MANAGEMENT Financial Management Value Added Tax; Goods and Service Tax ABDOLMABOOD FOOLADIVANDA | MH101017 | Prepared for Prof. Dr. Melati bt Ahmad Anuar April‚ 2011 1. Introduction VAT is a system in which the tax is collected on the value added to the goods at each stage of sales. The dealer selling the goods collects tax on the full price at which he sells the goods. At the end of a tax period he reduces from the tax so collected by him‚ the tax which has been charged to by the dealers
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TOPIC:- GOODS AND SERVICE TAX ---AN EFFORT TO REDUCE DISPARITY SUBMITTED TO MR.VISHVAS CHAKRANARAYAN. SUBMITTEDBY SABA MASOD ROLL NO:- B43 SECTION:- SM1001
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Income Tax Is not one Tax but an Aggregation Of Taxes Tax is a fee charge by the Govt. on any product income or activity. Taxes in India are of two types‚ Direct Tax and Indirect Tax. Direct Tax‚ like income tax‚ wealth tax‚ etc. are those whose burden falls directly on the taxpayer. The burden of indirect taxes‚ like service tax‚ VAT‚ etc. can be passed on to a third party. Income Tax is all income other than agricultural income levied and collected by the central government and shared
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The estate tax in the United States is the tax made upon transfer of the taxable property of a deceased. It is also called inheritance tax. Such estate may include property inherited via a will‚ life insurance benefits to beneficiaries‚ securities‚ trusts‚ annuities‚ corporate or business interests and other assets. It consists of an accounting of all assets and its interests at the time of a person’s death. HISTORICAL OVERVIEW For the past 90 years throughout the history of America‚ the federal
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bonds‚ permits and entries Bonds are like insurance. These are promises or declarations that in case of non-performance the bond shall be taken by the beneficiaries. In the tax of tax fraud the bond referred to here are actually non-existent and are never enforceable in the tax authorities decide to exercise the right to take the bond such as failure to pay an installment on a tax deficiency or tax return. Another criminal offense is the declaration that there are already permits that the taxpayer
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7/24/96) 78 AFTR 2d ¶ 96-5171 | Conclusion: | Because there is a lack of substantial authority surrounding the specific treatment of frequent flyer miles‚ Latrell is not required to recognize any part of the $1200 ticket to Milan as income. | Analysis: | IRC sec. 61 gives a broad definition of gross income‚ and what should be included/excluded. IRC sec. 61 states that “all income from whatever source derived”‚ followed by a list of items included in gross income‚ but not limited to those items
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In February 2011‚ Australian federal government announced a framework to implement a Carbon Tax from July 1‚ 2012 has triggered an intense controversy among the Australian citizens. The term “Carbon tax” refers to an environmental tax that polluters will pay per ton of carbon they release into the atmosphere. This essay will argue that carbon taxes should not be introduced in Australia due to inefficacy‚ financial burdens and better actions to protect environment. First of all‚ implementing
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result of poor estate planning. If an executor needs an analysis pad to figure out a distribution involving many beneficiaries‚ the estate plan has the following flaws: 1) There are too many beneficiaries in the estate plan. 2) The estate plan has a complicated distribution formula. In the article The Estate Income Tax Returns: Execute the Plan‚ calculating the distribution written in the will forced me‚ as executor‚ to use an analysis pad‚ then an excel spreadsheet. The distribution formula
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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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TAX STRUCTURE IN INDIA Introduction: India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies taxes on income (except tax on agricultural income‚ which the State Governments can levy)‚ customs duties‚ central excise and service tax. The Tax Structure in India is quite strong and follows the financial year. The taxation under the tax structure in India is applicable for any kind of income pertaining
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