This website uses cookies to ensure you have the best experience. Learn more

About Taxation Essay

546 words - 3 pages

Definition of Tax :
The term Taxation or Tax is comes from Latin word "Taxatio" which means "Payable Quantam an Estimate". Tax is a compulsory levy upon a person.
According to Taylor, taxes are the compulsory payments to the Govt. without expectation of direct benefit to the tax payer. So we can Say that, tax is an amount of money that compulsory pay to the Govt. It is the expense of the assesses. On the other hand it is the revenue of the Govt.In every country about 80% of total Govt. revenue comes from Tax.
Characteristics of Tax :
i) It is a compulsory levy under taxing act.
ii) Tax payer can't get benefited direct or quid qua pro (proportionally get benefited) service for payment of tax
iii) It is a price that pay to the Govt. for living in a civilized society
iv) It must be a fixed rate
v) It is the way for utility ...view middle of the document...

Assessee is the person on whom tax is levied to pay to the Govt.
According to income tax ordinance 1984, under section 2(7) - Assessee means a person by whom any tax or other sum of money is payable under this ordinance and includes -
a) Person against whom income tax case.
b) Person who is required to file income tax return.
c) Person who desires to be assessed and submit his/her income tax return.
d) Person who is deemed to be an assessee.

Physical Status of Assessee :
There are seven types of physical status of assessee that are following-
i) An individual (Ind.)
ii) A firm (partnership)
iii) An association of persons (AOP)
iv) A Hindu Undivided Family (HUF)
v) A Local Authority (LA)
vi) A Company (Co.)
vii) Other artificial person as defined in ITO

Assessment Year :
Assessment year means Tax year.
According to section 2(9) of IT ordinance,1984 -assessment year means that period of twelve months commencing on the first day of July every year.

Income tax Authorities :
The income tax authorities may be classified in the following groups :

[pic]
-----------------------
Income Tax Authorities

Judicial Authorities

Appellate Tribunal

Administrative Authorities

On the Basis of Base

On the Basis of Progression

On the Basis of Incidence

Tax

Regressive

Multiple Taxes

Single Tax

Proportional

Progressive

Indirect Tax

Direct Tax

Appellate Additional Commissioner of taxes

Appellate joint Commissioner

Commissioner of Taxes

NBR

Direct General

Commissioner of Taxes

Additional Commissioner of Taxes

Joint Commissioner of Taxes

Deputy Commissioner of taxes

Tax recovery officer

Assistant commissioner of Tax

Extra assistant commissioner of Tax

Inspector of Taxes

Other Essays Like About Taxation

Business Taxation Essay

599 words - 3 pages Minor. This device helped early merchants to keep trading transactions. As the years passed a German engineer called Konrad Zuse had developed a computer in 1941 called the Z3. In 1900 he produced an all-electronic calculator with the help of a computer that was about half as long as a football field and contained 500 miles of wiring and it used electromagnetic signals to move mechanical parts and the machine was slow and inflexible. After

Double Taxation Essay

3133 words - 13 pages Double Taxation One of the main issues discussed in the United States has been the taxation of corporate profits. A corporation is taxed on income that is earned and distributed to their shareholders. Once the corporate is taxed, the shareholder is taxed for the second time. This process is known as double taxation which is define as the “the imposition of two or more taxes on the same income, asset , or financial transaction” (Double

Taxation Paper

629 words - 3 pages Federal Income Taxation I Facts: Murray reported his employer to the Environmental Protection Agency. He claimed that his employer was illegally dumping chemicals into the river. The court filed in favor of Murray and his employer was fined. This cost Murray his employment and his employer made deliberate efforts to prevent Murray from obtaining other employment. Murray sued his employer saying that his reputation had been damaged. Murray

Taxation System in India

1314 words - 6 pages Taxation system in India India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies taxes on income (except tax on agricultural income, which the State Governments can levy), customs duties, central excise and service tax. Value Added Tax (VAT), (Sales tax in States where VAT is not yet in force), stamp duty, State Excise, land revenue

Taxation on Alcohol

3290 words - 14 pages Increased Taxation on Alcohol Introduction Alcoholic beverages and consumption of these particular beverages are a widely accepted practice in Canada, and among a majority of Western societies. According to a study conducted by the Centre for Addiction and Mental Health of Canada, over 80% of Canadians consume alcohol in moderation (Ialomiteanu et al, 2012). However, despite the popularity of alcohol consumption across a large population

Ch. 5 Federal Taxation Answers

532 words - 3 pages  Chapter 5 Assignment 1. An exemption reduces your taxable income. Exemptions apply to people and your relationship to them. A tax deduction meanwhile, applies to bills that you pay during the tax year whether standard or itemized. 3. The interest on tax exempt bonds have made people that receive social security be taxed on the benefits lesser of one half of the benefits or one half of the excess of the taxpayer’s provisional income

Taxation Implications for Auditors Duties

1590 words - 7 pages | TAXATION LAW | ASSIGNMENT | | | GROUP MEMBERS: | Jamal Ahmed Khan S0243702Ijaz Ahmad S0206099 | | | SUBMITTED TO:Michael Gallagher | DATE:6th Jan, 2014 | | | | TAXATION LAW - ASSIGNMENT Part A To find the residency status of John and Susan for the time when they were living overseas. The definition of “resident” in s 6(1) of ITAA 1936 contains four tests to determine

Complexities of Leasing, Taxation, Error Correction and Changes in Accounting

548 words - 3 pages Complexities of leasing, taxation, error correction and changes in accounting Phase 3 Group Project/Group A Paula Campbell Colorado Technical University Online Professor Monica Phillis  ACC346-0902A-01: Intermediate Accounting II  April 28, 2009 Recommendation The accounting team has thoroughly researched the defined contribution plan, defined benefit plan and simple plan that are under consideration to install at BC Corporation

Flat Income Tax: Impact on California

2370 words - 10 pages Executive Summary This report details research about flat income taxation for the Governor of California, Mr. James Cash. The research encompasses the advantages and disadvantages of flat income taxation, and how such a system would impact the economy of California. The report ends with possible responses to critics and how a flat income tax could help revive the California economy. A flat income tax for California offers the state many

The Tale of Two Cities

874 words - 4 pages an economic rebellion, because of conflict over taxation and representation in Parliament. The colonists had strong beliefs that the English government was unfair and often tyrannical. The conflicts over trade, taxes, and government representation brought about the revolution. Although there were many economic influences on the American Revolution, these were not the primary causes. The colonists believed that the king of England, King George

Tax Module

1818 words - 8 pages her personal tax planner before she makes a decision. Options considered: 1. 2. 3. Give the shares to her husband. Give the shares to her 15 year old daughter. Give the shares to her 25 year old daughter. Module 8 – Capital Gains/Losses Module 8 – Problem 7: Higgins AFM 362 – Taxation 1 9 Brad and Cathy are in to see you once again. They still haven’t finalized their financing of the building but they have another wrinkle to talk to you about

Related Papers

Progressive Taxation Essay

1169 words - 5 pages 1. Progressive taxation is the means of taxing the general populous of wage earners by the amount of income they earn on annual basis. The more money an individual earns in a given year, the more he/she will pay taxes compared to an individual who does not earn as much in a given year. The amount of taxes paid within a progressive taxation society is defined within a range that depends upon the yearly income, marital status, and whether or not

Taxation And Cigarettes Essay

3540 words - 15 pages Abstract Cigarette and Tobacco taxation has been a hot topic for years. Typically, the taxing of this product is accepted as there are health concerns associated with the consumption of tobacco products. The concept of raising cigarette taxes aligns with goals of increasing revenue for local, state and federal governments, and also works to increase the overall public health of the country. Although the taxation is widely accepted, there are

Taxation In Denmark Essay

2046 words - 9 pages from a foreign subsidiary (1). Denmark levies no withholding tax on dividends paid to the foreign parent. Additionally, a holding company is not required to pay capital gains tax on shares held for more than three years (1). A Denmark company has access to a network of double taxation treaties Denmark has signed with major trading nations around the world. A minimum of one shareholder and one director is required for Denmark company formation

Specialized Taxation Essay

766 words - 4 pages EXPENSES Malayan Weaving Mills Sdn Bhd v Director General of Inland Revenue The Case Issues: Whether the provision made for retirement benefits that had been taken into account in the sale of the appellant’s printing and dyeing mill was allowable or not allowable (capital expenditure or revenue expenditure) under s33(1) of the Income Tax Act 1967. The Facts: In Malayan Weaving Mills Sdn Bhd vs Director General of Inland Revenue [(2000