University of Central Punjab * Assignment: Income tax return filling * Presented to: Prof Imran Shehzad * Presented by: Sami Elahi * Registration number: L1F11MCOM2077 * Date: 12-01-2013 Question (Case study) Tax year 2013 Mr. Sami is employee of a private company with following emoluments’. * Basic salary 60‚000 PM * Medical allowance 8‚000 PM * House rent allowance
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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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SIN TAX MANILA‚ Philippines – President Benigno Aquino III signed the Sin Tax reform bill into law Thursday‚ saying it was an early Christmas gift for Filipinos. “Today we sign‚ finally‚ a law that will serve as an early Christmas gift for millions of Filipinos‚” Aquino said in Filipino. “We aim to make health benefits available for all‚ regardless of wealth‚ the life of Filipinos is sacred‚” he said. The Sin Tax Bill aims to raise additional revenues by increasing taxes in so called “sin products”
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situation. In the second part‚ the principles of VAT‚ i.e. taxable persons‚ registration and deregistration‚ imports and exports‚ categories of supplies‚ different accounting schemes‚ and the administration of VAT‚ are discussed. I. Income tax is charged under the trading income provisions of Income Tax (Trading and Other Income) Act 2005 Part 2 on the profits of any “trade‚ profession or vocation whether carried on in the UK or elsewhere” . Accordingly‚ all self-employed have trading income
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QCF LEVEL 2 UNIT 616 OUTCOME 1 1. - Identify current legislation‚ guidance policies and protocols relevant to administration of medication Medicines are regulated by the law due to their harm potential if they are misused. The variety of laws and regulation can be divided in 3 main groups: Handling of medicines Medicines Act‚ 1968 Misuse of drugs act 1971 Health and Social Care act 208 RPS Handling of Medicines in Social care Guidance Health and safety Health and safety at Work
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Adam TAX Tax is a fee charged by the government on a product‚ income activity. Unlike most transfers wich are voluntary‚ taxes are mandatory. It is mandatory because no one would have injective to contribute. The verb to "tax" appears in English usage as early as ca.1290. The word comes from the olde french "taxe" which is after the Latin "taxere". The noun "tax" appears in English sometime before 1327. Taxes can be divided to: - Direct - Indirect If tax is charged
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Goods and Services Tax- Australia To uphold a country’s political and economical stability‚ governments often implement policies. There are many different types of policies that a government would implement to stabilize their country. However‚ one significant policy that almost every country uses is tax. In particular‚ Australia and Canada use a value added tax known as the Goods and Services Tax (GST). Australia’s GST policy was introduced by the Howard government and went into effect on July
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Finance Department of Revenue (Tax Research Unit) *** V. K. Garg Joint Secretary (Tax Research Unit) Telephone No. 011-23093027 Fax No. 011-23093037 E-mail: garg.vk@nic.in D. O. F. No 334/1/2012-TRU New Delhi‚ dated 16th March‚ 2012. Dear Sir/Madam‚ Subject: Union Budget 2012: Changes in Service Tax-reg. It is said that in matters relating to taxes‚ questions rarely change‚ but the answers do. Budget 2012 has‚ however‚ changed a number of questions relating to service tax. 2. No more will the most often-asked
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pressure. So‚ the health experts discovered a way to prevent people from eating foods that might have negative effects on their health. It is a new kind of tax that is called ‘fat tax’‚ according to which consumers are called to pay a small amount of money‚ every time something unhealthy is purchased. In my opinion‚ the aforementioned tax should l save a lot of people’s lives and pockets. People need to be discouraged from eating foods that will make them sick and cause numerous problems to them
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Income Tax Return Assignment You have your own CPA tax practice and you are greeted with new clients: Albert and Jenny Cunningham and their two children. You meet with them and they give you the information shown below. They would like you to prepare their tax return for 2013. They would like to file married filing jointly. NOTE: Reference to the “current tax year” below for the taxpayers‚ Albert and Jenny‚ it is for the calendar year 2013. Albert and Jenny Cunningham (both 42 years
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