Income Tax Act 1961 Assessment Year: The period of twelve months starting from April 1 of every year and ending on March 31 of the next year. Previous Year: Income earned in a year (Previous year) is taxable in the next year (Assessment Year). Income earned during the previous year (PY) 2011-12 is taxable in the Assessment year (AY) 2012-13. From the AY 1989-90 onwards‚ all assesses are required to follow the financial year April 1 to March 31 as previous year for all sources of income
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1 Tri3 2012/13 Tutorial 1: Ten Principles of Economics Please try to answer all the questions. 1. The overriding reason why households and societies face many decisions is that a. resources are scarce b. goods and services are not scarce c. incomes fluctuate with business cycles d. people‚ by nature‚ tend to disagree 2. Which of the following examples does not illustrate the principle represented by the adage‚ "There is no such thing as a free lunch"? a. Joe needs to pay his rent and his electric
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Leonhardt argues that despite the persistent trend of income inequality in the U.S. and throughout history‚ it is not impossible to change that inequality. He writes that the professor‚ Thomas Piketty points out the process in which inequality rises and the near inevitability of it. Leonhardt tells of his conversations with Piketty and Piketty’s idea on the possible way to solve inequality‚ which is to put a global wealth tax that is specifically for income inequality. Leonhardt finds this solution politically
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Financial Statement By Mary Baumann XACC/290 July 27‚ 2014 Jameson Monteiro Financial Statement The four main financial statement are the balance sheet‚ the income statement‚ the cash flow statements‚ and the statements of shareholder’s equity. Each statement can be used to give an insight to a company’s financial activities‚ and can provide valuable information on said company. The balance sheet provides detailed information on a company’s assets‚ liabilities‚ and their shareholder’s
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In The name Of Allah The Most Merciful & The Most Beneficent Assignment of: Principle & Practice Income Tax Topic: Need of Tax Exemption [pic] Question: What is the need of Tax Exemption or Tax Concession in income tax from government point of view? And Does present income tax exemption policy of Pakistan effective in achieving its objectives give comments? TAX EXEMPTION According To “Community Benefit” theorists Tax-exemption contributes
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Benazir Income Support Program Flaws & Shortcomings In order to counter the sharp rise in oil prices ultimately resulting in double digit inflation in the year 2007 – 2008‚ and to provide aid to the underprivileged sections of the society who were hit the worse as a result of the fore mentioned inflation; Benazir Income Support Program was announced in 2008 – 2009 and its primary aim was to provide financial aid to approx 3.5 million families across Pakistan. At the moment BISP is being implemented
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NATIONAL INCOME ANALYSIS OF INDIA (1950-2013) India is home to 1.24 billion people‚ which is about 17.5 per cent of the global population. The Indian economy is the 12th largest in USD exchange rate terms. India is the second fastest growing economy in the world. However‚ it accounts for only 2.98 per cent of world GDP in US dollar terms and 5.0 per cent in purchasing power parity (ppp) terms. Hence‚ there exists a huge potential for catch up. The global welfare too is linked to progress in India
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other countries. The first is income inequality; "This describes the gap in how much individuals earn from the work they do and the investments they make." Secondly‚ there is wealth inequality which "measures the difference in how much money and other assets individuals have accumulated." (Matthews‚ 2014). There are a variety of opinions on how to address these issues. Some of these ideas include the government requiring large companies to redistribute income so that there is not such a huge
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will serve community needs and be paid from a national‚ progressive income tax. The wage rate will be one half of the established poverty level. Jobs of last resort will require a minimum of forty hours per week of attendance on the job. • Adjust the number of hours in a work week inversely to the number of jobs of last resort provided by the state There will always be the poor‚ by definition the bottom ten per cent of income earners; but‚ poverty can be eliminated by forcing the economic system
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3‚009‚000 = 7.958 ix. Equity Multiplier = Total Assets/Shareholders’ Equity = $ 108‚615‚000/$ 55‚341‚000 = 1.963 x. Profit Margin = Net Income/Sales = $ 12‚562‚200/$ 167‚310‚000 = 7.508% xi. Return on Assets (ROA) = Net Income/Total Assets = $ 12‚562‚200/$ 108‚615‚000 = 11.566% xii. Return on Equity = Net Income/Total Equity = $ 12‚562‚200/$ 6‚136‚000 = 22.700% QUESTION 2 Ratios | East Coast Yacht ratios | Yacht Industry Ratios | | | Lower Quartile
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