History Income tax levels in India were very high during 1950-1980‚ in 1970-71 there were 11 tax slabs with highest tax rate being 93.5% including surcharges. In 1973-74 highest rate was 97.5%. But to reduce tax evasion tax rates were reduced later on‚ by "1992-93" maximum tax rates were reduced to 40%. [2][3] [edit]Residential status‚ Scope of taxable income & Charge [edit]Charge to Income-tax Whose income exceeds the maximum amount‚ which is not chargeable to the income tax‚ is an assesse
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PERSONAL COPY/ NOT FOR SALE OR CIRCULATION (Session 2012-13) INTRODUCTION HISTORY OF INCOME-TAX: 1. India’ trust with income tax dates back to 1859 when James Wilson‚ Finance member in the Council of India‚ came to the country to establish the tax structure‚ a new paper currency and to remodel the finance system. 2. A bill imposing tax on profits from property‚ professions‚ trades and offices was passed by the Legislative Council of India. It received the assent of the Governor General on July
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UGBA 103 Fixed Income Valuation 1A) YTM is 4.75% at time of issuance. YTM is 4.88% at 99 per 100. YTM is 4.62% at 101 per 100. 1B) NTT should have been selling at $915.861M PVpredrop = (47.5/.0475)*(1-(1/((1.0475)^2))) = 88.636M PVpostdrop = ((30/.03)*(1-(1/((1.03)^2))))/(1.03^2) = 198.502M PVfacevalue = 1B/(1.0475)^10 = 628.723M PVpredrop + PVpostdrop + PVfacevalue = 915.861M 2A) Bond A should sell at $1040.55 each. Bond B should sell at $1000 each. Bond C should sell
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_ Tran Nam Quan: Blue Bui Minh Tri Quy : Task 1: Which of the following items are income: Rent from a residential rental property rented by a young family? yes‚ ordinary income under sec. 6-5 A birthday gift ? No A dividend from BP? Yes‚ Statutory income under sec.44(1) ITAA 1936 Wages and Salaries from your employer? Yes. Ordinary income under sec 6-5 Bank Interest Received? Yes‚ Ordinary income under sec 6-5(2) Your boss takes you out to dinner? No An allowance paid for your
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Throughout case two‚ there are many medications mentioned. Some of the medications do not directly pertain to the patient‚ BB‚ and are instead prescribed for his brother‚ SB. However‚ it is important to go through each and every drug in this case in order to better understand why certain drugs were prescribed and their impact on the clinical outcomes of both BB and his brother SB. Additionally‚ it is important to remember the patient’s age when evaluating these drugs as some may not be appropriate
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Units Unit Cost Total Cost From the Beginning Inventory 1840.00 20.00 36800.00 From the first purchase 600.00 20.25 12150.00 From the second purchase 380.00 21.00 7980.00 2820.00 56930.00 From the Second purchase 420.00 21.00 8820.00 From the third purchase 400.00 21.25 8500.00 From the second purchase 200.00 21.50 4300.00 1020.00 21.20 21620.00 Units Unit Cost Total Cost From the Beginning Inventory 1020.00 21.20 21624.00 From the first purchase 700.00 21.50 15050.00 From the second
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NCOME-TAX ACT‚ 1961* [43 OF 1961] [AS AMENDED BY FINANCE ACT‚ 2012] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows :— CHAPTER I PRELIMINARY Short title‚ extent and commencement. 11. 2(1) This Act may be called the Income-tax Act‚ 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act‚ it shall come into force on the 1st day of April‚ 1962. Definitions
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Role of Internal Audit Function Nano Circuits Inc‚ is a publicly traded company that produces electronic control circuits‚ which are used in many products. In an effort to comply with SOX‚ Nano is in the process of establishing an in-house internal audit function‚ which previously had been outsourced. The company began this process by hiring a Director of Internal Audits. Nano Circuits’ CEO recently called a planning meeting to discuss the roles of key corporate participants regarding the implementation
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of federal income tax. It helps to identify the different terms that are associated with income tax. It will point out how calculations are formed to paying taxes or getting a refund. This essay distinguishes the importance of your income and knowing what taxes you will be paying. Federal income taxes can be complicated and hard to file. But‚ knowing how it works can help save money‚ understand how it’s calculated‚ and what is determined in taxation. Income tax includes your income‚ deductions
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Case Study: ‘Ocean Carriers’ By: Alyssa Linder Wenliang Zhang Xhangoli‚ Eva 1. Daily spot hire rates are determined according to supply and demand of the shipping capacity. According to the article‚ the supply of ships available equals the number of ships currently in the fleet plus any new ships added‚ minus any scrapings and sinking. According to Exhibit 2‚ there are a limited number of ships older than 24 years which are likely to be scraped. For those ships under the age group
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