The document discusses various aspects of corporate taxation in India. It begins by defining corporate or company tax as the tax collected from companies as defined under the Income Tax Act of 1961. It then notes that a company incorporated in India or managed in India is a resident company taxed on global income. The proceeds of corporate tax remain with the central government and are not shared with state governments. The document also discusses corporate tax planning, benefits of tax planning such as reduction in tax liability, and the scope and incidence of taxable income for resident and non-resident companies. It provides details on computation of taxable income, tax rates, and the special provision of Minimum Alternate Tax for certain companies.
Corporate tax is collected from companies incorporated in India and is levied on their global income if the company's control and management is in India. Corporate tax planning aims to minimize current and future tax liabilities through comparing opportunities to defer or reduce taxes, as corporate tax is a significant overhead cost. The minimum alternate tax of 18.5% of book profits is levied if it exceeds the tax payable under normal provisions. Calculation of book profits involves adding certain expenses back and deducting certain incomes for tax purposes.
Income%20tax%20ppt%2023.01.2024.pdf Income taxSaniyaSultana9
This document provides an introduction and overview of key concepts related to income tax in India. It defines income tax and when it came into effect. It describes the different types of assessees (ordinary, deemed, in default) and explains exemption limits and slabs. It also defines key terms like person and assessment year. It distinguishes between direct and indirect taxes and components of each. Goods and Services Tax (GST) and its components are explained. Finally, the five heads of income under which a person's income is classified for tax purposes are outlined as salary, house property, business/profession, capital gains, and other sources.
This document is a lab file submitted by a student named Sukhchain Aggarwal for their degree in commerce. It contains an introduction, declaration, acknowledgements, table of contents, and begins discussing topics related to corporate tax planning in India. The key points covered include:
- An overview of corporate tax planning and how it can help reduce a company's tax liability through proper planning.
- The various heads of income that are considered for taxation: income from house property, business/profession, capital gains, and other sources.
- Methods of tax planning such as planning employee remuneration to ensure deductibility and tax benefits, deducting tax at source in specified cases, and the tax benefits of
The document discusses the professional experience and qualifications of an individual named Investuru. They are an authorized Common Service Centre entrepreneur under the Ministry of IT and a licensed Life Insurance Advisor. Investuru also has a Google My Business profile for their services offered under the name "Investuru".
This document provides information about income tax laws in India. It discusses the history of income tax in India and how the current Income Tax Act was established in 1961. It also outlines the different tax slabs and rates for individuals in India based on gender and age. Additionally, it explains the process for computing total income, which includes income from five sources: salaries, house property, business/profession, capital gains, and other sources. Specific provisions for calculating income from salaries and house property are described. The document concludes with a bibliography.
This document provides an overview of direct and indirect taxes in India. It defines tax and describes how taxes are used to fund government expenses. It then distinguishes between direct and indirect taxes. Direct taxes include income tax imposed on individuals, corporations, and gifts. Indirect taxes are collected by intermediaries and passed on to consumers, raising prices. Examples given are customs duties, service tax, sales tax, and value added tax.
Income Tax - Meaning, Implementation and Exempted IncomesRajaKrishnan M
The document provides an overview of key concepts related to income tax in India including:
1) It summarizes the Income Tax Act of 1961 which is the main law governing income tax in India and outlines some key definitions related to income tax.
2) It explains the distinction between capital and revenue receipts and expenditures as well as capital and revenue expenditures which impacts how items are treated for tax purposes.
3) It provides examples of different types of income that are exempt from income tax in India.
The document provides an acknowledgement for a project on income from other sources. It thanks the professor for guidance and opportunity to do the project. It also thanks group members for their efforts in completing the project on time and understanding the topic. It hopes the project provides satisfaction and welcomes comments to improve future projects.
Corporate tax is collected from companies incorporated in India and is levied on their global income if the company's control and management is in India. Corporate tax planning aims to minimize current and future tax liabilities through comparing opportunities to defer or reduce taxes, as corporate tax is a significant overhead cost. The minimum alternate tax of 18.5% of book profits is levied if it exceeds the tax payable under normal provisions. Calculation of book profits involves adding certain expenses back and deducting certain incomes for tax purposes.
Income%20tax%20ppt%2023.01.2024.pdf Income taxSaniyaSultana9
This document provides an introduction and overview of key concepts related to income tax in India. It defines income tax and when it came into effect. It describes the different types of assessees (ordinary, deemed, in default) and explains exemption limits and slabs. It also defines key terms like person and assessment year. It distinguishes between direct and indirect taxes and components of each. Goods and Services Tax (GST) and its components are explained. Finally, the five heads of income under which a person's income is classified for tax purposes are outlined as salary, house property, business/profession, capital gains, and other sources.
This document is a lab file submitted by a student named Sukhchain Aggarwal for their degree in commerce. It contains an introduction, declaration, acknowledgements, table of contents, and begins discussing topics related to corporate tax planning in India. The key points covered include:
- An overview of corporate tax planning and how it can help reduce a company's tax liability through proper planning.
- The various heads of income that are considered for taxation: income from house property, business/profession, capital gains, and other sources.
- Methods of tax planning such as planning employee remuneration to ensure deductibility and tax benefits, deducting tax at source in specified cases, and the tax benefits of
The document discusses the professional experience and qualifications of an individual named Investuru. They are an authorized Common Service Centre entrepreneur under the Ministry of IT and a licensed Life Insurance Advisor. Investuru also has a Google My Business profile for their services offered under the name "Investuru".
This document provides information about income tax laws in India. It discusses the history of income tax in India and how the current Income Tax Act was established in 1961. It also outlines the different tax slabs and rates for individuals in India based on gender and age. Additionally, it explains the process for computing total income, which includes income from five sources: salaries, house property, business/profession, capital gains, and other sources. Specific provisions for calculating income from salaries and house property are described. The document concludes with a bibliography.
This document provides an overview of direct and indirect taxes in India. It defines tax and describes how taxes are used to fund government expenses. It then distinguishes between direct and indirect taxes. Direct taxes include income tax imposed on individuals, corporations, and gifts. Indirect taxes are collected by intermediaries and passed on to consumers, raising prices. Examples given are customs duties, service tax, sales tax, and value added tax.
Income Tax - Meaning, Implementation and Exempted IncomesRajaKrishnan M
The document provides an overview of key concepts related to income tax in India including:
1) It summarizes the Income Tax Act of 1961 which is the main law governing income tax in India and outlines some key definitions related to income tax.
2) It explains the distinction between capital and revenue receipts and expenditures as well as capital and revenue expenditures which impacts how items are treated for tax purposes.
3) It provides examples of different types of income that are exempt from income tax in India.
The document provides an acknowledgement for a project on income from other sources. It thanks the professor for guidance and opportunity to do the project. It also thanks group members for their efforts in completing the project on time and understanding the topic. It hopes the project provides satisfaction and welcomes comments to improve future projects.
The document provides an overview of Pakistan's tax structure, including direct and indirect taxes. It discusses income tax, sales tax, corporate tax rates, and the proposed goods and services tax (RGST) which would replace existing sales tax and excise regimes. The RGST is essentially a value-added tax with a 15% rate that would be applied incrementally at each stage of production and distribution. It is aimed at simplifying the tax system and reducing evasion, but may increase costs to consumers.
The document provides an overview of corporate taxation in Italy, including:
- The corporate income tax rate (IRES) is currently 27.5% but will be reduced to 24% starting in 2017.
- The productive activities tax (IRAP) is 3.9% plus potential regional increases.
- VAT operates at a standard rate of 22% with reduced rates of 10% or 4% for some products.
- Corporate income taxation (IRES) applies the derivation principle where taxable income is based on statutory financial results with adjustments for tax purposes. Qualifying dividends and capital gains are 95% exempt.
- Depreciation and amortization rates and methods differ for tax and
The Direct Tax Code (DTC) will come into force on April 1, 2011 and replace the existing Income Tax Act and Wealth Tax Act with a single code. Some key changes include treating individuals as residents based on their status in India, taxing worldwide income of residents, classifying income into ordinary and special sources, and introducing EET taxation for permitted savings. The corporate tax rate is proposed to be a flat 25% and tax incentives are largely eliminated. Capital gains will no longer distinguish between short-term and long-term assets. Wealth tax for corporates is proposed to be abolished.
This document defines key terms related to taxation in India. It discusses direct and indirect taxes, with direct taxes imposed directly on individuals and organizations, and indirect taxes imposed on goods and services where the burden is transferred to consumers. It also defines important tax-related terms like assessee, residential status, income tax return, tax deduction at source, and the different heads of income including salary, house property, business, capital gains, and other sources.
come and join afterschoool and spread management education to common people so that they may become entrepreneurs. spread knowledge about business, entrepreneurship and commerce.
The document summarizes key aspects of India's income tax law, including:
1) It discusses the various types of taxpayers (individual, HUF, company, etc.), their residential status, and whether their global or domestic income is taxable in India.
2) It outlines the tax rates applicable to different types of income and taxpayers, such as companies, mutual funds, local authorities, capital gains, and income from professions.
3) It describes the deductions allowed from different types of income like salary, house property, business/profession, and the tax treatment of various employee perquisites.
This document provides an overview of taxation in India. It discusses various direct and indirect taxes collected by the central and state governments. Direct taxes include personal income tax, corporate income tax, and capital gains tax. Indirect taxes previously included excise duty, service tax, customs duty, and central sales tax. Recent reforms like GST have subsumed many indirect taxes. The document also explains concepts like tax deductions, tax collected at source, minimum alternate tax, and taxes on gifts, inheritance, wealth, securities transactions, and more.
The document summarizes the tax structure of Pakistan. It discusses several key points:
- Pakistan uses both direct and indirect taxes, with direct taxes including income tax imposed on individuals and corporations, and indirect taxes including sales tax.
- Income tax rates range from 0-25% for individuals and 35% for corporations. Sales tax is standardly 16%.
- Other taxes discussed include capital gains tax, property tax, payroll tax, and taxes on dividends.
- Tax credits are provided for certain donations and investments. Tax exemptions and deductions vary for salaried and non-salaried individuals.
- Dividend income received by shareholders is now taxable in their hands at normal tax rates instead of being exempt as was the case earlier.
- Deduction of up to 20% of dividend income is allowed for interest expenses incurred to earn the dividend income. No other expenses are deductible.
- For companies receiving dividends, a deduction under section 80M is available if the dividend amount is distributed to shareholders one month before the income tax return filing date.
The document summarizes key aspects of Nepal's tax system. It discusses that income tax applies to resident individuals and companies based on global or domestic income sources. The four types of taxable income are investment, business, employment, and windfall gains. Tax rates vary from 1-30% for individuals and 20-30% for companies depending on the industry. Non-residents are taxed on Nepal-source income. Double taxation treaties exist with 10 countries. Self-assessment requires taxpayers to file annual returns within 3 months of the fiscal year ending in mid-July.
The document discusses taxation in Pakistan, including income tax, sales tax, and corporate tax. It provides details on:
- Income tax rates ranging from 0-25% depending on taxable income for individuals, and 0-35% for corporations.
- Sales tax of 16% applied to supply of goods and services.
- Corporate tax of 35% on net taxable income of companies. Nonresidents pay 15% on royalties and 30% on other payments.
- The proposed RGST (Revenue Generating Sales Tax) would replace existing sales tax and excise regimes with a uniform 15% rate applied at each stage of production rather than just the final price.
Impact of taxation on cross border investment Isha Joshi
Consequent to the implemented economic liberalisation in India during the 1990s, substantial international investment activity began within the Indian capital markets and through corporate vehicles with an increasingly vibrant fervour. In fact, today, Foreign Institutional Investors (FIIs) play a crucial role in the liquidity, growth and vitality seen in Indian capital markets. Simultaneously, along with increasing FII activity, as a result of the favourable economic and political climate, India also witnessed an increasing quantum of Foreign Domestic Investment (FDI).
The regulation of these investment channels and instruments was at the front and centre of economic policy debate, a part of which revolves around taxation. There is undoubtedly a proximate and intelligible nexus between taxation and the employment of these investment tools. A taxation regime that is favourable can work in effectively attracting more international investment which in turn would enhance market liquidity, activity, and growth.1 While FIIs and FDIs may appear to be similar investment channels, for the most part, they serve entirely different objectives, and operate in substantially different manners and are subject to different regulatory regimes in terms of exchange, economic and taxation policy.
In the coming sections of this paper, the authors have attempted to analyse several aspects of FII and FDI taxation in India. The first section delineates the differences in FIIs and FDIs, their market strategy, modus operandi, and objectives, while ascertaining what exactly these investment channels imply and the various investment vehicles that may be employed by foreign actors.
The subsequent section of the paper outlines the tax regime applicable to such FDIs and FIIs, depending on the organisational scheme and objective of the business vehicle so employed for the investment.
Given that FIIs and FDIs essentially involve a foreign element, the question of double taxation is one which necessarily requires to be addressed. To that end, in the third section of this paper, the authors have looked at Double Taxation Avoidance Agreements (DTAAs) (Tax Treaties) in the context of FIIs and FDIs.
Income under the head of “House property”
2.Income under the head of “profit and gain of business or profession”
3.Income under the head of “Capital Gain”
4.Income under the head of “Income from other sources”
This document provides an overview of direct tax implications in India for companies looking to do business in the country. It discusses key aspects like the scope of taxable income for resident and non-resident companies, applicable corporate tax rates, considerations around dividend income, minimum alternate tax, and other tax obligations. The document also covers indirect tax implications and specifics of the taxation system relevant for non-resident entities operating in India.
Income tax in India is governed by the Income Tax Act of 1961. Individuals and entities are taxed based on their residential status and total income under various heads including income from salaries, house property, business/profession, capital gains, and other sources. Tax rates and exemptions vary based on taxpayer type. The Central Board of Direct Taxes governs income tax collection which is a major source of government revenue.
This document provides an overview of tax deductions available under Sections 80C to 80U of the Indian Income Tax Act. It discusses various deductions aimed at encouraging savings (Section 80C), payments towards pension funds (Section 80CCC), contribution to new pension schemes (Section 80CCD), and limits on aggregate deductions (Section 80CCE). It also covers deductions for certain personal expenditures like medical insurance premiums (Section 80D), medical expenditures for disabled dependents (Section 80DD), repayment of education loans (Section 80E), and rent paid (Section 80GG). The document explains eligibility criteria and computation of allowable deductions for each section.
This document provides an overview of tax deductions available under Sections 80C to 80U of the Indian Income Tax Act. It explains that these deductions are intended to incentivize taxpayers to engage in socially desirable activities and investments. The key deductions covered include those for life insurance premiums (Section 80C), pension contributions (Section 80CCC), medical insurance (Section 80D), treatment of disabled dependents (Section 80DD), tuition fees (Section 80E), interest on education loans (Section 80E), rent payments (Section 80GG), among others. Eligibility conditions and calculation of allowable deductions for each section are described.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
The document provides an overview of Pakistan's tax structure, including direct and indirect taxes. It discusses income tax, sales tax, corporate tax rates, and the proposed goods and services tax (RGST) which would replace existing sales tax and excise regimes. The RGST is essentially a value-added tax with a 15% rate that would be applied incrementally at each stage of production and distribution. It is aimed at simplifying the tax system and reducing evasion, but may increase costs to consumers.
The document provides an overview of corporate taxation in Italy, including:
- The corporate income tax rate (IRES) is currently 27.5% but will be reduced to 24% starting in 2017.
- The productive activities tax (IRAP) is 3.9% plus potential regional increases.
- VAT operates at a standard rate of 22% with reduced rates of 10% or 4% for some products.
- Corporate income taxation (IRES) applies the derivation principle where taxable income is based on statutory financial results with adjustments for tax purposes. Qualifying dividends and capital gains are 95% exempt.
- Depreciation and amortization rates and methods differ for tax and
The Direct Tax Code (DTC) will come into force on April 1, 2011 and replace the existing Income Tax Act and Wealth Tax Act with a single code. Some key changes include treating individuals as residents based on their status in India, taxing worldwide income of residents, classifying income into ordinary and special sources, and introducing EET taxation for permitted savings. The corporate tax rate is proposed to be a flat 25% and tax incentives are largely eliminated. Capital gains will no longer distinguish between short-term and long-term assets. Wealth tax for corporates is proposed to be abolished.
This document defines key terms related to taxation in India. It discusses direct and indirect taxes, with direct taxes imposed directly on individuals and organizations, and indirect taxes imposed on goods and services where the burden is transferred to consumers. It also defines important tax-related terms like assessee, residential status, income tax return, tax deduction at source, and the different heads of income including salary, house property, business, capital gains, and other sources.
come and join afterschoool and spread management education to common people so that they may become entrepreneurs. spread knowledge about business, entrepreneurship and commerce.
The document summarizes key aspects of India's income tax law, including:
1) It discusses the various types of taxpayers (individual, HUF, company, etc.), their residential status, and whether their global or domestic income is taxable in India.
2) It outlines the tax rates applicable to different types of income and taxpayers, such as companies, mutual funds, local authorities, capital gains, and income from professions.
3) It describes the deductions allowed from different types of income like salary, house property, business/profession, and the tax treatment of various employee perquisites.
This document provides an overview of taxation in India. It discusses various direct and indirect taxes collected by the central and state governments. Direct taxes include personal income tax, corporate income tax, and capital gains tax. Indirect taxes previously included excise duty, service tax, customs duty, and central sales tax. Recent reforms like GST have subsumed many indirect taxes. The document also explains concepts like tax deductions, tax collected at source, minimum alternate tax, and taxes on gifts, inheritance, wealth, securities transactions, and more.
The document summarizes the tax structure of Pakistan. It discusses several key points:
- Pakistan uses both direct and indirect taxes, with direct taxes including income tax imposed on individuals and corporations, and indirect taxes including sales tax.
- Income tax rates range from 0-25% for individuals and 35% for corporations. Sales tax is standardly 16%.
- Other taxes discussed include capital gains tax, property tax, payroll tax, and taxes on dividends.
- Tax credits are provided for certain donations and investments. Tax exemptions and deductions vary for salaried and non-salaried individuals.
- Dividend income received by shareholders is now taxable in their hands at normal tax rates instead of being exempt as was the case earlier.
- Deduction of up to 20% of dividend income is allowed for interest expenses incurred to earn the dividend income. No other expenses are deductible.
- For companies receiving dividends, a deduction under section 80M is available if the dividend amount is distributed to shareholders one month before the income tax return filing date.
The document summarizes key aspects of Nepal's tax system. It discusses that income tax applies to resident individuals and companies based on global or domestic income sources. The four types of taxable income are investment, business, employment, and windfall gains. Tax rates vary from 1-30% for individuals and 20-30% for companies depending on the industry. Non-residents are taxed on Nepal-source income. Double taxation treaties exist with 10 countries. Self-assessment requires taxpayers to file annual returns within 3 months of the fiscal year ending in mid-July.
The document discusses taxation in Pakistan, including income tax, sales tax, and corporate tax. It provides details on:
- Income tax rates ranging from 0-25% depending on taxable income for individuals, and 0-35% for corporations.
- Sales tax of 16% applied to supply of goods and services.
- Corporate tax of 35% on net taxable income of companies. Nonresidents pay 15% on royalties and 30% on other payments.
- The proposed RGST (Revenue Generating Sales Tax) would replace existing sales tax and excise regimes with a uniform 15% rate applied at each stage of production rather than just the final price.
Impact of taxation on cross border investment Isha Joshi
Consequent to the implemented economic liberalisation in India during the 1990s, substantial international investment activity began within the Indian capital markets and through corporate vehicles with an increasingly vibrant fervour. In fact, today, Foreign Institutional Investors (FIIs) play a crucial role in the liquidity, growth and vitality seen in Indian capital markets. Simultaneously, along with increasing FII activity, as a result of the favourable economic and political climate, India also witnessed an increasing quantum of Foreign Domestic Investment (FDI).
The regulation of these investment channels and instruments was at the front and centre of economic policy debate, a part of which revolves around taxation. There is undoubtedly a proximate and intelligible nexus between taxation and the employment of these investment tools. A taxation regime that is favourable can work in effectively attracting more international investment which in turn would enhance market liquidity, activity, and growth.1 While FIIs and FDIs may appear to be similar investment channels, for the most part, they serve entirely different objectives, and operate in substantially different manners and are subject to different regulatory regimes in terms of exchange, economic and taxation policy.
In the coming sections of this paper, the authors have attempted to analyse several aspects of FII and FDI taxation in India. The first section delineates the differences in FIIs and FDIs, their market strategy, modus operandi, and objectives, while ascertaining what exactly these investment channels imply and the various investment vehicles that may be employed by foreign actors.
The subsequent section of the paper outlines the tax regime applicable to such FDIs and FIIs, depending on the organisational scheme and objective of the business vehicle so employed for the investment.
Given that FIIs and FDIs essentially involve a foreign element, the question of double taxation is one which necessarily requires to be addressed. To that end, in the third section of this paper, the authors have looked at Double Taxation Avoidance Agreements (DTAAs) (Tax Treaties) in the context of FIIs and FDIs.
Income under the head of “House property”
2.Income under the head of “profit and gain of business or profession”
3.Income under the head of “Capital Gain”
4.Income under the head of “Income from other sources”
This document provides an overview of direct tax implications in India for companies looking to do business in the country. It discusses key aspects like the scope of taxable income for resident and non-resident companies, applicable corporate tax rates, considerations around dividend income, minimum alternate tax, and other tax obligations. The document also covers indirect tax implications and specifics of the taxation system relevant for non-resident entities operating in India.
Income tax in India is governed by the Income Tax Act of 1961. Individuals and entities are taxed based on their residential status and total income under various heads including income from salaries, house property, business/profession, capital gains, and other sources. Tax rates and exemptions vary based on taxpayer type. The Central Board of Direct Taxes governs income tax collection which is a major source of government revenue.
This document provides an overview of tax deductions available under Sections 80C to 80U of the Indian Income Tax Act. It discusses various deductions aimed at encouraging savings (Section 80C), payments towards pension funds (Section 80CCC), contribution to new pension schemes (Section 80CCD), and limits on aggregate deductions (Section 80CCE). It also covers deductions for certain personal expenditures like medical insurance premiums (Section 80D), medical expenditures for disabled dependents (Section 80DD), repayment of education loans (Section 80E), and rent paid (Section 80GG). The document explains eligibility criteria and computation of allowable deductions for each section.
This document provides an overview of tax deductions available under Sections 80C to 80U of the Indian Income Tax Act. It explains that these deductions are intended to incentivize taxpayers to engage in socially desirable activities and investments. The key deductions covered include those for life insurance premiums (Section 80C), pension contributions (Section 80CCC), medical insurance (Section 80D), treatment of disabled dependents (Section 80DD), tuition fees (Section 80E), interest on education loans (Section 80E), rent payments (Section 80GG), among others. Eligibility conditions and calculation of allowable deductions for each section are described.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
2. The tax collected from the
companies ( as defined under
the Income tax Act, 1961 ) is
called ‘ company tax ’ or ‘
corporate tax ’. A company
incorporated in India or having
its entire control and
management in India is treated
as a resident company and is
taxed on its global income.
3. It accrues or arises in India
or it is deemed to accrue or
arise in India or it is
received in India.
It is interesting to note that
the proceeds of corporate tax
are retained by the central
Government and are not shared
with state governments.
4. CORPORATE TAX PLANNING
Corporate tax planning provides significant
opportunities for comparisons to manage and
increase cash flows through minimization or
deferral of taxes on corporate earnings. It is so
because corporate tax represents a significant
part of overhead cost for these companies.
The key objective in “ Corporate tax planning “ is
to identify the main factors in the organization’s
structure that dictate the opportunities for tax
efficiencies / savings . Thus, corporate tax
planning aims to structure a business in such a
way as to minimize both its current and future
income tax liabilities.
5. BENEFITS OF CORPORATE TAX
PLANNING
Reduction inTax liability.
Minimization of litigation.
Healthy growth business.
Healthy growth of nation.
A sources of working capital.
Increase in distributable profits.
Enables to face competition from
Multinationals.
Maximizing market valuation.
6. INCIDENCE OF TAX- SCOPE OF
TOTAL INCOME
Resident : U/S 5(1) the total income of resident shall
include:
Any income, which is received or deemed to be received in
India during relevant previous year ;
Any income , which accrues or arises or is deemed to accrue
or arise in India during relevant previous year ;
Any income, which accrues and is received outside India
during relevant previous year.
Non- Resident . U /s 5(2) the total income of a non-resident
shall include :
Any income, which is received or is deemed to be received
in India during relevant previous year
Any income, which accrues or arises or is deemed to accrue
or arise in India during relevant previous year.
7. TYPES OF INCOMES
Income received in India:
The source of income may be situated , anywhere in the world but if its first receipt is in India, it is taxable for all.
Deemed to be received in India:
These incomes are actually not received by assessee instead these are credited to his account to be paid at a later
date or are appropriated against future liability e.g.
Employer’s contribution to provident fund.
Interest accrued on provident fund balance
Interest accrued on N.S.CVIII issue
Tax deducted at source
Income accruing or arising in India:
The terms accrue or arise have same meaning i.e to grow , to originate. Incomes accrues where source is situated .
salary accrues where service is rendered. If source of any of these incomes is situated in India then income from
these sources will be accruing in India.
8. ………………….
Income deemed to accrue or arise in India:
These incomes actually accrue outside India but U /S 9 these are deemed to
accrue in India.These incomes are :-
Salary paid by government to its employees posted abroad,
Pension paid outside India but for services rendered in India ,
Income from a capital asset located in India although transaction has taken
place outside India,
Dividend paid by Indian company outside India.
Apportionment of profit
Income from shooting of a film in India by a non-resident shall not be
deemed to accrue in India , hence taxable only for residents.
Any income accruing and receiving outside India
Past untaxed Income
9. COMPUTATION OF GROSSS TOTAL
INCOME OF COMPANY
1.Head wise calculation
The income of company is to be computed under following five
heads of income under various provisions of the Income tax Act
1961.The heads of incomes are as follows :
Income under the head “ House Property “ ( as per sec 22 to 27 )
Income under the head “ profits and Gains of Business and
Profession “ (as per sec 28 to 44)
Income under the head “ Capital gains “ ( as per sec 45 to 55)
Income under the head “ Income from other sources “ (as per
sec 56 to 59 )
2. Agricultural income of a company
Agricultural income of a company is totally exempt under
section 10 (1)
10. RATES OF TAX FOR COMPANIES FOR
ASSESSMENT YEAR 2012-13
11. A. In case of domestic company
Income
On short term Capital gain on equity shares or units of equity oriented fund where such transaction is chargeable
to securitiesTransactionTax (STT) [ U / S 111-A
On long term capital gain
On long term capital gain computed without claiming deduction of indexed cost in respect of listed securities or
units of UTI or mutual fund (whether listed or not)
On Income from units purchased in foreign exchange or capital gain from their transaction (sec 115AB)
On winning from lotteries, races, crossword puzzles, card games and other games of any sort , gambling, or
betting of any form or nature [sec 115 BB]
On any other income
On profits declared, paid or distributed as dividendU/S 115-0
Surcharge : 5 % of tax as calculated above provided the total income of
such companies exceeds Rs. 1 crore
Education cess: 2% of tax and surcharge
Secondary and higher education cess (SHEC ) : 1% Of tax and surcharge
12. SPECIAL PROVISIONS FOR PAYMENT OF INCOME
TAX BY CERTAIN COMPANIES
OR
MINIUMUM ALTERNATE TAX [ MAT] ON
COMPANIES [ SEC. 115 JB]
14. Scheme of MAT :
In case of an assessee, being a company, if
the income tax payable on the total income
as computed under this Act (normal provision
) is less than 18.5% of such book profits- [sec
115 JB (1)]
15. The total income of company may
comprise of :-
As we all know that a company is liable to pay income tax on its
total income.
Income under the head “ House Property “ ( as per sec 22 to 27 )
Income under the head “ profits and Gains of Business and
Profession “ (as per sec 28 to 44)
Income under the head “ Capital gains “ ( as per sec 45 to 55)
Income under the head “ Income from other sources “ (as per
sec 56 to 59 )
The total of income under all the above four heads, after applying
the provision of set off & carry forward of losses etc is called
Gross total income.
Out of this Gross total income, deductions are allowed under
section 80 of income tax act. The amount so arrived at is called
Total income of the company and company is liable to pay tax on
the total income at prescribed rates.
16. 115JB (1):an overriding
section
Provides a specific tax rate on a specific figure of
total income for every company . It provides a new
concept of ‘Book profits’ which is to be treated as
total income of the company. The Book profit are
the profits shown in the company’s statutory
profit and loss account which is prepared as per
the provision’s of the company’s Act, 1956 and on
this figure of Book profits, Tax is required to be
calculated at 18.5% . This tax is called ‘ Minimum
AlternateTax’.
17. ULTIMATE TAX LIABILTY OF
COMPANY
Tax on total income of company as computed
as per normal provisions of IncomeTax Act;
or
Tax @ 18.5 % on Book profits ;
Whichever is higher
Note : while calculating tax under point i and ii above ,
surcharge and education cess is also be taken into account , if
applicable for relevant assessment year.
18. Example
Rs.
Tax on total income of Rs. 2,00,000 60000
[ @ 30% (as per point i)]
Add : surcharge Nil
(Total income does not exceed Rs. 1 crore)
Tax and surcharge 60000
Add : Education cess @ 2% of tax surcharge 1200
61200
Add : Secondary and higher education cess (SHEC)@ 1% of tax and surcharge 600
Total tax as per normal provision 61800
Tax as per MAT
Tax @ 18.5% on Book profits of Rs. 15,00,000 277500
Add : surcharge Nil
Tax and surcharge 277500
Add : Education Cess @ 2% ofTax and surcharge 5550
283050
Add : Secondary and higher education cess (SHEC)@ 1% of tax and surcharge 2775
Tax liability under MAT 285825
19. ………………..
In the above case company will have to pay tax
under MAT i.e. 285825 and not 61800.
i.Tax on total income at normal rate of tax (including surcharge and Education cess ) or
ii.Tax @ 18.5% of Book profits (including surcharge and education cess); whichever is
higher
But if the amount of income tax payable on total
income [as per point (i)] is more than the amount
of income tax on Book profits @ 18.5%, then the
company is liable to pay income tax on its total
income.
20. Question
The total income of XYZ ltd. , a domestic
company , computed under the normal
provisions of IncomeTax Act is Rs. 250000.
However, the Book profits of the company
(calculated as per sec 115JB) amount to Rs.
12,25000. Calculate the tax liability of
company for Assessment year 2012-13.
21. Solution
Computation of tax liability of the company for Assessment year 2012-13.:
Tax on total income at normal rate of tax (including surcharge ) Rs.
Total income 2,50,000
Tax @ 30 % of Rs. 2,50,000 75000
Add : surcharge Nil
Tax and surcharge 75000
Add : Education Cess @ 2% ofTax and surcharge 1500
76500
Add : Secondary and higher education cess (SHEC)@ 1% of tax and surcharge 750
77250
22. ……………….
Tax under MAT
Book Profit = Rs. 12,25,000
Tax @ 18.5% of Book Profits 2,26,625
Add : Surcharge Nil
Tax and surcharge 226625
Add : Education Cess @ 2% ofTax and surcharge 4533
2,31,158
Add : Secondary and higher education cess (SHEC)@ 1% of tax and surcharge 2,266
Total tax liability under MAT 2,33,424
Tax under MAT (section 115JB) is more than normal tax on total income . As such tax
payable by co. shall be Rs. 2,33,424 rounded off to 2,33,420 .
23. Points to be kept in mind while
preparing annual accounts by the
companies :
The accounting policies ,
The accounting standards followed for preparing
such accounts including profit and loss account,
The method and rates adopted for calculating
the depreciation, shall be the same as have been
adopted for the purpose of preparing such
accounts including profit and loss account and
laid before the shareholders of the company in
its annual general meetings accordance with the
provision of section 210 of the companies Act,
1956.
24. Calculation of Book profits
[explanation to sec 115JB(2)]
For the purpose of MAT , Book profit means
the net profit as shown in the profit & loss
account for the relevant previous year
prepared under sub-sec (2) above; and
25. 1. As increased by – [if
debited earlier]
The amount of income tax paid or payable, and the provision therefore; or
The amount carried to any reserves, by whatever name called, other than a
reserve specified u/s 33AC; or
The amounts or amounts set aside to provision made for meeting liabilities other
than ascertained liabilities, or
The amount by way of provision for losses of subsidiary companies ;
The amount of dividends paid or proposed; or
The amount or amounts of expenditure relatable to any income to which section
10 or section 11 or section 12 apply.
Note : however any expenditure relating to long term capital gain or transfer of
shares through a recognized stock exchange as referred to in section 10 (38) shall
not be added back to net profit while calculating ‘ Book profits ’
The amount of depreciation debited to the profit & loss accounts (w.e.fA.Y 2007-
08)
The amount of deferred tax and provision thereof.
The amount or amounts set aside as provision for diminution in the value of any
asset
26. 2. As reduced by – [if
credited earlier ]
The amount withdrawn from any reserve or provision ;
The amount of income to which any of the provision of section 10(excluding the income referred
to in section 10 (38) ) or 11 or sec 12 apply
The amount of depreciation debited to profit & loss account (excluding the depreciation on
account of revaluation of assets ) or ;
The amount of withdrawn from revaluation reserve and credited to the profit and loss account to
the extent it does not exceed the amount of depreciation on account of revaluation of assets
referred to in clause (ii a) ; or
The amount of loss brought forward or unabsorbed depreciation whichever is less as per Books of
accounts,
The amount of profit of such industrial company for the assessment year commencing on and
from assessment relevant to previous year in which the said company became a sick industrial
company and ending with the assessment year during which the entire net-worth of such
company becomes equal to or exceed the accumulated losses.The term ‘ Net worth’ shall have
the meaning assigned to it in clause (ga) of sub section (1) of the section 3 of the sick industrial
companies (special provision ) Act , 1985
The amount of profit derived by a tonnage tax company (sec 115VC )
The amount of deferred tax , if an such amount is credited to profit and loss account
27. The above scheme of calculation of “ Book
profits can be summarized as follows :
Take balance [Net profit or Net Loss] as per P&L account (+) or (-) xxxxx
Add : Statutory Addition (if already debited to P&L A/c ) (9 items) (+) xxxx
Total xxxxx
Less: statutory deduction (8 items) (-)xxxx
Book Profit for MAT xxxxx
29. a. Income tax paid or payable or any
provision thereof . The amount of income
tax shall include the following :
Any tax on distributed profits U/S 115-0 or on
distributed income U/S 115R;
Any interest charged under this Act;
Surcharge , if any, as levied by central Acts
from time to time ;
Education cess on income tax , if any, as
levied by the central Acts from time to time
30. b. Transfer to any reserve ;
Thus following transfer are to be added back if debited :
Transfer to sinking fund ;
Transfer to general reserve ;
Transfer to dividend equalization reserves and other
transfer ;
Transfer to Bad debt reserve
Transfer to special reserve u/s 36 (1)(viii) by certain financial
corporations.
Transfer to reserve as per the provisions of section 801A(6)
or 10AA.
However, if any reserve is made to shipping reserve
specified under section 33 AC, then it is not to be added to
Net profit.
31. c. Provision for
unascertained liabilities
Any provision made for any unascertained
liability is also to be added to Net profit while
calculating “ Book profits ”
32. An ascertained liability :- A liability is said to
be ascertained liability if it is determined or
fixed or imposed under some contract, law or
other such act : For example , a provision
made for compensation payable to the
widow of an employee who died in the course
of employment , where the said
compensation is definitely to be paid as per
court order.
33. An unascertained liability is that liability ,
which is not determined / fixed and a
provision is created for such anticipated
liability then it is to be added to net profit.
35. 1. Withdrawal from any reserve or provisions.
[sec115JB (2)(i) explanation ]
Case A : if reserve are created before 1-4-97 :
By debiting to profit and loss account : in such a case
if any amount is withdrawn from such reserve and is
credited to profit and loss account then such amount
is to be reduced from ‘ Net Profit’ .
Case B : if reserves was created on or after 1-4-97 :
In such a case, any amount withdrawn from such
reserves shall be reduced from ‘ Book Profit ‘ only if,
in the year of creation of such reserve/provision , the
net profit was increased by the amount of reserve
created, while calculating Book Profits.
36. 2. B/F loss or unabsorbed
depreciation
Sec 115JB(2)(iii)(explanation ) provides for a
deduction of loss brought forward or
unabsorbed depreciation, whichever is less,
as per books of accounts.
Brought forward loss shall not include
brought forward unabsorbed depreciation.
37. MAT provisions not to affect carry forward & set
off provisions provided under Income Tax Act :
Sec 115JB (1) shall not affect in any way the following amounts
to be carried forward to the subsequent year or years as provided
under IncomeTax Act , 1961 :-
1. Brought forward unabsorbed depreciation as provided u/s 32 (2)
2. Investment allowance as provided u/s 32A (3)
3. Business loss as provided u/s 72(1)(iii) ;
4. Losses in speculation business as provided u/s 73
5. Losses under the head “ capital Gains ” (short term and long
term )as provided under u/s 74
6. Losses from activity of owning & maintaining of race horses as
provided u/s 74A (3)
These amount can be carry forward & set off against future year or
years as per provisions contained in respective sections.
39. Amount of tax credit =
MAT – Tax payable on total
income computed as per
normal provision of Income
Tax Act
40. Year in which tax credit shall be
available [sec 115JAA (4)].
Tax credit is available in previous year in which tax as
per normal provisions of IncomeTax Act is more than
the tax payable under MAT
Period for which tax credit is available [sec
115JAA(3A)] with effect from assessment year 2007-
08 , the amount tax credit shall be carried forward
and set off upto seventh Assessment year (upto
tenth assessment year w.e.f 1-4-2010 ) immediately
succeeding the assessment year in which tax credit
become allowable under section 115JAA (1A)
Note : No interest shall be payable on the tax credit
allowed under subsection (1A)of sec 115JAA.
42. 1.Tax on distributed profits
of companies [sec 115-0] (1)
In addition to income tax chargeable on the total
income of a domestic company, where such
company has declared, distributed or paid some
amount by way of dividends [whether interim or
final]on or after 1-6-1997 but before 1.4.2002 and
again from 1.4.2003 onwards whether out of
current or accumulated profits, it had to pay
additional income tax at the on amount of
dividend so declared, distributed or paid. Such
tax shall be known as tax on distributed profits.
43. 2. Treatment of dividend received by a domestic company
from its subsidiary company [sector 115-0 (1A)] inserted by
the finance Act , 2008 w.e.f A.Y 2008-09 ]
Any dividend received by a domestic from its
subsidiary company shall be reduced from the
amount of dividend declared, distributed or paid
by such domestic company during the year if :
a. Such dividend is received from its subsidiary :
b.The subsidiary has paid tax under sec 115-0 on
such dividend; and
c.The domestic company is not a subsidiary of any
other company.
44. In other words :
Dividend subject to ‘ dividend distribution tax
’ = dividend declared , Distributed or paid
During the financial year - dividend received
by domestic company from its subsidiary
during the F.Y
Note : (i) the same amount of dividend shall not be taken into account
for reduction more than once.
(ii)for the purpose of section 115-0 (1A) , a company shall be a
subsidiary of another company , if such other company holds more than
half in nominal value of the equity share capital of the company.
45. 3. Responsibility to deposit
tax [sec 115-0 (3)]
The principal officer of such domestic
company shall be liable to deposit tax on
distributed profits to the credit of central
government within 14 days of the date of
declaration or distribution or payment of
dividend, which ever is earlier.
46. 4. Final payment [section
115-0 (4)]
The amount of tax on distributed profits
deposited as per above shall be considered as
final and no further credit shall be claimed by
such domestic company or any other person.
47. 5. No deduction [section
115-0]
The company or any shareholder of such
company shall not have any right to claim any
deduction for the amount of tax paid under
this section .