Definition of Tax “Taxes are compulsory payment to government without expectation of direct return in benefit to the tax payer” According to section 2 (62) of the ITO (Income Tax Ordinance) 1984: “Tax means the income tax payable under ordinance and includes any additional tax‚ excess profit tax‚ penalty‚ interest‚ fees or other charges leviable or payable under this ordinance.” Characteristics of Tax i. Tax is a payment to the government by the people. ii. Payment of taxes is non-penal
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PERSONAL COPY/ NOT FOR SALE OR CIRCULATION (Session 2012-13) INTRODUCTION HISTORY OF INCOME-TAX: 1. India’ trust with income tax dates back to 1859 when James Wilson‚ Finance member in the Council of India‚ came to the country to establish the tax structure‚ a new paper currency and to remodel the finance system. 2. A bill imposing tax on profits from property‚ professions‚ trades and offices was passed by the Legislative Council of India. It received the assent of the Governor General on July
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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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COURSE CODE: ACC325 (ASSIGNMENT) MATRIC NO: 09AA08569 TOPIC: ‘Income tax is one of the major sources of revenue for all government in Nigeria and it is a factor to be recon with in both the state and the Federal Government body….It is an enforced contribution of money enacted pursuant to legislative authority….Analyze the importance and the problems of TAXATION and the way forward in Nigeria………….’ INTRODUCTION Income taxes provide the largest single source of government revenues in most
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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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Form 2106 Department of the Treasury Internal Revenue Service (99) OMB No. 1545-0074 Employee Business Expenses ▶ 2011 ▶ See separate instructions. Attach to Form 1040 or Form 1040NR. Your name Occupation in which you incurred expenses Trudy Santiago Attachment Sequence No. Social security number Senior Dental Hygienist Part I 123 45 129 6788 Employee Business Expenses and Reimbursements Column A Other Than Meals and Entertainment Step
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Ch. 12 Taxable Income and Tax Payable for Corporations I. Calculation of Net Income For Tax Purposes and Taxable Income - Corporations follow the applicable ordering rules of Section 3 in computing NITP Net Income for Tax Purposes Less: Div C deductions Taxable Income Most of the Div. C deductions for corporations are DIFFERENT from the Div. C deductions for individuals. Div C deductions for Corporations: 1. Charitable
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Latar Belakang Investasi jalan tol merupakan salah satu sumber penerimaan penting bagi pemerintah untuk dalam hal penerimaan Anggaran Penerimaan Belanja Negara (APBN). Dalam hal ini salah satu perseroan yang melaksanakan pembangunan jalan tol ini ialah PT. Jasa Marga‚ Tbk. Jenis penerimaan yang didapatkan pemerintah dapat berbentuk pajak‚ yang berupa PPN konstruksi‚ PPN pembebasan tanah‚ PPN kegiatan operasional‚ PBB jalan tol‚ Pajak Penghasilan‚ Pajak perseroan‚ Dividen Jasa Marga‚ residual
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[pic] [pic] Project submitted in partial fulfillment for the award of degree [pic] DECLARATION I hereby declare that this project report titled‚ Income Tax Planning in India with respect to Individual Assessee submitted by me to the Department of Business Management of XXXXX‚ is a bonafide work undertaken by me and it is not submitted to any other University or Institute for the Award of any degree diploma/certificate or published any time before. Date: (XXXX) ACKNOWLEDGEMENT A
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47% of Americans did not pay income tax in 2012. In 2007‚ before the economic downturn‚ 40% of households did not owe federal income tax (Lehnardt 1). Under those circumstances‚ lowering income tax will bring in more jobs‚ thus making it easier for Americans to gain wealth. Since the 1970s‚ tax development has always been a big problem from than to present day. “Tax benefits were [taken away] in 1986‚ [were] prices dropped and many lost money” (Reed 32). Without these tax benefits‚ American’s would
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