The major positives are the proposals to abolish Fringe Benefit Tax (FBT), Commodities Transaction Tax (CTT) as well as to phase out surcharge on income tax starting with its elimination in this Budget from personal income tax. Another significant benefit is the clarification on taxation of Limited Liability Partnerships (LLPs). This synopsis prepared by the tax team of ALMT Legal summarises some of the important direct and indirect tax proposals that were made by the Finance Minister in his Budget
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PART TWO: ANALYSIS REPORT Education becomes more effective when there is a combination of theory and practical knowledge. Theoretical knowledge achieved perfection with the implication of practical knowledge. The internship program can combine theoretical knowledge with practical situation. A practical orientation program is really essential for a student as our educational system is mostly text based. Professional experience is very important to be established. In this situation I got a bit
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FEDERAL TAX LAW SOLUTIONS TO PROBLEM MATERIALS DISCUSSION QUESTIONS 1. (LO 1) When enacting tax legislation, Congress often is guided by the concept of revenue neutrality so that any changes neither increase nor decrease the net revenues raised under the prior rules. Revenue neutrality does not mean that any one taxpayer’s tax liability remains the same. Since this liability depends upon the circumstances involved, one taxpayer’s increased tax liability could be another’s tax saving.
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thereby be subject to public scrutiny. In addition, for the purposes of VAT, the tax authorities shall expect the company to submit monthly tax return filings and make tax account payments as well as filing annual tax returns. Employers also have to pay payroll taxes. A business entity does not require the owner’s physical presence; the incorporation in itself constitutes a permanent establishment for the purpose of any tax treaty. However, if the employer wishes to employ staff, it is a requirement to
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Memorandum to File Date: September 29, 2013 From: Teresa Roldan Re: The amount included in gross income Facts The facts, as I understood them, is that Lester Machine shop leases a building from William and needs the building rewired which will cost $4000. William and Lester agreed that he would forgo one rent payment of $1000 if Lester pays for the wiring. Issues Does William include the $1000 that he is forgoing in his gross income? Applicable Law Section 109 addresses improvements
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legal, regulatory and tax advice coupled with industry expertise in an integrated manner. We focus on niche areas in which we provide significant value and are invariably involved in select highly complex, innovative transactions. Our key clients include marquee repeat Fortune 500 clientele. Our practice areas include Mergers & Acquisitions, Private Equity Investments, Corporate & Securities Law, Competition Law, JVs & Restructuring, International Tax, International Tax Litigation, Litigation
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http://indiabudget.nic.in) • • • • • • • • • • • • • Economic Survey (presented before the Budget) Annual Financial Statement Budget at a Glance Budget Speech Budget Highlights Action Taken on Budget Speech Receipts Budget Finance Bill Explanatory Memorandum Appropriation Bill (vote on account before 31 March) Demands for Grants (Expenditure budget) FRBM Act, 2003 Statements Detailed Demand for Grants Budget Documents
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M E M O R A N D U M TO: Gail B. Wright, DBA, CPA FROM: Sara Torocco and Rexhina Elezi RE: Federal Budget Proposals DATE: October 2, 2012 This memorandum analyzes the federal budget proposals currently being debated. Detailed information related to the components of budgets is also provided. Focusing mostly on the issue of Medicare, this memo identifies how Medicare will change in future years. The following compares and contrasts the overall budgets and Medicare budgets for each
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EM695 Research Paper by Jason R. Howe Submitted to Dr. Muhammad Ahmed Eastern Michigan University in partial fulfillment of the requirements for Seminar EM 695 December 2012 Ypsilanti, Michigan Academic Integrity Statement Eastern Michigan University Conduct Code and Judicial Structure for Students and Student Organizations Academic dishonesty 1. Students are not to engage in any form of academic dishonesty including, but not limited to, plagiarism, alteration of records
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Tax Research Exercise 1 1) 147(c)(2)(C)(iii)Insolvent farmer.—For purposes of clause (i), farmland which was previously owned by the individual and was disposed of while such individual was insolvent shall be disregarded if section 108 applied to indebtedness with respect to such farmland. 2) Federal Tax Regulations, Regulation, §1.351-1., Internal Revenue Service, Transfer to corporation controlled by transferor Click to open document in a browser | Reg. § 1.351-1 does not reflect
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