Taxation system in India 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. Value Added Tax (VAT), (Sales tax in States where VAT is not yet in force), stamp duty, State Excise, land revenue and tax on professions are levied by the State Governments
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transition. Changes in taxation both direct and indirect have been done to raise revenue. Expenditures for various sectors have been estimated and the overall impact on the economy has been explained. A comparison between the revised estimates of 1993-94 and alternative budget 1994-95 (Scenario IV) has been done. Finally, the critique has been given with the responses to the critique by Arun Kumar. THEORETICAL BACKGROUND Financing of economic development through taxation- Kalecki Assumptions:
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Accounting Week 1 homework • Chapter 1: Problem 1-1 a. Calculate the tax disadvantage to organize a U.S. business today as a corporation, as compared to a partnership, under the following conditions. Assume that all earnings will be paid out in cash dividends. Operating income (operating profit before taxes) will be $500,000 per year under either organizational form. The tax rate on corporate profits is 35% (Tc = 0.35), the average personal tax rate for the partners is also 35% (Tc=0.35), and
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SIX DEBATES over MACROECONOMIC POLICY SIX DEBATES over MACROECONOMIC POLICY ISSUES | YES | NO | 1. Whether or not monetary and fiscal policymakers should try to stabilize the economy | Advocates of active monetary and fiscal policy view the economy as inherently unstable and believe that policy can manage aggregate demand, and thereby, production and employment, to offset the inherent instability. When aggregate demand is inadequate to ensure full employment, policymakers should boost
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Financial Statement Analysis Apple Inc. Muhammad Khan DeVry University Class: Acct305: Intermediate Accounting III Professor: Jodi Krausman 02-10-2013 Table of Contents Scope 3 Profile 3 Taxes 4 Deferred Tax: 4 Temporary and Permanent Tax difference: 7 Provision for Income Tax Expense: 8 Carryforward and Carryback losses: 10 Defined Benefit Plan 10 Earnings per Share (EPS) 11 Share based compensation 13 Cash Flow Statement 14 Executive Summary 16 Works Cited 17
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from various government agencies. These, at times, may compel them to adopt a stringent method of monitoring and recording financial transactions to minimize these exposures. One of the strategies is to focus on particular risk areas including taxation. In doing so, professional managers and business owners may be compelled to maintain a separate set of records in addition to other financial records used internally. For as long as the objective of preparing a separate record is clean and without
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1 http://www.miteshk.webs.com TAXATION CHAPTER 1: INTRODUCTION The word tax is derived from a Latin word “Taxare “it means to estimate or value. The term tax to a common man means money paid to the Government out of compulsion without deriving any benefit directly by himself or his family members. As per taxation tax means statuary payment to be made b the public and imposed by the Government. Definition: As per Prof. Adams: ¾ From the Stand point of the state, a tax is source
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your learning and development needs. One hour of learning equates to one hour of CPD. We'd suggest that you use this as a guide when allocating yourself CPD units. IAS 12 uses a liability method and adopts a balance sheet approach to accounting for taxation. It accounts for the temporary differences between the accounting and tax bases of assets and liabilities rather than accounting for the timing differences between the accounting and tax consequences of revenue and expenses. IAS 12 adopts a full
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Introduction and overall performance Revenue is a term primarily used in the United States to describe the amount of money a company generates in a set period of time through the sale of products and/or services. Businesses often break revenue down by operating segment, department, geographic location and/or product/service line, among others. In government, revenue is derived from taxes, liens, licenses and other fees. Non-profit organizations broaden revenue classification to include donations
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Adjusted Present Value Normal NPV calculation: [pic] where, in a simple situation: [pic] Using debt for financing has a tax advantage in that interest payments are tax deductible. This tax deductibility is a source of value for the firm. In the normal NPV calculation, this additional value is accounted for in the WACC. However, in many cases the capital structure of the project may change over time. In other cases the tax rate faced by the firm may be expected to change over time
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