? And should we be concentrating on particular kinds of taxes‚ taxes on income from particular activities‚ or changes to the relationship between tax rates and income? In both Britain and America‚ the period since the early 1980s has been one of rapidly widening income inequality. The top 0.1% of Americans earned about 20 times what the bottom 10% did for much of the post-war era. But in the lifetime of one generation
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Determine Andrew’s Canadian income tax obligations. What deductions/credits may he claim against Canadian income? Solution 1 (Basic) Andrew will be taxable on taxable income earned in Canada because he will be employed in Canada. This taxable income earned in Canada will be computed under subsection 115(2) and taxable under Part I. He will need to file a Canadian income tax return to report the employment income earned in Canada. He will be entitled to the personal tax credits for CPP and EI. He
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following terms with reference to Income Tax Ordinance a) Company b) Pakistan Source Income c) Principal Officer d) Resident Q. No.2 what are the different types of perquisites enjoyed by the salaried individuals? Discuss. Q. No.3 a) what are the conditions laid down under the income tax ordinance for depreciation allowance? b) Explain the conditions and rates regarding initial allowance for depreciation. Q. No.4 write short notes on the following: a) Return of income as assessment b) Provisional assessment
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federal income tax “from whatever source derived.” Chapter 2 (5 pts) 2. Explain the two "safe harbors" available to an Individual taxpayer to avoid a penalty for underpayment of estimated tax. The first “safe harbor” available to an individual taxpayer to avoid a penalty for underpayment of estimated tax would be if the payments of estimated tax are at least as large as 90 % of the tax shown on the return or 100% (110% if adjusted gross income for 2002 and later exceeds 150k) of the tax shown
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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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Research Paper on Taxation and Agrarian Reform introduction‘ The Republic of the Philippines is one of the countries in the world that has some source in agricultural products. And because of this‚ the Philippine Agrarian Reform Program was born. It is the one of the widest programs in terms of its coverage. This program affects the almost 30‚000‚000 hectare land area of the country. As the time passes by and the government changes‚ the program also changes and added with some
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Companies Income Tax Act‚ section 38(1) of the Personal Income Tax Act and section 61(l) of the Petroleum Profits Tax Act that if the Minister of Finance by Order declares that arrangements specified in the Order have been made with the Government of any country outside Nigeria with a view to affording relief from double taxation in relation to taxes imposed under the provisions of the Companies Income Tax Act‚ the Personal Income Tax Act and the Petroleum Profits Tax Act‚ and any tax of a similar
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