setting up of unit. * Good imported/procured locally duty free may be utilized within validity period of LOP. (II) INCOME TAX * 100% Income Tax exemption under section 10A of the Income Tax Act‚ 1961 for first 5 years‚ 50% for 3 years thereafter to the SEZ units (for unit set up prior to 01-04-2005). * 100% Income Tax exemption under section 10AA of the Income Tax Act‚ 1961 for first 5 years‚ 50% for next 5 years and for next 5 years 50% of the profit if such profit is reinvested to the
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motorcycle brands‚ Singa and Harimau‚ determine the total of each brand sold in 2007. Interpret your results. (6 marks) c) A company has a taxable income of $312‚000. The federal tax is 25% of that portion that is left after the state tax has been paid. The state tax is 10% of that portion that is left after the federal tax has been paid. Find the company¡¯s federal and state taxes. (6 marks) 2 a) How do you know if a limit of a function exists?¡± Illustrate with a graph if necessary. (3 marks)
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Malaysian price and tax increases. Right at the centre is the controversial Goods and Services Tax at a flat 6%‚ revealed in the 2014 Budget announcement by Prime Minister Datuk Seri Najib Razak. We look at the facts of the GST and how it will impact the economy. PRO: A replacement tax‚ not an additional tax In all the arguing and debating about the GST‚ it’s worth noting that the GST replaces present consumption taxes – namely the SST‚ or sales tax (10%) and the service tax (6%). In theory‚ a
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had a fear that online purchasing would without tax would have catastrophic repercussions. It was stated in his article that online companies were not legally obligated to tax the consumer. However‚ since Sclove’s article sales taxes have been applied to purchases made online. With all of the complexities that surround the purchasing items on line with or without tax has become a bit clearer. In the article “States Make Push for Internet Sales Tax” As a result‚ generally only businesses with a
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the budgets on a federal‚ local‚ and state budget. The government’s finance team goes over the budget and decides how to distribute the funds. It is very important when distributing money from the tax payers funds. The tax payers money has to be used correctly or when reelection comes around the tax payers may not reelect the officials who used their funds inappropriately. Financial analysis tools used The tools used by an analyst is a financial percentages that will determine the profit‚ assets
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of Income Tax Clarified. Ratified 2/3/1913 What it is- The Congress shall have power to lay and collect taxes on incomes‚ from whatever source derived‚ without apportionment among the several States‚ and without regard to any census or enumeration. Reason for ratification- In 1895‚ in the Supreme Court case of Pollock v Farmer’s Loan and Trust (157 U.S. 429)‚ the Court disallowed a federal tax on income from real property. The tax was designed to be an indirect tax‚ which would
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excessive taxes‚ certain treatment for social classes‚ and never ending riots. One of the lovely and picturesque details that Paine paints is that “taxes are few.” Today‚ taxes are some of the biggest issues we have. Everything you will ever buy has a tax on it. There
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Corporation" tax status to avoid double taxation. In other systems‚ dividends are taxed at a lower rate than other income)(for example‚ in the US) or shareholders are taxed directly on the corporations profits and dividends are not taxed Double taxation is levying of tax by two or more jurisdictions on the same declared income (in the case of income taxes)‚ asset (in the case of income taxes)‚ or financial transaction (in the case of sales taxes). This double liability is often migrated by tax treaties
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important contributor for tax revenue. In fact‚ among the MNCs‚ their Indian arms have contributed more to parent entities than foreign counterparts because of the large market size and domestic consumption. This is one of the reasons why the government has never provided much direct incentives or benefits to this sector. From a tax perspective‚ FMCG sector has been constantly contributing at the highest rate to the government kitty‚ more so from the perspective of indirect tax on account of its nature
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Loans given to employees Rs. 10 lacs 11. Advance to suppliers Rs. 5 lacs 12. Advance from customers Rs. 3 lacs 13. Advance tax Rs. 150 lacs 14. Provision for tax – 30% basic tax ‚ 5% surcharge on tax and 3% education cess Income tax law does not allow to charge provision for doubtful debts as expense. Refer to Depreciation rate as per Income Tax Rules for income tax depreciation. Show journal entries ‚ Cash Book ( Bank Column only)‚ Trial Balance
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