Corporation – A separate legal entity that has an existence at law that is separable from those who form it. It is a separate legal entity in the sense that it has an existence at law‚ but no material existence. * It is separate and distinct from its shareholders * A properly authorized agent may bind the corporation in contract with third parties. * Shareholders possess limited liability for the debts of the corporation‚ and creditors may look only to the assets of the corporation to
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Concepts Of Tax Residential Status And Tax Incidence Concept And Calculation Of Tax Income Under The Head Salary FBT* And New Perquisites Income Under The Head House Property Income Under The Head Business And Profession Income Under The Head Capital Gains Income Under The Head Of Other Sources Clubbing Of Incomes Set Off And Carry Forward Of Losses Agriculture Income And Its Taxability Deduction From Gross Total Income Exempted Incomes Assessment Procedure Advance Payment Of Income Tax Tax Deducted
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Internal Revenue Code Section 351 permits shareholders of a corporation to defer recognition of a gain or loss on the transfer of assets to the corporation. The transfer of property may be made when a new corporation is formed or may reflect additional capital contributions to an existing corporation. Without Section 351‚ a sole proprietorship or a partnership would have difficulty adopting the corporate form of organization for legal and/or tax purposes because the transfer of appreciated property would
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What is Double Tax Avoidance Agreement (DTAA)? The “Double Tax Avoidance Agreement (DTAA)” or “Tax Treaty” is essentially bilateral agreements entered into between two countries‚ in our case‚ between India and another foreign state. The basic objective is to avoid taxation of income in both the countries (i.e. Double taxation of same income). Currently India has comprehensive DTAA or Tax Treaty with 84 other countries. Let’s take an example to understand how DTAA works; AnNRI residing in ABC
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Business Ethics The Corporation ‘The Corporation’ had a specific aim to portray the problems of not just one corporation‚ but corporations as a whole‚ as is evident from the beginning of the film as a multitude of big business logos flashed across the screen. The film proceeded to highlight the issues surrounding: globalization and consumerism‚ environmental pollution and disregard for the planet‚ unethical marketing‚ and dishonest media. Personally‚ I feel that I’m quite open-minded when it comes
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“SONNET 34” by Edmund Spenser Sonnet 34‚ which is included in a collection of poems known as “Amoretti” by Edmund Spenser‚ was published in 1595. Throughout this poem the speaker expresses feelings of depression and anguish because of the loss of his beloved. However‚ he is not pessimistic at all since he knows that his love for her will bring him joy once more. This poem is a Spenserian sonnet which is composed of three quatrains and a final couplet. The rhyme pattern is abab bcbc cdcd ee written
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Ashanti there were taxes like “assaseto” it was to raise revenue through direct tax so during the assembly of chiefs summoned at Cape Coast in 19th April 1852‚ the Governor Major Hill passed a Poll Tax Ordinance. The poll tax ordinance imposed tax of one shilling per head on each man‚ woman and child in the colony. The poll tax was to be collected by officers appointed by the Governor with assistance of the chiefs. This tax was intended for the establishment of schools‚ markets etc. It is also for the
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NAME: OGODETON KELVIN OKIEMUTE DEPARTMENT: ACCOUNTING 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
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* * Part A: Tax Avoidance and evasion Introduction According to Hyde (2010) tax evasion cost the UK treasury over £15 billion annually. This is approximately 3% of the total tax liabilities that individuals and organisations are meant to pay to the Her Majesty Revenue and Customs (HMRC). While an estimate of £25 billion is lost through tax avoidance annually (Murphy‚ nd). These are huge sums of money that could go a long way to help the government reduce the national deficit or could
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are again making history: for the past 15 years‚ we have been trying to reform the tax structure of imposing excise tax on tobacco and alcohol products. After 15 long years‚ we have finally succeeded.” “As the people’s servant‚ I shall personally ensure that this government shall implement the Sin Tax Reform Act of 2012 in a transparent and accountable manner starting Jan. 1‚ 2013‚” he said. Starting today‚ the tax on cigarettes packed by hand‚ which comprise the bulk of tobacco products sold in
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