Income-tax Act‚ 1961 | No. | Title | Section - 001 | Short title‚ extent and commencement | | Section - 002 Part A | Definitions [Clause (1) to Clause (15)] - "Advance Tax" to "Charitable Purpose" | | Section - 002 Part B | Definitions [Clause (15A) to Clause (30)] - "Chief Commissioner" to "Non-resident" | | Section - 002 Part C | Definitions [Clause (31) to Clause (48)] - "Person" to "Zero Coupon Bond" | | Section - 003 | Previous year defined | | Section - 004
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the question of whether a business is‚ or would be trading‚ is decided initially by the owner itself. However‚ sometimes it is difficult to decide if the activities would be assessed to income tax or not. Badges of trade are important because can help analyse if the transaction should be taxed per Income Tax principals. First badge‚ called subject matter of the transaction‚ aim to analyse the natures of the goods involve in a transaction. That can help establish if the transaction is an investment
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Offshore financial tax havens and solution Tax havens generally exist to protect offshore profits and keep them a secret from governments. After The Economist published a special report named “Storm Survivors” about offshore finance problems‚ Jeffery Kadet proposed a “worldwide-full inclusion” system to fix the offshore financial problem. Most countries use “territorial” or “deferral” tax systems. Either system is better than Kadet’s “worldwide-full inclusion” system‚ because the “territorial”
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business concerning the complexity of the UK tax system. The other main reason of the reform is the uncertainty as to whether the UK’s current regime is consistent with EU law‚ owing to the recent rulings of the European Court of Justice (ECJ) in current cases (Anon 2007). Current UK Tax System Currently‚ UK companies receiving dividends from other UK companies suffer no tax. Dividends from foreign companies on the other hand are currently subject to tax. The UK maintains a firm distinction between
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John Smith tax issue: 1a). How is the $300‚000 treated for purposes of federal income tax? The $300‚000 that John Smith received would be treated as income. According to the IRS‚ income is classified as “earned income includes all the taxable income and wages you get from working‚” such as: • wages‚ salaries‚ tips‚ and other taxable employee pay; • union strike benefits; • long-term disability benefits received prior to minimum retirement age; • net earnings from self-employment‚ such as own
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VALUE ADDED TAX FOR PCC AND IPCC 1. Value added tax in short VAT‚ was a tax introduced as early as 1919 by Dr.Wilhelm Von Siemens in Germany as a tax on improved turnover. Professor Thomas.S.Adams suggested this tax in USA as a sales tax with a credit or refund for taxes paid by the producer on goods bought for resale or for use in production of goods. However till 1953 no country introduced VAT. In the year 1954 France introduced it and since then many countries have adopted this progressive
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TAXATION ASSIGNMENT TASK 1 UK Tax System. The taxation structure which any country imposes has a direct impact on its accumulation and redistribution of wealth within its economy. The UK tax system is administered by Her Majesty Revenue and Custom (HMRC) and comprises of a number of taxes. Tax is collected directly or indirectly. Direct taxation is based on income and profits made by an individual. With the direct taxation‚ the taxpayer pays his tax directly to the government. Examples of
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Hindu Undivided Family – A Tax Saving Tool G. Venkatesh Introduction Amid all the wide diversity there is a philosophy of underlying unity in India. Yet‚ at the dawn of freedom‚ the founding fathers of our nation chose to continue separate personal laws for its citizens based on their religious identities. This was despite the fact that the new constitution embraced secularism. While Hindus continue to be governed by the Hindu laws‚ Muslims follow the Mohammedan laws and so on. Personal laws
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the current economic crisis in the hopes to decrease the overly large amount of debt that has already been stacked up. The primary focus of this resolution? Tax increases. The United States government agrees that tax increases are the best solution today‚ and these are the most qualified minds of the nation. The United States should prioritize tax increases over spending cuts. To begin‚ my partner and I would like to define a couple of key terms of this resolution: The United States: Fifty federated
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Basic Concepts INTRODUCTION Tax is today an important source of revenue for governments in all the countries. It has become inevitable imposition because it has great potentials for raising funds for meeting the development and defence needs of a nation. DIRECT AND INDIRECT TAXES •Direct Taxes: A tax which is born and paid directly by the person on whom it is impose is a direct tax e.g.‚ Income Tax‚ Wealth Tax‚ Gift Tax‚ etc. It is directly paid by the tax payer to the government without any intermediary
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