Capital gains tax

[pic] [pic] Project submitted in partial fulfillment for the award of degree [pic] DECLARATION I hereby declare that this project report titled, Income Tax Planning in India with respect to Individual Assessee submitted by me to the Department of Business Management of XXXXX, is a bonafide work undertaken by me and it is not submitted to any other University or Institute for the Award of any degree diploma/certificate or published any time before. Date: (XXXX) ACKNOWLEDGEMENT A

Income Tax Assessment Act 1936 and ITAA 1997 assessable income is made up of Ordinary Income and Statutory Income. Assessable income includes income according to ordinary concepts which is called ordinary income s6-5(1). Legislatures and courts have consistently declined to define the limits of the term “Income” and have referred to “income according to ordinary concept and usages”. Numerous tests have been defined by the courts, but “income” is not a term of art and there is no single

TAX ASSIGNMENT On Computation of taxable income of individual, HUF and firms COMPUTATION OF TAXABLE INCOME OF AN INDIVIDUAL What is included in income of an individual? While computing taxable income of an individual, the following points should be considered— Nature of income | Tax treatment | Income earned by the taxpayerShare of profit from a HUFShare of profit from a firm assessed as firmSalary & interest from the aforesaid firmShare of profit from an association of persons/body of individualsIncome

Name: ________________________ Class: ___________________ Date: __________ ID: A test2actg4302 True/False Indicate whether the statement is true or false. ____ 1. Tina incorporates her sole proprietorship with assets having a fair market value of $100,000 and an adjusted basis of $110,000. Even though § 351 applies, Tina may recognize her realized loss of $10,000. 2. To determine E & P, some (but not all) previously excluded income items are added back to taxable income. 3. Under certain circumstances

Chapter 10 Property: Dispositions SOLUTIONS MANUAL Discussion Questions: 1. [LO 1] Compare and contrast different ways in which a taxpayer triggers a realization event by disposing of an asset. A realization event for tax purposes is created in many ways. Virtually any disposal will result in a sale or other disposition. These include a sale, trade, gift to charity, disposal to the landfill, or destruction in a natural disaster. In a sale or trade (exchange), the taxpayer receives something

azizurrehman89@hotmail.com Contact: +923327670806 azizurrehman89@hotmail.com ACCA P6 (ADVANCE TAXATION) CONTENTS Chapter 1 Income tax computation, Trust income, Tax Reducer & Pension Chapter 2 Property & Investment income Chapter 3 Employment income Chapter 4 National Insurance Contribution Chapter 5 Income from self-employment Chapter 6 Capital allowances Chapter 7 Basis period Chapter 8 Trading losses Chapter

Case Study 1 Issue How will Kit be taxable for his investments and income for the taxation year? Relevant Legislation ITAA 1997 Analysis A person is said to be a tax resident of Australia by any of the four ways1. a. Primary Test for tax resident status is Residency test. There is no definition of this test in the tax legislation. In the test, resides means to live in a particular place for a considerable amount of time. The behaviour of the person should show that his intention by way of

Piercing the veil is one of the most discussed and litigated doctrines in all of corporate law. A company has a corporate personality distinct from its members. From the juristic point of view, it is a legal person distinct from its members. This is the principal laid down in Salomon v. Salomon & co. ltd., (1897) A.C. 22].The courts did this to in relation to a one person member company. The principal is commonly referred as “veil of incorporation” The courts were bound by these principals but

YMJ Investment – Final Project Throughout the semester we really had to watch the markets in order to obtain a successful portfolio. The way we approached this task was through constant watching of the securities market to find out current trends as well as picking up stocks we thought were undervalued at that time. The latter, of course, applies to our managed portfolio, where we were able to select stocks we deemed were good investments. We observed that this specific portfolio gave us more stable

Creating an effective estate plan can occasionally feel daunting, but it doesn't have to be. Taking a few simple steps today can help ensure that you and your family gain the maximum benefit from your hard work and hard-earned assets. By making the right estate-planning decisions in your working years, you're more likely to enjoy a successful retirement in the future while protecting your assets for generations to come. Here are some basic strategies for starting, fine-tuning or updating your estate