...1/11/14 Indian Taxation and Corporate Laws » Customs Duty, basics, types and calculations Indian Taxation and Corporate Laws Updates on Indian Taxation and Corporate Laws knowledge by answering objective questions. Home Service Tax www.dateyvs.com/tax/customs-law-primer/customs-duty-basics-types-and-calculations/ 1/10 1/11/14 Indian Taxation and Corporate Laws » Customs Duty, basics, types and calculations Law Primer Tax Primer www.dateyvs.com/tax/customs-law-primer/customs-duty-basics-types-and-calculations/ 2/10 1/11/14 Indian Taxation and Corporate Laws » Customs Duty, basics, types and calculations Students Useful Sites For Corporate Laws For Taxation For Prime Institututions For Legal Information About Queries? www.dateyvs.com/tax/customs-law-primer/customs-duty-basics-types-and-calculations/ 3/10 1/11/14 Indian Taxation and Corporate Laws » Customs Duty, basics, types and calculations Customs Duty, basics, types and calculations Calculation of customs duty payable is as follows, w.e.f. 17-32012 Seq. Duty Description (A) Assessable Value Rs (B) Basic Customs Duty (C) Sub-Total for calculating CVD ‘(A+B)’ (D) CVD ‘C’ x excise duty rate (E) Sub-total for edu cess on customs ‘B+D (F) Edu Cess of Customs – 2% of ‘E’ (G) SAH Education Cess of Customs – 1% of ‘E’ (H) Sub-total for Spl CVD ‘C+D+F+G (I) Special CVD u/s 3(5) – 4% of ‘H’ (J) Total Duty (M) Total duty rounded to - Duty % Amount 10 12 2 1 4 Rs. 1,000 100...
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...TAXATION. Name: Institution: A) Effect of Taxation. Taxation is a system of levying taxes on various types of earnings, income and/or purchases. It is an essential part of a modern state whereby the government obtains revenue, which is used for provision of education, health care and living benefits to a range of its citizens (Sullivan 2003). The UK tax system has several incompatible objectives, for instance redistribution of income and wealth creation (through tax breaks). The government must take into account the issue of fairness in taxation, if it is to provide an acceptable tax system in the United Kingdom (Wales 2008). The social function of taxation is to ensure that there is wealth redistribution, in order to create a fair and harmonious society. According to Adam Smith, fairness in taxation promotes morality and equity in free market economics (Sullivan 2003). Fairness in taxation ensures that market failures are tackled. A fair tax regime ensures that the revenue collected is shared equitably and appropriately through judicious expenditure. According to Adam Smith, equity in taxation implies that the taxpayers pay taxes that are proportionate to their income, while the allocation of government resources does not adhere to this proportionality. A fair tax has the following four attributes: equity, efficiency, certainty and convenience. Equity ensures that the tax has a reasonable impact on the taxpayers. Equity is categorized into two forms: horizontal...
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...HISTORY OF FISCAL ADMINISTRATION AND THE THEORY AND PURPOSE OF TAXATION Introduction Fiscal Administration is not difficult to define. In simple terms, fiscal administration is the branch of economics that deals with the revenues and expenditures and their impact on the economy. It is the manner of collecting something from the constituents and spending it also for the constituents. And the exact definition according to http://www.wisegeek.com/what-is-fiscal-administration.htm, fiscal administration is the act of managing incoming and outgoing monetary transactions and budgets for governments, educational institutions, nonprofit organizations, and other public service entities. Constituents charge leaders, whether governmental or organizational, with establishing fiscal policy as part of their duties in relation to responsible fiscal administration. Fiscal policies are tools for the development of fiscal planning budgets, based on the receipt of anticipated funding. As fund disbursement in the form of payroll, purchases, or other expenses occur, management reports appropriate accounting information back to organizational leaders. Historical data, future revenue projections, and current budget demands determine needed adjustments. The entire process forms the basis for future fiscal administration decision making. Leaders of government, nonprofits, and other public service entities have a fiduciary responsibility to those who put them in office, individuals...
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...multiple-choice questions (five points each) totaling 80 points and 10 essay questions (17 points each) totaling 170 points for a grand total of 250 points. It is a 3.5-hour exam. There are some basic calculations involved, so a simple calculator may be useful. Showing your work will count towards your overall points, so make sure that your answer consists of more than just numbers. The Final Exam is cumulative. It covers all of the readings, lectures, threaded discussions, and homework assignments from Weeks 1-7. However, most of your preparation should focus on the following: 1. The assigned problems for Weeks 1-7 2. The threaded discussions from Weeks 1-7 3. Quizzes 1 and 2 4. The concepts that you learned in the You Decide Projects 1 and 2 Also, make sure that you review the following concepts and examples: TCO A: Demonstrate familiarity with the basic fundamentals and forms of taxation and the underlying policy considerations that drive the imposition of income and other taxes. 1. Schedule A tax deductions 2. U.S. Tax Court 3. U.S. District Court 4. Tax evasion TCO B: Illustrate the impact of taxation as a transaction cost, understand the importance and methods of research and planning to minimize tax liability, and describe the framework for tax compliance. 1. Taxation of corporations--Review Problem 14-5. 2. Schedule A charitable contributions and limitations 3. Forgiveness of debt-taxable and nontaxable TCO C: Understand and apply concepts and...
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...points each), totaling 80 points; and 10 essay questions (17 points each) totaling 170 points, for a grand total of 250 points. It is a 3.5-hour exam. There are some basic calculations involved, so a simple calculator may be useful. Showing your work will count towards your overall points, so make sure that your answer consists of more than just numbers. The Final Exam is cumulative. It covers all of the readings, lectures, threaded discussions, and homework assignments from Weeks 1 – 7. However, most of your preparation should focus on the following: 1. The assigned problems for Weeks 1 – 7; 2. The threaded discussions from Weeks 1 – 7; 3. Quizzes 1 and 2; and 4. The concepts that you learned in the You Decide Projects 1 and 2. Also, make sure that you review the following concepts and examples. TCO A: Demonstrate familiarity with the basic fundamentals and forms of taxation and the underlying policy considerations that drive the imposition of income and other taxes. 1. Schedule A Tax Deductions 2. U.S. Tax Court 3. U.S. District Court 4. Tax Evasion TCO B: Illustrate the impact of taxation as a transaction cost, understand the importance and methods of research and planning to minimize tax liability, and describe the framework for tax compliance. 1. Taxation of Corporations--review Problems 14-52 2. Schedule A Charitable Contributions and Limitations 3. Forgiveness of Debt-Taxable and Nontaxable TCO C: Understand...
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...INDIRECT TAXATION, IS IT GOOD OR BAD? Imposing Taxation is not bad after all because this is one way how government raises income or revenues to be used for the expenses of the government. Thus; a good taxation process is a foundation of the country’s economic status. Indirect taxation, levied on articles of consumption, has this great advantage,—that the consumer has the power of taxing himself or avoiding taxation as he pleases, and government has the satisfaction of knowing that he generally pleases to tax himself to the full extent of his means. Any man may regulate his expenditure as he thinks proper, and he has only to pay indirect taxes in proportion to his expenditure. This privilege of self-taxation is so highly prized, that the proposal to do it away by the imposition of an income tax, constitutes to many minds a valid and insurmountable objection to a tax which would press in an equal ratio on all, without regard to those just and rational motives by which men regulate their expenditure, and, as a consequence, the amount of their indirect taxation. We have seen that the advantages of indirect taxation are, that it is voluntarily imposed by each individual on himself; that he can increase or diminish it as his private circumstances require; that government rather gains, than loses, by allowing this liberty of self-taxation, as, in general, men tax themselves to the full extent of their means. Indirect tax collected by manufacturer from distributor and distributor...
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...Income Taxation (2009 Edition) Chapter 1 True or False 1-1 1. True 2. False. Taxation covers person, properties, rights and transactions. 3. False. Person in taxation includes the concept of partnership, corporation, estate and trust. 4. True 5. False. Taxation as a legislative process is under the power of the legislative body, the Congress. 6. False. Taxation is the primary source of government revenue. Usually, the government resorts to borrowing if taxes collected are not sufficient to defray its budgetary requirements. 7. True 8. True 9. False. Basically, taxes imposed are based on the ability of the taxpayer to pay. 10. False. It is the primary obligation of the state to protect all the constituents regardless of whether they pay or not their tax liabilities. True or False 1-2 1. True 2. True 3. True 4. True 5. True 6. False. The President cannot delegate the power of taxation, since taxation is not vested in the President. Taxation is vested in the legislative body. 7. False. Taxation cannot be separated from the state. The moment a state exists, taxation also exists. 8. False. The making of tax law is undertaken ahead of the collection of taxes. 9. False. Levying refers to the making of tax laws. 10. False. Only the legislative body, the Congress, can grant tax exemptions. True or False 1-3 1. False. It is the legislative branch of the government that is vested with the power of taxation. 2. False...
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...The tax system for real estate in the United States is broken down into three parts including acquisition, ownership, and disposal. 1.Parts related to acquisition The basic idea regarding real estate acquisition tax in the United States does not stray far off from the taxation on general goods. The tax base uses the real transaction price as the standard and the latest transaction time as the standard and is put through relative evaluation regarding depreciation or the amount of appreciation, after which the tax is imposed based on the actual price. Various relationships of rights, for example debt and etc. if one only takes in financial factors into consideration, has a direct effect on the real estate price and ultimately also effects the taxation. Generally, such acquisition price becomes the actual payment amount during real estate acquisition but in cases in which real state is acquired through Like Kind Exchange method, the new real estate standard price is as follows; if there was additional receipt of separate cash in addition to the book value of the real estate already in possession, it is the amount with the deduction of the same, and if cash or other values were paid in addition, it is the amount with the addition of the same. Furthermore, during the purchase of real estate, if the purchase was completed on the condition of assumption of existing debt on the acquired real estate, the acquisition cost is the sum of cash price actually paid and assumed debt. 2...
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...com/india/EDasks- for-CWG-broadcast-contract-details/articleshow/6904772.cms] , Bhalla Monish "Unprofessional Service Tax rules for certain professionals" on 04 November 2010 [http://www.caclubindia.com/articles/unprofessional-servicetaxrules-for-certain-professionals-7363.asp] , CA. Mohan Rajat "GST recent developments" [http://www.caclubindia.com/articles/gst-recent-developments-5308.asp] , Singh Kumar Dheeraj "Historical Background of VAT" [http://www.caclubindia.com/articles/historical-background-of-vat-1716.asp] , By Mahony,Megan , Journal of State Taxation. Nov/Dec 2012 Vol 31 Issue , P 15-18 4P- An recent activity related to sales Tax , By Piquado ,Paul , Federal register 10/22/2012, Vol 77 Issue 204 P 64468-64471- Circular welded carbon - Quality steel pipe from India :final affirmative countervailing duty determination , Journal of Financial service professionals Nov 2012 , Vol 66 Issue 6 P8-10, 3 P , Title Indirect Taxation Students guide on indirect taxes Author Balachandam,V Bangar,Yogendra & Bangar Vandana Edition 11th 1st Year 2012 2012 Publisher Name SULTAN CHAND & SONS ABS...
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...Income Taxation (2009 Edition) Chapter 1 True or False 1-1 1. True 2. False. Taxation covers person, properties, rights and transactions. 3. False. Person in taxation includes the concept of partnership, corporation, estate and trust. 4. True 5. False. Taxation as a legislative process is under the power of the legislative body, the Congress. 6. False. Taxation is the primary source of government revenue. Usually, the government resorts to borrowing if taxes collected are not sufficient to defray its budgetary requirements. 7. True 8. True 9. False. Basically, taxes imposed are based on the ability of the taxpayer to pay. 10. False. It is the primary obligation of the state to protect all the constituents regardless of whether they pay or not their tax liabilities. True or False 1-2 1. True 2. True 3. True 4. True 5. True 6. False. The President cannot delegate the power of taxation, since taxation is not vested in the President. Taxation is vested in the legislative body. 7. False. Taxation cannot be separated from the state. The moment a state exists, taxation also exists. 8. False. The making of tax law is undertaken ahead of the collection of taxes. 9. False. Levying refers to the making of tax laws. 10. False. Only the legislative body, the Congress, can grant tax exemptions. True or False 1-3 1. False. It is the legislative branch of the government that is vested with the power of taxation. 2. False...
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...than other forms. The disadvantage that the business life ends by the death of the owner, and it’s hard to transfer the ownership of this form and it’s hard to raise the capital of this form of business, as the financing options for this form depending on entrepreneur equity contributions, lease and debt financing (ENTREPRENEUR, 2014). In partnerships, partners come together to manage a business through an agreement that determines the capital, the contribution of each partner in the capital, the role of each partner in the partnership, and the agreement can determine and extending the life of the partnership in case he founders leave. There are two types of partnerships: General and limited partnership. General Partnership has the same basic advantages and disadvantages as a sole proprietorship. A key disadvantage is that all partners have unlimited liability for the partnership's debts and actions, regardless of what portion of the business they own or...
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...Chintan S. Jain |307 / B – 2, Jay Radheshyam CHS, | | |Dr. R. P. Road, |+91 9819635698 / 8879575482 | |Dombivli (E) |chintanjain15@gmail.com | OBJECTIVE:- To be a part of organization where I can enhance my knowledge in the field of Taxation and expecting reward for loyalty, honesty, and hard work by providing growth, opportunities and necessary infrastructure that could contribute to the success of the organization. |Educational Background | 1) Professional Qualification |Stages |Year |Institution |Results | |Chartered Accountancy | |Final Group-2 |May.2013 |I C A I |50% | |Final Group-1 |Nov 2012 |I C A I |53% | |P. C. E. |Nov. 2009 ...
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...OUTLINE CHAPTER ONE: INTRODUCTION A. Introductory Statement B. Statement of the Problem C. Significance of the Study D. Theoretical Framework E. Scope and Limitation F. Review of Related Literature CHAPTER TWO: JOHN RAWLS PHILOSOPHY A. Biography of John Rawls CHAPTER THREE: PHILIPPINE TAXATION A. Concept of Taxation B. Nature of Taxation and Its purpose C. Concept of Income Taxation D. Purpose of Taxation E. Current Uses of Taxation CHAPTER FOUR: SOCIAL JUSTICE IN TAXATION A. Social Justice B. Principles of Justice C. Well Ordered Society D. Original Position E. Veil of Ignorance F. Civil Disobedience CHAPTER FIVE: CONCLUSION CHAPTER ONE: INTRODUCTION A. INTRODUCTORY STATEMENT The works of John Rawls was basically centered on justice as depicted on his work “Theory of Justice” and “Political Liberalism. John Rawls is considered to be one of the most influential philosophers during his time as he specialized in the concept of justice and fairness as a tool for attaining social justice in the society. His works received various criticisms since it may be viewed as unrealistic but though it may be criticized, his works are one of the influential and most bought book and already translated in various language to be used as curriculum in philosophy classes. Rawls differentiate the concept of justice and fairness as he tried to show that the idea of justice is fairness and...
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...What is Taxation? Taxation defined in the Essentials of Jamaica Taxation, 3rd edition volume 1 state,’ it is a form or another which has been levied on citizens from ancient times.” Further reading also suggests that taxation is a compulsory contribution to state revenue, levied on individuals and businesses by the government. Taxes are deemed a necessity by its government in order to provide infrastructure such as roads, hospitals, welfare programs, national security, pensions and aid in the government’s legal and financial legislation. The Encyclopaedia Britannica states that the purpose of taxation is for Redistribution - transferring wealth from the richer section of society to the less fortunate, Repricing - which is tax imposed on goods and services that are considered hazardous to our health such as tobacco, bleaching products and alcohol; and Representation - which indicates that the citizens demand accountability from their government. Taxation Structure Seventeenth-century French statesman Jean-Baptiste Colbert expressed that “the art of taxation is the art of plucking the goose so as to get the largest possible amount of feathers with the least possible squealing.” Today’s economists have rather different ideas of what constitutes a good tax system. There is a popular belief that a tax system should follow two main principles: fairness and efficiency. Scottish economist Adam Smith laid out these principles in his landmark treatise The Wealth of...
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...huge expenses such a war. Since then the British tax system has developed in a largely ad hoc and politically expedient method’’. Amendments have been made to the existing tax systems, usually when the government required more funds. Little if any planned or integrated thinking seems to have taken place. According to the Adam Smith Institute, Great Britain has the most complex tax system in the world, which is largely believed that is roughly five times as long as the German tax code (Geraint Jones, 2011) Currently, governments request to use taxation in some situations for purposes which is different than raising funds to cover up its expenditure. To begin with, the economic resources, which are accessible for the nation are limited, thus a raise in government spending usually leads to a decrease in private expenditure. In addition to this, one technique of transferring recourses from the private to the public sector is the use of taxation, but there are also further methods. One of these alternative methods is the degradation of the currency through the creation of additional money, but the main problem of this method is that it leads to inflation. Moreover, an additional alternative option is for the government to charge the goods and services it offers. However, it is not possible to charge individuals directly on the basis of their utilization of many government services (James and Nobes, 2011). According to Musgrave (1959), the economic function of government may be separated...
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