Income taxation ppt
WebJul 30, 2024 · Notwithstanding the overall statistical significance that exists between the tax revenue and total revenue, Petroleum Profit Tax (PPT) was the only predictor that was statistically...
Income taxation ppt
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WebSep 14, 2014 · Five main Heads of Income:SalariesIncome from House PropertyProfits and Gains of Business or ProfessionCapital GainsIncome from Other Sources** Under each Head of Income, there could be multiple Sources of Income For example, a person could be employed with more than one employer. WebTaxation - Salary Section 17 (2) defines perquisites to include value of benefits such as : i) Rent free accommodation ii) Concession in rent iii) Value of benefit amenity (only in case of specified employees) iv) Any sum paid on behalf of employee v) Any premium towards LIC policy or contract if annuity. vi) Value of other fringe benefits.
WebThe next biggest source of federal tax revenues, our payroll taxes. These are taxes imposed in addition to the income tax and are used to fund the Social Security and Medicare … WebFeb 25, 2016 · - PowerPoint PPT Presentation TRANSCRIPT Chapter 11: Income Taxation of IndividualsEquals: Adjusted Gross Income (AGI) Less: Itemized or standard deduction Less: Personal & dependency exemptions Less: Tax credits 11 - * Moving expenses Educator expenses Other deductions for AGI Educator Expenses
WebApr 10, 2024 · In addition, the maximum rate of surcharge is 25 per cent in the new tax regime, whereas the maximum surcharge rate under the old regime was 37 per cent. The new regime seems to be more beneficial ... WebLearn about 12 specific taxes, four within each main category— earn: individual income taxes, corporate income taxes, payroll taxes, and capital gains taxes; buy: sales taxes, …
WebTaxation – Income from house property • Property A : • Step 1: Compare F.R 1 lakh with MV.Rs.1.2lakh Whichever is higher is F.R. = 1.2 lakh • Step 2 Compare F.R ( of step 1 = 1.2) with S.R. 1.25 whichever is lower is FR. = Rs.1.2 lakh • Step 3 Compare F.R of step 2 Rs.1.2 lakh with A.R. 1 lakh whichever is higher is Fair Rent = 1.2 lakh
WebApr 11, 2024 · 1 Views Download Presentation. The official announcement for the 2024 Income Tax Recruitment has not yet been made public. However, it is anticipated that the Staff Selection Commission will handle the hiring process. (SSC). Candidates who are interested in applying for this position must complete an online application. Uploaded on … deuce cities henhouse inWebAfter completing this training, you will be ableto: Identify the federal, state, and local taxreporting requirements of a small business and its owner, and establish a plan to … deuce cities henhouse insWebA earns N20,000 taxable income and pays 10% as tax (i.e. N,2000) and Mr. B earns a taxable income of N80,000 and pays 20% as tax (i.e. 16,000). In this situation, income tax is progressive, as the tax rate has direct relationship … church commissioners annual reportWebJul 4, 2024 · In a nutshell, the PPT aims to deny tax treaty benefits in case of treaty abuse and it consists of three main elements: A benefit under a tax treaty includes a tax deduction, exemption, deferral or refund. In the OECD Model, the benefit under tax treaty is found in the provisions of Art. 6 to 22, art. 23, and art. 24 of the OECD Model Tax Treaty. deuce chart historyWebTaxation is the practice of collecting taxes (money) from citizens based on their earnings and property. The primary purpose of taxation is to raise revenue to meet huge public … church commercial toilet seatsWebDec 26, 2012 · Income tax-ppt-revised venkataramanan Thiru. ... • PERSON. • GROSS TOTAL INCOME. • TOTAL INCOME. 5. INCOME TAX SLAB RATES (APPLICABLE FOR … church commissionersWebMar 28, 2024 · These are the amounts Income Tax Department allows you to reduce your Income, bringing down your tax liability. Sum of All heads of Income = Gross IncomeGross Income – Deductions = Taxable Income The more you make use of the deductions allowed, the lower your tax shall be. deuce cities hese instagram