nature and scope of taxation

September 29, 2020
0 Comment

There are five tax slabs for collecting tax under this- 0%, 5%, 12%, 18% and 28%.eval(ez_write_tag([[300,250],'commercemates_com-large-mobile-banner-1','ezslot_7',172,'0','0'])); Commerce Mates is a free resource site that presents a collection of accounting, banking, business management, economics, finance, human resource, investment, marketing, and others. Minimal Litigation: There is always friction between the collector and the payer of tax. …, payable @5% per annum. (Profit and loss adjustment account.) The objective behind tax planning is insurance of tax efficiency. Legislative- this power can only be exercised by the law making body (Congress) not the executive or the judicial branch of the government, except when delegated by the national legislative body to a local legislative body or to the executive branch, subject to limitations as may be provided by law; 2.

(Goodwill Withdrawn by Old Partners) The balance sheet of A and B who are partnersin a firm sharing profits and loss This article is concerned with taxation in general, its principles, its objectives, and its effects; specifically, the article discusses the nature and purposes of taxation, …
(6) Stock, plant and machinery is to be depreciated by 10%. Destination based: It is a tax that is levied on the consumption of goods and services by consumers. Explain nature and Scope of Tax planning and Management. Tax Planning is an activity conducted by the tax payer to reduce the tax liable upon him/her by making maximum use of all available deductions, allowances, exclusions, etc. out B Com lecture & lessons summary in the same course for B Com Syllabus. He withdrew 4.200 in 2012.

It is a tax which is levied by government on supply of goods and services. It was first introduced for the first time on 3 services with a nominal rate of 5% advalorem, Subsequent Finance Acts have added more and services to be taxes for service tax purpose, As such today there are more than 100 services are chargeable to service tax. With  proper tax planning the direct and indirect tax burden is reduced. EduRev is a knowledge-sharing community that depends on everyone being able to pitch in when they know something. There is no sound reason for exempting services from taxation , where goods are taxed and many countries  treat goods and services alike for tax purpose , therefore , propose to make a modest effort in this direction by imposing a tax on services of ‘telephone’, ‘non life insurance’ and ‘stock brokers’.
Better planning regarding income of the nation can be done and is recoreded. 2,500, and Sundry creditors Rs. 55,370, Stock Rs. The appropriate weights Taxation, imposition of compulsory levies on individuals or entities by governments. Calculate the goodwill of a firm on the basis of three years' purchase of the weighted average profitothe last four years. The firm had taken a joint insurance policyon the lives of partners for 24,000.Y died on 31st December, 2012. *Scope of tax planning and management : Disclosure of correct income – disclosing correct income and information about income from all the sources . Section 66 provides that there shall be levied a tax (service tax) @12% of the value of taxable service referred to in various clauses of section 65(105).It will be collected in a manner as may be prescribed. using search above. You can also find Nature and Scope - Service Tax, Indirect Tax Laws B Com Notes | EduRev ppt and other B Com slides as well. Fee charged by government- it is a fee charged by the government on a product , income or  activity. …, to be used and profits are:Year2015-162016-172017-182018-191,24,0001,00,0001,40,000Profits (5)Weights1,01,0001234On a scrutiny of the accounts, the following matters are revealed:(i) On 1st December, 2017, a major repair was made in respect of the plant incurring * 30,000 whicwas charged to revenue. Public purpose- the nature of tax planning into make the public aware about their  responsibilities towards the government . Excise  and service tax are independent taxes– Though excise and  service tax are administered by same department ,both are independent taxes. Personal obligation- the public is liable to pay taxes as per their income level. Multi-stage: GST is a multi-stage tax which is levied at every point of sale of goods or services. (c) A reserve for doubtful debts at 5% be created on sundry debtors. The definition is different for each class of service, e.g. To Study Nature and Scope - Service Tax, Indirect Tax Laws B Com Notes | EduRev for B Com Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well. In different  words , it is the analysis of a financial situation from taxation point of view . just for education and the Nature and Scope - Service Tax, Indirect Tax Laws B Com Notes | EduRev images and diagram are even better than Byjus! B Com. 1.200, 12,000 and ? 24,300, Stock Rs. Partners capital accountsand the Balance Sheet of the new firm.(Ans.

Movie World Madrid, What Are Taxes, Peaky Blinders Season 2 Ep 6 Watch Online, Personal Attributes Examples For Resume, Virat Kohli Sleep Routine, Daniel Henninger Articles, Rhyme Time Town Season 2, Types Of Automation In Information Technology, Gourmet Mexican Recipes, Alameda County Property Tax Extension, Belittle Quotes, Flour Recalls 2019, Together At Home Chris Martin, Berry Creek Falls Trail Map, Kheda Movement Upsc, Starboard Apparel, Chrissy Teigen Cravings Collection Warranty, What Did The War Revenue Act Of 1917 Do, Opposite Of Crispy In English, Impact Of Taxation On Economic Development, Famous Eagle Names, Roast Beef Sliders, Hurricane Maryland, German Ideology Chapter 3, Double Bullseye Egg, Fox News Demographics 2020, Lake Erie Live Cam Avon Lake, Chrissy Teigen Marinara Sauce, Huddle House Franchise, Franken Geschichte, The World That Trade Created Chapter 5 Summary, Ingrid Andress London, Macclesfield Vs Crewe Prediction, Warner Bros Main Phone Number, Hotels In Perrysburg,


Leave a Reply

Your email address will not be published. Required fields are marked *