...RETURN OF INCOME UNDER THE INCOME TAX ORDINANCE, 1984 (XXXVI OF 1984) Put the tick (() mark wherever applicable 1. Name of the Assessee: Mohammad Abu Baker Siddick 2. National ID No (if any) : 525501546008 |3. UTIN (if any): | | | | 14. Address (a) Present: Deputy Director , Anti Corruption Commission, Head Office , 1, Segun Bagicha, Dhaka-1000 ........................................................................................................ ........................................................................................................ (b) Permanent: 8/2 Rankin Street, Wari, Dhaka-1203............................................. ........................................................................................................ ......................................................................................................... 15. Telephone: Office/Business +88-02-9339162.. Residential: +88-02-9511884....................... 16. VAT Registration Number (if any): .......................................................................................... Statement of income of the Assessee Statement of income during the income year ended on .........30th June 2012......................... | Heads...
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...Topic 1: Introduction to financial accounting Accounting: process of identifying, measuring and communicating economic information to allow informed decisions by the users of that information. Management accounting: focuses on provision of info to users within the enterprise. ------------------------------------------------- Financial performance – generating new resources from day-to-day operations over a period of time ------------------------------------------------- Financial position – the enterprise’s set of financial resources and obligations at a point in time ------------------------------------------------- Financial statements – the reports describing financial performance and position ------------------------------------------------- – The two main things financial accounting measures are f performance and f position. User | Type of information | Bankers | Likelihood of company meeting its interest payment on time | Managers | Profitability of each division of company | ASIC | Financial position and performance → issuing shares to public for 1st time | Shareholders | Prospects for future dividend payments | Suppliers | Probability that company will be able to pay for its purchases on time | ATO | Profitability of company based on taxation laws | Trade unions | Profitability of company since last contract with employees was signed | 3 main groups responsible for information in financial statements: managers, bookkeepers and clerks and accountants...
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...Tax on Salary 2012 Income Tax Law & Calculation “This tax guide is for the use of CLIENTS and STAFF only and covers the taxability aspects of the salary as per Pakistani income tax laws applicable to Tax Year 2012” A. Salam Jan & Co. - Chartered Accountants – is a member of AFFILICA International – a network of independent accountancy firms. ASC – GUIDE ON SALARY TAX – TY 2012 1 INTRODUCTION This tax guide gives information for arriving at the taxable income of a salaried person and computation of tax liability thereof under the Income Tax Ordinance, 2001. It is equally informative and useful from the employers’ perspective not only to determine the amount of tax to be withheld every month from the salary paid to the employees but also to understand the tax obligations as a Withholding Tax Agent (WTA). It contains the provisions relating to the tax of a resident salaried person only. WHAT IS SALARY? Salary means amount received by an employee from any employment, whether of a capital or revenue nature. It includes pay and perquisites. Pay means wages or other remuneration like leave pay, payment in lieu of leave, overtime payment, bonus, commission, fees and gratuity. Perquisite means benefit whether convertible to money or not given to employee over and above pay and wages, e.g. - utilities allowance, conveyance allowance, provision of vehicle and accommodation etc. WHO IS A SALARIED PERSON? An individual is treated as a salaried person if more...
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...Chapter 9 Individual: OC/OI Other sources of income 3(a) in Div. B: * CPP pension benefit: can elect to do income splitting – 50% of the combined CPP benefit received. Contributor must be >60 years old * Pension income: 50 of combined pension income. >65: eligible pension income includes annuity payments under RPP.RRSP,DPSP. RRIF <65: RPP + death of spouse payment * Retiring allowance: pension income and death benefits. A. retirement from an office/employment in recognition of long service B. loss of office including court-awarded damages received by taxpayer * Annuity: full amount of annuity payments entitled from an investment of money – capital portion * Amount received from deferred income plans: 1. RESP: life-time contribution limit 50,000, over max. 31 years. Contribution not deductible/ is taxed, accumulated investment income is taxable to beneficiary (<21) as “Educational assistance payments:” a. CESG- Canada educations saving grant: 20% of $2500 of annual contributions to an RESP of children up to 18/ max. of $500 per year per child/ max. CESG per child is $7200/ additional CESG: net income of family <43561, 20% matching of first $500, if NI 43561-87123, 10% b. CLB- Canada learning bond: child bofrn after dec. 31 2004, first CLB of $500, $100 each year including year turning 15. Limit < $2000 per child, can be transferred to RESP before 18 c. Distribution: back to subscriber if hes alive and either beneficiary...
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...08/09/2012 CHAPTER 3: Liability for Tax, Income Determination, and Administration © 2013 McGraw-Hill Ryerson Ltd. 1 Liability for Tax and Income Determination I. II. III. IV. Sources of Canadian Tax Law Liability for Tax Determination of Income Administration of the Income Tax System © 2013 McGraw-Hill Ryerson Ltd. I. 2 Sources of Canadian Tax Law There are three separate sources that govern income tax law in Canada: 1. Statute law: a. b. 2. 3. Federal Tax system – The Income Tax Act. Separate provincial income tax act Common law International tax conventions © 2013 McGraw-Hill Ryerson Ltd. 3 1 08/09/2012 Common Law Is an integral source of tax law. • CRA often views a transaction differently than the taxpayer. • Disputes are settled in the Canadian court system. Sufficient jurisprudence helps define and interpret tax laws. • Jurisprudence is now the primary source of definitions and interpretations. © 2013 McGraw-Hill Ryerson Ltd. 4 International Tax Conventions Reciprocal tax treaties with foreign countries in order to: a) rationalize and define the jurisdictional authority; and, b) avoid the incidence of double taxation. Tax conventions are designed to limit the right of one jurisdiction to tax income. Treaties takes precedence over Income Tax Act (“the Act”) © 2013 McGraw-Hill Ryerson Ltd. 5 Sources of Canadian Tax Law Federal tax law is the...
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...They also have a political basis wherein different interests push and pull in an attempt to obtain benefits and avoid burdens. The technical element is the forecast of the likely levels of revenues and expenses. Rational Of The Study: The Paper is assigned by our course teacher Ast. Prof. Md. Shariful Alam Khandakar as a part of our“Taxation” course. The topic of our Assignment paper is “Budget Analyse of FY 2012-13’ impacts”. By conducting this Assignment we can enhance our knowledge and skill to apply various research methods in professional life on higher educational life. The assigned task has given us a chance to raise our quality in developing research instrument and its applications. By doing so, we can boost our acceptability in economy and develop our real life knowledge. Objectives of the Study: The main objective of the study is to analyze the present (FY11-12) budget of Bangladesh &show its sectored impact. Moreover This study has the following objectives: • To know about Budget. • To know the nature & practice of Budget. • Analyze the FY12-13 BD budget. • Impact of the budget in the economy Scope of the...
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...responsibilities of the tax practitioner in the UK tax environment 3 Executive summery 3 1.1 UK Tax Environment 3 1.2 The role and responsibilities of the UK Tax Practitioners 6 1.3 The tax obligations of tax payers or their agents and the implications of noncompliance 8 Task 2: Personal Tax Liabilities for Individuals and Partnerships 9 Introduction 9 2.1 a) Calculation of the relevant income and allowances for individual 9 2.1(b): Calculation of the relevant income, expenses and allowances of Mr. Thomas (self-employed): 10 2.2 Calculation of the taxable income and tax payable and tax payment due date for self employed 11 2.3 The relevant documentation and tax return 13 Conclusion 14 Task 3: Corporation Tax Liabilities for Companies 15 Introduction 15 3.1 Calculation of the chargeable profit for the company 15 3.2 Calculation of the tax liability of the company and when it would be due 16 3.3 Explanation of how income tax deductions are dealt with 17 Conclusion 17 Task 4: Capital Gains Tax for Individuals and businesses 17 Introduction 17 4.1 Identify the chargeable asset/s for capital gains tax 18 4.2 Calculation of the amount of capital gains/losses and the amount of taxable gains/losses 18 4.3 Calculation the amount of capital gains/losses and how much amount to pay as a capital gain tax liability 19 Conclusion 19 REFERENCES 20 Task 1: Duties and responsibilities of the tax practitioner in the UK tax environment Executive...
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...has not offered a monetary settlement to the government in their tax dispute, sources told NDTV Profit today. While the telecom company has said it will prefer an amicable solution to the matter, it has never expressed willingness to settle the dispute at Rs. 8,000 crore or any other amount. The two parties have been embroiled in a tax dispute since 2012, after the Income Tax Department on October 22, 2010, passed an order determining a tax liability (including interest) of Rs. 11,218 crore on Vodafone on its acquisition of Hutchinson's stake in Hutch-Essar through a deal in Cayman Islands in 2007. The Supreme Court, however, quashed the order in January this year. After the apex court's ruling, the Income Tax Act was amended with retrospective effect to bring into tax net such deals. Section 119 of the Finance Act, 2012, seeks to validate the October 2010 order of the Income Tax Department,w which also passed an order imposing a penalty of Rs. 7,900 crore on Vodafone in April, 2011. Finance Minister P Chidambaram recently said the Income Tax Department will take a decision on the Vodafone taxation issue after the Parthasarathi Shome Committee has given its report on General Anti-Avoidance Rules (GAAR). Talking to reporters, he said the decision whether to send another notice to the British telecom major will be taken by the concerned assessing officer in the backdrop of amendment to the Income Tax Act, Supreme Court judgment in the Vodafone case, and the opinion...
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...Chapter-One: Introduction Chapter-One: Introduction Executive Summary: Tax is the main source of government revenue. Every country has a good taxation policy. Like this Bangladesh has also a Tax policy or act. There is an Income Tax Ordinance which is Published in the Bangladesh Gazette, Extraordinary, dated the 4th June, 1984. As a student of Business Administration I need to learn about the tax system of the country. For the purpose of gathering ideas on taxation and fulfillment of course requirement I have prepared this report. I think it will helpful to know the taxation policy. This report made on especially individual tax assessment (Income Tax). Keywords: Income Tax Ordinance, 1984; Tax, Income, Income year, Assessee, Assessment year, Salary, Heads of Income, Section 2(1), Section 33, Section 20, Other sources, Income from Agriculture. Objectives of the Study: Every assignment must have a clear and certain objective. The objective of this assignment is to gather ideas about individual tax assessment. Beside this there are some other objectives behind this report. These are cited below. * To know about the tax and taxation policy. * To identify individual’s tax liabilities * To know the policy regarding tax implication and tax exemption. * To know how tax is calculated and what rate is applicable on specific items. Methodology of the study: This report has been written on the basis of secondary data by Francis Mondol, a student of BBA, Faculty...
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...PAPER F6 TAXATION (UK) P R A C T I C E & R E V I S I O N K I T FA 2012 BPP Learning Media is the sole ACCA Platinum Approved Learning Partner – content for the ACCA qualification. In this, the only Paper F6 Practice and Revision Kit to be reviewed by the examiner: We discuss the best strategies for revising and taking your ACCA exams We show you how to be well prepared for your exam We give you lots of great guidance on tackling questions We show you how you can build your own exams We provide you with three mock exams including the December 2012 exam Our Passcard and i-Pass products also support this paper. FOR EXAMS IN 2013 First edition 2007 Seventh edition January 2013 ISBN 9781 4453 6646 3 (previous ISBN 9781 4453 7995 1) ebook ISBN 9781 4453 6949 5 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Published by BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA www.bpp.com/learningmedia Printed in the United Kingdom by Polestar Wheatons Hennock Road Marsh Barton Exeter EX2 8RP All our rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of BPP Learning Media Ltd. We are grateful to the Association of Chartered Certified Accountants for permission to reproduce past examination...
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...Table of Contents Introduction 2 1.1 Describe the UK tax environment to Shawn 3 1.2 Analyse the role and responsibilities of you as the tax practitioner in the contexts of UK tax system. 7 1.3 Explain the tax obligations of tax payers or their agents and the implications of non-compliance 9 2.1 Calculate relevant income, expense and allowances 10 2.2 Calculate taxable amounts and tax payable, for employed and self-employed individuals, and advise on payment dates 11 2.3. Complete relevant documentation and returns 12 Conclusion 13 Reference 14 Introduction UK tax environment are many problems for a British citizen who has plans to start a new business in the UK. Being a new businessman and had no direct background about the UK tax systems rules and procedures, Based on the information in the scenario, we research in the UK tax environment according to the factors following: the environment, the role and the responsibility of the UK tax practitioners, tax system, explain the tax obligations of tax payers or their agents and the implications of non- compliance, Calculate the relevant income, expenses and allowances, Calculate taxable amounts and tax payable, for employed and self-employed individuals, and advise on payment dates for the above cases, complete the relevant documentation and tax returns. 1.1 Describe the UK tax environment to Shawn 1.1.1 UK tax legislation: The tax which is regulation set to apply for citizen in UK with the...
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...Present Configuration Future Projection GERO100 March 31, 2012 Hopefully we will all be physically able to work until the age of 65, collect retirement and Social Security and live an enriching life until we leave this world. Not all companies financially support their employees with fully funded retirement plans so it is left up to the individual to actively participate in saving for their future. When someone reaches retirement age, if the finances are there, they are usually only a fraction of what they were making as a full-time employee. This is when one hopes of having Social Security and Medicare benefits to supplement our retirement income for a more stable financial future. There are several reasons the Social Security Act was passed in August 1935. The elderly were living longer due to the availability of better health care, autonomy in workplaces to make jobs easier on individuals, and the modernization of our country’s water systems. Due to this increased longevity in the lives of the elderly, they were also more poverty stricken. An intention of the passage of the Social Security Act was to reduce the burden of loss of income to retired workers aged 65 or older. (Quadagno, 2008) It also included provisions for unemployment insurance, old age assistance and aid to dependent children. Benefits were to be paid based on the primary worker and was to be funded through payroll taxes deducted from the worker’s check. Social security numbers were set up...
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... 28th January 2012 2 • • • • • • • Introduction to Section Chargeability of Sum and TDS rate determination Section 90(2) of the IT Act Section 206AA of IT Act Issuance of Form 15CA / 15CB process Revised guidelines of NSDL (major differences) • • • • • • Why DTAA and What is DTAA? Principles and Purpose of DTAA Nature and Types of DTAA How do treaties remove Double taxation Structure of a typical DTAA and major Models Conventions used in world Applicability of DTAA Interpretation techniques of DTAA How to determine which DTAA is applicable and how to apply that DTAA Some important concepts used in DTAA Some important points to remember 3 Problems faced while uploading • Form 15CA • • • CA Dayavanti Khilolani 28th January 2012 CA Dayavanti Khilolani 28th January 2012 4 Tax Payer resident of State A Operating in State A State B State C Each state having its own tax system and rights over taxpayer Double taxation of Income in the hands of taxpayer Economic Double taxation Juridical Double Taxation Same Income taxed in two states in the same period in the hands of different taxpayer Same Income taxed in two states in the same period in the hands of same taxpayer Elimination of Double Taxation Via Double Taxation Avoidance Agreements CA Dayavanti Khilolani 28th January 2012 5 CA Dayavanti Khilolani ...
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...program and download updated sample tax returns and Cases when the updated ProFile software is available in January, 2009 A “Guide to Using Your Student CD-ROM" How To Work Through Chapter One We recommend the following approach in dealing with the material in this chapter: The Canadian Tax System r Read the text pages 1 - 3 (paragraph 1-1 through 1-11). r Complete Exercise One-1 on page 3 of the text. The solution is on page S-3 of this Study Guide. All solutions to Exercises and Self Study Problems and Cases can be found in this Study Guide and the page numbers all start with the prefix S-. Read the text pages 3 - 4 (paragraph 1-12 through 1-16). Complete Exercise One-2 on page 4 of the text. The solution is on page S-3. Read the text pages 4 - 5 (paragraph 1-17 through 1-22). r r r Tax Policy Concepts r Read the text pages 5 - 6 (paragraph 1-23 through 1-25). r r r r Complete Exercise One-3 on page 6 of the text. The solution is on page S-3. Complete Self Study Problem One-1 on page 30 of the text. The solution is on page S-4. Read the text pages 6 - 7 (paragraph 1-26 through 1-31). Complete Self Study Problem One-2 on page 30 of the text. The solution is on page S-4. Canadian Tax Principles 2008/2009 - Study Guide S-1 How To Work Through Chapter One r r Read the text pages 7 - 10 (paragraph 1-32 through 1-40). Complete Self Study Problem One-3 on page 30 of the text. The solution is on pages S-4 and S-5. Income Tax Reference...
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...Tax Planning for salaried employees DON'T PAY MORE IN ORDER TO SAVE YOUR TAXES. Expert view for tax saving ........................................................................................................................................................ book I About this n India, most salaried people want to increase their personal savings and yearn to achieve financial freedom. But do they REALLY want to save money or are they too busy? Most people are not motivated enough to learn how they can maximize their savings by efficient budgeting of their personal finances. They are unaware of ways to save tax through tax-efficient investment options available in the market. Often, people do not make timely investments and end up paying huge amount of taxes at the end of the year. To make matters worse, lack of updated and timely information makes tax filing a dreaded chore. Salaried people often falsely believe that they do not need any financial planning as their income and expenses are regular. They presume that their savings automatically accumulate in the bank and do not require any intervention to maximize financial gains. But we believe that with some serious effort and knowledge, salaried people can save huge amounts of money and increase their annual income by investing their hard-earned money in tax-efficient schemes. Does tax planning make you nervous? Tax planning is an integral part of personal financial planning. The amount of scattered and incomprehensible...
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