Assessee Perception towards Direct Tax Code (DTC) 1 1‚2 Dept. of FMS‚ Gurukul Kangri University‚ Haridwar‚ UK‚ India tax regime as it is based on well accepted principles of taxation and best international practices. It will eventually pave the way for a single unified taxpayer reporting system. The Philosophy behind such replacement is to make the Direct Taxes Code very easy and simple so that tax payers themselves can‚ without help of experts compute and file Income Tax Returns. In planning and framing
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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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Pros and Cons of Sin Tax Sin tax is a tax that is applied to a product that has been deemed undesirable in the general society. An example is a tax that is applied to beer or cigarettes. These tax can be placed to raise money for a certain public amenity like a stadium‚ when raising other taxes‚ like income‚ would politically be a bad move. This kind of tax is appealing to voters who wish to get rid of the undesirable actions. What are some of the pros of imposing a sin tax? Well the first obvious
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EXEMPTIONS/AMENDMENTS IN/WITHDRAWAL OF EXISTING EXEMPTIONS Rate of service tax restored to 12% As per section 66‚ the charging section under earlier regime‚ rate of service tax was 12% of the value of taxable services. However‚ the rate of service tax was reduced to 10% vide Notification No. 8/2009 ST dated 24.02.2009. With effect from 01.04.2012‚ Notification No. 02/2012-ST dated 17.03.2012 rescinded the said notification and the rate of service tax was restored to 12% for the period between 01.04.2012 to 30.06
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Introduction Just as death and taxes are certainties in this world‚ so are ways and means to minimize if not eliminate altogether one’s tax liabilities.Attempts to escape the tax net may take any one of two forms: tax evasion and tax avoidance. Tax evasion may be defined as the act of reducing taxes by illegal or fraudulent means.1Common practices of tax evasion include: under-reporting of income‚ over-statement of expenses‚ use of fictitious receipts‚ the keeping of double sets of books‚
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Money - buying‚ selling and paying Personal finance Sometimes in a shop they ask you: ’How do you want to pay?’ You can answer: ’Cash. / By cheque. / By credit card.’ In a bank you usually have a current account‚ which is one where you pay in your salary and then withdraw money to pay your everyday bills. The bank sends you a regular banki statement telling you how much money has gone in and out of your account. You may also have a savings account where you
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With respect to the prepaid income from services which of the following is true? The treatment of prepaid income is the same for tax and financial accounting. An accrual basis taxpayer can spread the income over the period services are to be provided if all of the servidcdes will be completed by the end of the tax year ^^^answer The effects of a below-market loan for 450‚000 made by a a corporation to its chief The corporation has imputed interest income and compensation expense. As a
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The Role of Government Without the role of government‚ I do not think the private market would be able to control the negative externalities that come from production of goods and services‚ the prices of goods and services to keep our nation moving forward‚ the control of pollution to our environment‚ transportation and security of our nation under control and safe. I understand that the private market would do a good job on figuring out the needs and wants of the buyers and sellers‚ but eventually
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Airports Externalities Hamed Al Busaidi MBA723 – Managerial Economics Prof. Ed DeJaegher February‚ 9‚ 2014 1. Introduction This academic paper explains the meaning of externalities in economics science and how they generate the benefit to the society as positive externalities or create some costs which are not taken in account while developing the project as negative externalities. The paper also describes the airports as one of the basic infrastructure affected by externalities. In the end
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(a) What is externality? What is the economic impact of an externality? Externalities issue is important‚ not only involves a moral issue but also involves economic issues in terms of resource utilization and external cost impact of positive and negative such as the cost of treatment and other costs. Definition | Source | In economics‚ an externality‚ or transaction spillover‚ is a cost or benefit that is not transmitted through prices or is incurred by a party who was not involved as either
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