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 regardless of their business
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ICWAI Objective Type questions and Answers on Indirect Tax 1. Multiple Choice Questions (1) Excise duty can be levied on those goods which are a) Manufactured in India b) Sold in India a) Removed from the factory b) None of the above (2) Dutiable goods means a) Goods are subject to Central Excise duty b) Goods which are exempted from excise duty c) Non excisable goods d) Goods not at all mentioned in the Central Excise Tariff (3) Place of Removal under Central Excise means
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A school uniform is a specific design for clothing designated to be worn while attending academic classes at a school. The school context comprises grades one through twelve of public and private schools in the United States. Different schools and different grades within schools may have different uniforms‚ as determined by parents and school administration. In today’s society all public schools should require student uniform. These generations of school kids are more worried about how your hair
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of schools and getting school uniforms is going up and crimes in the buildings are going down. Bullying and crimes aren’t happening within the school. According to Should Students have to Wear School Uniforms ‚“When you have students dressed alike‚ you make them safer. If someone were to come into a building‚ the intruder could easily be recognized.” This statement shows that crime in school that make students wear uniforms has decreased. I think that school uniforms is an important attire to have
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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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What is the economic intuition and what are the concepts underlying deferred tax accounting? What goals/objectives are standard setters trying to achieve by requiring deferred tax accounting‚ compared to say‚ just having companies recognize tax expense as the cash paid (or at least currently owed) to the government? The economic intuition of deferred tax accounting is to account for the differences between the tax expense shown in the financial statements and the current taxes payable to the
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Multinational Tax Management • Tax planning for multinational operations is an extremely complex but important aspect of international business. • To plan effectively‚ MNCs must understand not only the intricacies of their own operations worldwide‚ but also the different structures and interpretations of tax liabilities across countries. • The primary objective of multinational tax planning is the minimization of the firm’s worldwide tax burden. Multinational Tax Management • Taxes have a major
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TAX HAVENS DEFINING Tax Havens • Def 1:A tax haven is a country or territory where certain taxes are levied at a low rate or not at all. • Def 2: Tax haven or fiscal paradise are terms used to refer to a jurisdiction which enables its foreign residents or companies to reduce their tax liabilities from their homelands. • Def 3: "What ... identifies an area as a tax haven is the existence of a composite tax structure established deliberately to take advantage of‚ and exploit‚ a worldwide
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students believe uniforms interfere with their first amendment rights. When wearing uniforms‚ students feel their creativity and ability to express themselves are being affected‚ when in fact uniforms may curb negative behavior associated with student dressing. This allows the student to focus on school work instead of being distracted by the clothing. In public school‚ especially in urban areas‚ there is the fear of gang-related activity‚ bullying‚ and school violence. When reading Uniforms in Public
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This essay is going to summarize the sources of modern income tax statutes‚ summarize the objectives of modern income tax statutes and compare and contrast generally accepted accounting principles. There are three sources of modern income tax statutes which are legislative‚ executive and judicial. In this paper only the legislative and the executive will be discussed. The Internal Revenue Code‚ which consists of statutory provisions relating to Federal taxation‚ only existed as individual revenue
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