INCOME TAX NOTES Residential Status and Incidence of Tax According to Section 5 of the Income Tax Act the scope of total Income of an assessee depends on his residential status.On the basis of residential status assessee are classified under the following two categories: 1. Resident 2. Non-resident. As per as resident individuals and Hindu Undivided Families are concerned‚ they can be further divided into two categories: 1. Ordinarily Resident 2. Not ordinarily Resident. Residential
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EXEMPTIONS/AMENDMENTS IN/WITHDRAWAL OF EXISTING EXEMPTIONS Rate of service tax restored to 12% As per section 66‚ the charging section under earlier regime‚ rate of service tax was 12% of the value of taxable services. However‚ the rate of service tax was reduced to 10% vide Notification No. 8/2009 ST dated 24.02.2009. With effect from 01.04.2012‚ Notification No. 02/2012-ST dated 17.03.2012 rescinded the said notification and the rate of service tax was restored to 12% for the period between 01.04.2012 to 30.06
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MEMORANDUM To: S. Partner‚ C.P.A. From: Nicole J. Badalamenti‚ J. Accountant Date: August 27‚ 2012 Subject: Mr. B. Potato I FACTS Mr. B. Potato‚ a wealthy real estate investor‚ recently purchased a house on a parcel of land for $400‚000. The house was appraised at a value of $300‚000 and the land had an appraised value of $100‚000. Mr. Potato plans to tear down the house and replace it with a new house worth $1‚500‚000 with the intentions of living in
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that it contains. (A. Mason‚ et.al‚ 2013). Sewage treatment is the process of removing the elements or component of sewage to produce liquid and solid suitable for discharge to the environment or also to be use. Treatment processes can be divided into two treatments‚ which
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Home remedies for hair loss that actually work! Every day‚ you probably lose anywhere between 50 to 100 strands of hair which is perfectly normal‚ say dermatologists. It is when the hair loss exceeds this figure that we begin to notice thinning of hair or bald patches – a condition known as alopecia. Most people are likely to experience hair loss in their 30s because at this time‚ hormonal change‚ stress and an unhealthy diet take their toll. Besides trying to correct these factors‚ adopting a
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Ninad J Panchakshari Mcom. FCA‚ Nashik What is Tax Planning? Tax planning is an essential part of your financial planning. Efficient tax planning enables you to reduce your tax liability to the minimum. This is done by legitimately taking advantage of all tax exemptions‚ deductions rebates and allowances while ensuring that your investments are in line with your long-term goals. However in a broader sense tax planning is not to save the tax for current financial year but also make an effective
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rules. Nowadays‚ nevertheless‚ the payment of zakat has become issue to the payers. Basically‚ the payers in Malaysia have an obligation to pay zakat as well as income tax. Although the zakat payers may receive deduction of tax payment due to zakat amount‚ there are some thought that their obligation to pay is on income tax while zakat in only a voluntary form to the individual. As a result‚ some of them refuse to pay zakat regardless of their religion rules. In a nutshell‚ the issue would rise
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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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Prevention & Treatment Wearing UV-protecting sunglasses and regular intake of antioxidants may slow the development of cataracts. N-acetylcarnosine eye drops is topical non-surgical treatment of cataracts‚ which can improve transmissivity and reduce glare sensitivity. The most common types of surgical treatments include intracapsular cataract extraction (ICCE)‚ Extracapsular cataract extraction (ECCE) and phacoemulsification (Phaco). Surgical removal is more effective for stopping cataract formation
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Impact Restraints have on Children in Residential In-Patient Treatment 1. Introduction There have been many concerns regarding the use of physical restraint among children in residential and psychiatric in-patient treatment facilities. Many have debated the use of physical restraints among children as being dangerous‚ causing trauma or re-traumatizing a child‚ unethical‚ and taking away the legal rights of children. They have argued that the potential dangers within the practice of
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