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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II. Criteria for Evaluating a Tax Structure Adam Smith -canons of taxation Equality Convenience Certainty Economy III. Tax Structure Tax base: Tax rates: Incidence of tax: Examples: Income $10 $20 $30 $3 (30%) $6 (30%) $9 (30%) $3 (30%) $7 (35%) $12 (40%) IV. Major Types of Taxes Property Taxes Transaction Taxes Death Taxes Gift Taxes Income Taxes Employment Taxes Other U.S. Taxes V. Formula for Federal Income Tax on Individuals Figure
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INCOME TAX Introduction : The income tax is administrated Income Tax Ordinance‚ 1984 and the Income tax Rules‚ 1984 as well as notification made under the Ordinance. The charge of tax of a person depends on its resident ship. Total world Income of a resident is charged to tax in Bangladesh. Where as a non-resident’s Bangladesh income is only charged to tax in Bangladesh. There are seven heads of income. The are salary‚ interest on security‚ house property‚ agriculture‚ business and profession
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►Progressive/graduated tax Generally‚ rates increase as income increases ►Federal income taxes ►FORMULA: ►Income (very broadly inclusive) ►LESS: Exclusions (income not subject to taxation) ►EQUALS Gross income ►LESS: Deductions for adjusted gross income ►EQUALS Adjusted gross income ►LESS: Greater of itemized deductions or standard deduction ►LESS: Personal exemptions ►EQUALS Taxable income ►MULTIPLIED BY: Tax rate ►EQUALS Tax owed ►LESS: Tax credits ►LESS: Tax prepayments/withholdings
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marginal tax rate is the rate of tax he/she pays on the last dollar of income earned assuming there is nothing else affecting the individual. In this question‚ Sandra has no dependants or other sources of income so there is nothing else affecting her. An effective marginal tax rate of 40% applies to Sandra. This includes the top tax rate of 30% applicable to taxable income of $56‚000 and the student loan standard rate of 10%. (A) - The 30% rate would be Sandra’s base marginal tax rate without
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year if changes are not made. With the economy being in the state that it is‚ there have been rumors of a pending recession. Trying to be a proactive company‚ Artemis Sportswear in now trying to find ways in which it can cut back on some of its’ expenses yet still maintain a yearly profit. In looking for ways to cut back the company decided to enlist the help of outsiders to show ways in which it could meet its; goals. After all Artemis is in the business to make money. By making a comparison
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Tax Shelter I. Definition Any method of decreasing taxable income in a payments to tax collecting entities‚ including state and federal government. The most common type of tax shelter is an employer-sponsored 401(k)plan. a. Types of tax shelters Some tax shelters are questionable or even illegal: Offshore companies. A company which is incorporated outside the jurisdiction of its primary operations regardless of whether that jurisdiction is an offshore financial centre. Due to differing tax
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has influenced my life the most is moving. Moving has made me shy‚ and has taught me how to adapt quickly. It has also made me want to be on top of everything. I would not be able to see different environments. Without moving‚ I would not be the person I am today. One thing moving has made me is shy. If I were to go to a party‚ I would be the person in the corner‚ reading a book‚ or silently watching everyone else have fun. This is more of a downside of moving all the time. Because I have moved
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4.1 Understand tax depreciation procedures and the effect of depreciation on the firm’s cash flows. 1) Depreciation deductions‚ like any other business expenses‚ reduce the income that a firm reports on its income statement. Answer: TRUE Diff: 1 Topic: Depreciation Learning Obj.: LG 1 Learning Outcome: F-02 Question Status: Previous Edition AACSB Tag: Analytic Skills 2) Non-cash charges are expenses that involve an actual outlay of cash during the period but are not deducted on the income
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Current Year‚ Current Year Actual (Unaudited) Prior year Forecast Current Year Revenue and Expense: Sales (net) $9‚000‚000 $9‚900‚000 $9‚720‚000 Cost of Goods Sold 6‚296‚000 6‚926‚000 7‚000‚000 Gross Margin 2‚704‚000 2‚974‚000 2‚720‚000 General Expense 2‚044‚000 2‚000‚000 2‚003‚000 Depreciation 300‚000 334‚000 334‚000 Operating Income $360‚000 $640‚000 $383‚000 Interest Expense 60‚000 110‚000 75‚000 Income Taxes (40%) 120‚000 212‚000 123‚200 Net Income $180‚000 $318‚000
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