BASIC PRINCIPLES OF INCOME-TAX LAW By: Justice R.K. Abichandani 1. Constitutional Provisions : The Constitution of India vests the Parliament with plenary legislative powers to impose taxes on matters specifically enumerated in the Union List and all the power of making any law imposing a tax not mentioned in Concurrent or State Lists‚ as provided by Article 248(2). “Tax on income” is defined in an inclusive manner by Article 366(29) under which the expression
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The passing of a state income tax limit takes several different factors into discussion. The consequences of passing a state income tax need to be carefully deliberated before considering adoption. Many major actors in state politics affect the process of adopting an income tax limit as well. The state legislature has an important role in creating the tax and expenditure limit‚ while the state governor is able to use several different methods to veto or block the limit that the legislature suggests
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Assume income taxes of 30 percent and an increase in sales of $80‚000. No other asset buildup will be required to service the new accounts. a. What is the level of accounts receivable needed to support this sales expansion? Answer- Level needed is [pic] b. What would be Collins’s incremental after-tax return on investment? 80‚000 – 7‚200 = 72‚800-4‚000-62‚400=6‚450-1‚920= $4‚480 which is equal to 28 percent. c. Should Collins liberalize credit if a 15 percent after-tax return on investment
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Accounting for Income Tax Under IFRS‚ Income Tax is taxes based on taxable profits‚ and taxes that are payable by a subsidiary‚ associate or joint venture on distribution to investors. U.S GAAP defines income tax as all domestic federal‚ state and local taxes based on income‚ including foreign income taxes from an entity’s operations that are consolidated‚ combined or accounted for under the equity method‚ both foreign and domestic. In IFRS‚ the guidance about accounting for income taxes is in
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The following citation cannot be correct: James E. Wiese‚ T.C. Summary Opinion‚ 2005-91. Answer: True False Correct. The citation is correct. REF: p. 2-18 Correct Probably the best combination of electronic tax resources is to conduct day-to-day work on online access systems augmented with CD searches where it is judged critical to do so. Choose one answer. | a. True | | | b. False | Correct. | Just the opposite is the case. p. 2-24 Correct Marks for this submission:
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UNIVERSITY OF DHAKA Department of Accounting & Information Systems BBA Program A term paper on “Income tax calculation procedure of life insurance companies as per Income Tax Ordinance 1984” Submitted To: Dhiman Kumar Chowdhury Professor Dept. of Accounting & Information Systems University of Dhaka Submitted By: Md. Afzal Hossain BBA 12th Batch ID: 12094 Date of Submission: 22 August 2010. Chapter 01 Introduction It is a common knowledge that the true profit of
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MCIT(minimum corporate income tax) Under the CTRP‚ an MCIT equivalent to two percent (2%) of gross income is imposed beginning the fourth (4th) taxable year immediately following the taxable year in which such corporation started its business operations. The MCIT is imposed whenever such corporation has zero or negative taxable income or whenever the amount of the MCIT is greater than the regular corporate income tax due from such corporation. An MCIT equivalent to two (2%) of the gross income derived from
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CCH Tax Briefing American Taxpayer Relief Act of 2012 Special Report January 2‚ 2013 HigHligHts 39.6% Tax Rate For Incomes Above $400‚000 ($450‚000 Families) All Other Bush-Era Tax Rates Extended 20% Maximum Capital Gains/ Dividend Tax Rate Maximum 40% Estate/Gift Tax Rate Permanent AMT Patch Five-Year Extension Of Enhanced Education Credit One-Year Extension Of Many Business Tax Extenders Over 30 Extenders Retroactive To Start Of 2012 iNsiDE Individual Income Tax Rates
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Appeal of Low Income Housing Tax Credits Overview of the LIHTC The Low Income Housing Tax Credit (LIHTC) provides incentives for corporations and individuals to invest in the acquisition‚ development and rehabilitation of affordable housing. The program offers federal tax credits to private equity investors that work with profit or non-profit developers in constructing or renovating rental properties for low-income tenants‚ those who earn 60 percent or less of the median family income for their county
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Paper Presentation on [REPUBLIC ACT NO. 10351] AN ACT RESTRUCTURING THE EXCISE TAX ON ALCOHOL AND TOBACCO PRODUCTS BY AMENDING SECTIONS 141‚ 142‚ 143‚ 144‚ 145‚ 8‚ 131 AND 288 OF REPUBLIC ACT NO. 8424. OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE OF 1997‚ AS AMENDED BY REPUBLIC ACT NO. 9334‚ AND FOR OTHER PURPOSES Commonly known as SIN TAX REFORM ACT OF 2012 “Stick to One” OVERVIEW Sin Tax is a tax levied on products or activities‚ which are considered sinful or harmful and considered
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