Income Tax Essay Examples

Essays on Income Tax

Income tax
Words • 76
Pages • 1
Income tax is the major source of income for the federal government. The Income tax is collected from both individuals and companies. Calculation of Income tax is done by finding out the taxable income by applying the allowable deductions on the total gross income and is collected annually.  But the treatments of individual and corporate income taxes are different on several counts. The following table shows the differences between the two on various criteria. (more…)...
Black MoneyFinanceIncome TaxTaxTaxation
Double Taxation Law in India
Words • 825
Pages • 4
DOUBLE TAX AVOIDANCE AGGREMENT SECTION 90 OF INCOME TAX 73 India has comprehensive Double Taxation Avoidance Agreements (DTAA ) with 79 countries. This means that there are agreed rates of tax and jurisdiction on specified types of income arising in a country to a tax resident of another country. Under the Income Tax Act 1961 of India, there are two provisions, Section 90 and Section 91, which provide specific relief to taxpayers to save them from double taxation.Section 90 is for…...
FinanceIncome TaxIndiaLawTaxTaxation
Comparison of Amgen and Gilead Companies
Words • 666
Pages • 3
Both Amgen and Gilead are fully disclosed the income tax information according to GAAP requirements. Both companies recorded income tax in financial statement such as income statement and specified the detailed components of income taxes. Amgen recorded income tax based on pretax income, applicable tax rate and tax planning opportunities available in various jurisdictions. Gilead’s income provision was computed under liability method. Both companies is using single-step format and specified the operating income, but Amgen was recorded in millions while…...
CompanyComparisonFinanceFinancial StatementIncome TaxTax
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Federal Income Tax
Words • 3596
Pages • 15
ABSTRACT: Of late, tax reform is the main subject widely debated in all the corners of the US. As an alternative to the existing federal income tax system, there are many proposals such as “reduction of tax rates, broadening of tax base, reducing tax to GDP ratios, flattening of tax structure “.  The Flat rate tax system is a viable alternative to the existing tax system as it offers more advantages. This research paper mainly looks into the various advantages…...
Income TaxTaxTax Evasion
The FPL Group
Words • 928
Pages • 4
The FPL Group was Florida’s largest electric utility group and the fourth largest in America. The FPL Group had annual revenues of exceeding $5 billion. Florida Power & Light Company, the main subsidiary of the FPL Group had 3.9 million customer accounts and covered a service area that included six of America’s ten fastest growing metropolitan areas. a. Summarize the key elements of FPL’s financial policy and compare it with other relevant firms. We are commenting on FPL’s financial policy…...
EconomicsFinanceFinancial MarketsIncome TaxMicroeconomicsMoney
Income Tax Planning Wrt Individual Assesee
Words • 327
Pages • 2
This Income Tax Planning in India with respect to Individual Assessee MBA Project covers the basics of the Income Tax Act, 1961 as amended by the Finance Act, 2007 and broadly presents the nuances of prudent tax planning and tax saving options provided under these laws. Any other hideous means to avoid or evade tax is a cognizable offense under the Indian constitution and all the citizens should refrain from such acts. Need for Study In last some years of…...
EconomyIncome TaxTax
Tax Evasion
Words • 4759
Pages • 20
Tax Avoidance and Evasion are some of the most perplexing problems facing the nation today. It is widely believed that there is a considerable difference between estimated revenue from taxation every year and what is actually collected. This disturbing aversion to taxation has some historical antecedents. Traditionally, there has always been a hostile response to the payment of tax by the people who viewed tax collectors as a nuisance to the society. And for the few that paid tax, they…...
Income TaxLoanTaxTax EvasionTaxation
Role of Income Tax
Words • 301
Pages • 2
The contribution of income tax is playing a pivotal role in the economic development of Bangladesh Development of Bangladesh has taken various measures to modernize the tax system. “Tax is an expense which is payable by an individual on the basic of his or her level of income” In general tax is imposed earning capacity. In 1984 an industrial enterprise established prescribed within prescribed time limit in the prescribed area shall be exempted from tax for certain period. The main…...
EconomyFinanceIncome TaxInvestmentTax
Sole proprietorship
Words • 3618
Pages • 15
Sole proprietorships are the most common type of business in the U.S. They are most commonly chosen because they are the easiest type of business to set up and give the sole owner of the company complete control of the company. There are many benefits to a sole proprietorship in regards to control, profit retention, and convenience. In regards to control, the owner of a sole proprietorship has the final say in any decisions. Due to the fact that there…...
BusinessCompanyCorporationIncome Tax
Tax Planing – nature and forms of Business, Sec 10A of income Tax Act of 1961
Words • 3997
Pages • 16
Tax Planning is an exercise undertaken to minimize tax liability through the best use of all available allowances, deductions, exclusions, exemptions, etc.. to reduce income and/or capital gains. Tax planning can be defined as an arrangement of one's financial and business affairs by taking legitimately in full benefit of all deductions, exemptions. allowances and rebates so that tax liability reduces to minimum. In other words, all arrangements by which the tax is saved by ways and means which comply with…...
BusinessDebtIncome TaxLoanNatureTax
Economic Crisis and Response in the Philippines
Words • 4757
Pages • 20
The Global Economic Crisis pulled countries down from around the globe to a recession. Wide-ranging declines in many aspects of growth characterize the overall impact it had had on the global scale. Following the Asian economic crisis in 1997, the present global economic crisis imposes new challenges to the Philippines as a developing country. Following are expositions of the macroeconomic impacts of the crisis in the Philippine setting, its implications in the prevalent poverty scenario, and policies and programs undertaken…...
Economy CrisisFinanceIncome TaxNational DebtPhilippine GovernmentPhilippines
Case 33
Words • 396
Pages • 2
1. In what ways can Susan Collyns facilitate the success of CPK? - repurshasing company shares through debt financing, since the price of the shares declined by 10%. The view is that a strong balance sheet would maintain the borrowing ability needed to support CPK’s expected growth. - increasing international franchises and expand the agreement with Kraft Foods throught a strong partnership. Kraft Foods| International Franchises| * 95% pretax margin * obliged to spend 5% of gross sales on marketing…...
BusinessFinanceIncome TaxMarketing
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