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Taxation Managment

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Taxation Management ­ FIN 623
VU
MODULE 1
LESSON 1.1
AN OVERVIEW OF TAXATION
Before moving on to Taxation Management, we must know what taxes are:
General Understanding of Tax:
Literal meanings ----- Burden, Strain
The long journey would be too much of a tax on my father's strength.
I found they were taxing my patience by asking irrelevant questions.
Such a long rough journey would be very taxing for old man.
General Definition of Tax:
General compulsory contributions of wealth levied upon persons by the state, to meet the expenses
incurred in providing common benefits upon the residents.
Statutory Definition of Tax
Tax means any tax imposed under chapter II includes a penalty, fee or other charge or any sum or
amount leviable or payable under this ordinance.
Taxes Vs Fees:
Taxes are compulsory levy and it is the legal obligation of the person to pay the amount of tax
which is required to pay under the law, where as payment of fee is the discretion of any person and
when a fee is paid, the person becomes an entitled to claim counter benefits.
Taxes are important instrument of Fiscal Policy.
1
Table of Contents:
  1. AN OVERVIEW OF TAXATION
  2. What is Fiscal Policy, Canons of Taxation
  3. Type of Taxes, Taxation Management
  4. BASIC FEATURES OF INCOME TAX
  5. STATUTORY DEFINITIONS
  6. IMPORTANT DEFINITIONS
  7. DETERMINATION OF LEGAL STATUS OF A PERSON
  8. HEADS OF INCOME
  9. Rules to Prevent Double Derivation of Income and Double Deductions
  10. Agricultural Income
  11. Computation of Income, partly Agricultural,
  12. Foreign Government Officials
  13. Exemptions and Tax Concessions
  14. RESIDENTIAL STATUS & TAXATION 1
  15. RESIDENTIAL STATUS & TAXATION 2
  16. Important Points Regarding Income
  17. Geographical Source of Income
  18. Taxation of Foreign-Source Income of Residents
  19. Exercises on Determination of Income 1
  20. Exercises on Determination of Income 2
  21. SALARY AND ITS COMPUTATION
  22. Definition of Salary
  23. Significant points regarding Salary
  24. Tax credits on Charitable Donations
  25. Investment in Shares
  26. SALARY AND ITS COMPUTATION EXERCISES 1
  27. SALARY AND ITS COMPUTATION EXERCISES 2
  28. SALARY AND ITS COMPUTATION EXERCISES 3
  29. Tax treatment of Gratuity
  30. Gratuity Exercise
  31. PROVIDENT FUND
  32. Exemptions on Business income, Treatment of Speculation Business
  33. Deductions Allowed & Not Allowed
  34. Deductions: Special Provisions, Depreciation
  35. Methods of Accounting
  36. Taxation of Resident Company
  37. Taxation of Companies: Exercises
  38. Computation of Capital Gain
  39. Disposals Not Chargeable To Tax
  40. TAX RETURNS & ASSESSMENT OF INCOME UNIVERSAL SELF ASSESSMENT SCHEME
  41. Normal Assessment, USAS, Provisional Assessment, Best Judgment Assessment
  42. ADVANCE TAX COLLECTION & RECOVERY OF TAX PENALTIES & PROSECUTION
  43. What is Value Added Tax (VAT)?
  44. SALES TAX
  45. SALES TAX RETURNS