Tax is of two types Direct Tax and Indirect Tax. Direct Tax is the tax‚ which is paid directly by people to the government‚ while indirect tax is the tax‚ which is paid indirectly by people to the government. Income Tax is paid directly to the government therefore it is a direct tax while excise duty is paid by people to the manufacturer who pays it to the government‚ therefore it is an indirect tax. The Constitution of India (COI) has given power to levy tax to central and state government
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The payment of the motor vehicle allowance – this allowance is generally made to cover the expected deductible costs associated with the business usage of the employees vehicle. This allowance is effectively assessable income to the employee in their tax return. (sec.15-2) Task 2: Mike’s taxable income for the year ended 30 June 2012 Taxable Income = (Assessable Income – Deductions) Assessable Income § Wages RMIT under sec.6-5 ITAA 1997
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must do this in two different ways‚ grants and tax incentives. This way companies could save money‚ or receive money in return for changing their ways. Companies would change because it would save them money. They would receive tax incentives or breaks‚ meaning they would have to pay less. Also‚ grants would pay the companies for changing to have recycling programs‚ safer agriculture‚ and greener production. The government must offer incentives through tax incentives and grants. On the other hand‚ some
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answering Question 1 and 20 minutes in answering Question 2. _________________________________________________________________________ Question 1 (DO NOT spend more than 35 minutes on this question.) [25] Write a composition (350 - 400 words) on any one of the following: (a) Describe an occasion when you have been part of a large crowd at a public event. Concentrate on the crowd‚ its behavior and reasons‚ the variety of individuals in it‚ rather than on the event itself. (b) Describe a recent visit
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Indirect tax Section 1 This section is about applying your knowledge of VAT and using reference material to make recommendations or decisions. Task 1.1 (a) You have the following information about the taxable supplies of 4 businesses. For each of them‚ indicate whether they need to register for VAT immediately‚ or monitor turnover and register later. Tick ONE box on EACH line. Register now Monitor and register later A A new business with an expected turnover of £6000 per
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sparked debate about the merit of an explicit ‘fat tax’‚ aimed at either taxing foods according to their fat content or‚ more practically‚ taxing certain foods with a high fat content. Discuss the implications and effectiveness of a fat tax for reducing the consumption of high-fat foods? There are many implications and effectiveness of a fat tax an example of this is the ‘fat tax’ has now been enforced by some airlines (such as Samoa Air). ‘Fat tax’ is a dynamic efficiency as it is a new innovation
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FEDERAL INCOME TAXATION OUTLINE Gross Income Gross Income Defined (§61) – except as otherwise provided‚ gross income means all income from whatever source derived‚ including (but not limited to) the following items: Compensation for services‚ including fees‚ commissions‚ fringe benefits‚ and similar items; Gross income derived from business Gains derived from dealings in property Interest Rents Royalties Dividends Alimony and separate maintenance payments Annuities Income from life
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Chapter 1 Succession and Transfer Taxes The modes and mechanics of acquiring ownership and other real rights over property are fairly complex. One can gain‚ transfer and lose ownership on a number of ways. Under the New Civil Code (NCC)‚ ownership may be acquired through: 1. 2. 3. 4. 5. 6. 7. 8. Occupation Intellectual creation Law Donation Tradition Contract Prescription Succession Art. 712 (New Civil Code): “Ownership is acquired by occupation and by intellectual creation. Ownership and
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Radio active safety : Protective Clothing: Wear latex or nitrile gloves with along with the full-length lab coat including the closed toed shoes. Wear safety glasses to avoid the exposure radioactive material. Introduction : Chemicals may be liquids‚ gases‚ solids or powders have the tendency to harm health when it used or handled improperly‚ those can be corrosive‚ toxic agents‚ reactive or flammables can generate fumes‚ vapors‚ dust and mists. Depending on the usage and the work it can enter the
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Persuasive Speech Tax on Cigarettes I. Opening Statement of Interest- Imagine every year a town the size of Bakersfield disappearing‚ well you don’t have to imagine because it’s happening already. A. Speaker Credibility- According to Centers for disease control and prevention 443‚000 people die prematurely from smoking or exposure to secondhand smoke‚ another 8.6 million people live with a serious illness caused by smoking. Despite the factors of smoking 46.6 million adults in the
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