the question of whether a business is‚ or would be trading‚ is decided initially by the owner itself. However‚ sometimes it is difficult to decide if the activities would be assessed to income tax or not. Badges of trade are important because can help analyse if the transaction should be taxed per Income Tax principals. First badge‚ called subject matter of the transaction‚ aim to analyse the natures of the goods involve in a transaction. That can help establish if the transaction is an investment
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ABSTRACT This paper examines the Tax Implications of E-Commerce. The issue of e-commerce and its tax implications continues to receive a high level of attention because of the fast growth of e-commerce activities. In the emerging global economy‚ e-commerce has increasingly become a necessary component of business strategy and a strong catalyst for economic development. The integration of information and communications technology (ICT) in business has revolutionized relationships within organizations
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John Smith tax issue: 1a). How is the $300‚000 treated for purposes of federal income tax? The $300‚000 that John Smith received would be treated as income. According to the IRS‚ income is classified as “earned income includes all the taxable income and wages you get from working‚” such as: • wages‚ salaries‚ tips‚ and other taxable employee pay; • union strike benefits; • long-term disability benefits received prior to minimum retirement age; • net earnings from self-employment‚ such as own
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VALUE ADDED TAX FOR PCC AND IPCC 1. Value added tax in short VAT‚ was a tax introduced as early as 1919 by Dr.Wilhelm Von Siemens in Germany as a tax on improved turnover. Professor Thomas.S.Adams suggested this tax in USA as a sales tax with a credit or refund for taxes paid by the producer on goods bought for resale or for use in production of goods. However till 1953 no country introduced VAT. In the year 1954 France introduced it and since then many countries have adopted this progressive
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BLACK MONEY WHITE PAPER M A Y 2 0 1 2 MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI |ÉhÉ´É àÉÖJÉVÉÉÒÇ PRANAB MUKHERJEE ÉÊ´ÉkÉ àÉÆjÉÉÒ‚ £ÉÉ®iÉ FINANCE MINISTER INDIA Foreword In the past year the public discourse on the issue of corruption and black money has come in the forefront with the active participation of the civil society and our Parliamentary institutions. Two issues have been highlighted in this debate. First‚ several estimates have
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Book report Fable Haven Grip of the Shadow Plague By: Brandon Mull Summary Fable Haven Grip of the Shadow Plague is about two kids‚ Seth and Kendra‚ their grand parents‚ and some friends that are all part of a secret society where hidden preserves that keep magical creatures from going extinct by making sure the part of the world that isn’t helping them thinks they don’t exist. Then there is the evening star. The evening star is a group or society of people that believe that the
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TAXATION ASSIGNMENT TASK 1 UK Tax System. The taxation structure which any country imposes has a direct impact on its accumulation and redistribution of wealth within its economy. The UK tax system is administered by Her Majesty Revenue and Custom (HMRC) and comprises of a number of taxes. Tax is collected directly or indirectly. Direct taxation is based on income and profits made by an individual. With the direct taxation‚ the taxpayer pays his tax directly to the government. Examples of
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Hindu Undivided Family – A Tax Saving Tool G. Venkatesh Introduction Amid all the wide diversity there is a philosophy of underlying unity in India. Yet‚ at the dawn of freedom‚ the founding fathers of our nation chose to continue separate personal laws for its citizens based on their religious identities. This was despite the fact that the new constitution embraced secularism. While Hindus continue to be governed by the Hindu laws‚ Muslims follow the Mohammedan laws and so on. Personal laws
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the current economic crisis in the hopes to decrease the overly large amount of debt that has already been stacked up. The primary focus of this resolution? Tax increases. The United States government agrees that tax increases are the best solution today‚ and these are the most qualified minds of the nation. The United States should prioritize tax increases over spending cuts. To begin‚ my partner and I would like to define a couple of key terms of this resolution: The United States: Fifty federated
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Basic Concepts INTRODUCTION Tax is today an important source of revenue for governments in all the countries. It has become inevitable imposition because it has great potentials for raising funds for meeting the development and defence needs of a nation. DIRECT AND INDIRECT TAXES •Direct Taxes: A tax which is born and paid directly by the person on whom it is impose is a direct tax e.g.‚ Income Tax‚ Wealth Tax‚ Gift Tax‚ etc. It is directly paid by the tax payer to the government without any intermediary
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