Q:What activities are deemed as sales of goods? And what tax is levied? A:The following activities conducted by enterprises,units or individuals are deemed as sales of goods and are subject to the same VAT as sales of goods: a.Pass goods to other for sale on behalf; b.Sell goods on ...
Tax deductibles serve as incentives provided by governments to encourage certain behaviors. Governments tend to want people to do things that are deemed beneficial to individuals or society as a whole. The purpose of tax deductibles is to reduce a taxpayer’s taxable income, ultimately lowering thei...
Tax fraud cheats the government out of millions of dollars every year and is punishable by fines, penalties, interest, or prison time. Generally, an entity is not considered to be guilty of tax evasion unless the failure to pay is deemed intentional. Tax fraud does not include mistakes or a...
Under the Income Tax Act, apart from the actual income, the deemed income or notional income is also liable to tax. Theincome earned from owning a house is taxableunder the Income Tax Act.
Deemed interest is an adjustment entry used for tax purposes. This kind of interest is considered to have been received even if it was not.For example if a member of a multinational corporation receives an interest-free loan from an affiliated company, the tax authorities in the lender's coun...
A deemed dividend is a tax instrument used by publicly traded corporations as a means of shifting tax liability from shareholders during the sale of company stock. The IRS also permits the use of a deemed dividend as a means of spreading out investor tax liability to maximize deductions. These...
What is taxable income? Learn what types of income must be reported to the IRS, which income is exempt, and how understanding these distinctions can help you effectively reduce your tax bill.
How we define foreign income is often quite tricky; in the case of pensions, different types of investment income, where the customers are, and where the work is done, you have to pay attention to the details. This is the thing with international tax; the details matter. ...
Another recent case involved a tax avoidance scheme where the investors attempted to benefit from £29m in tax relief by claiming to have spent £122m on research, when in fact only £7m reached the genuine research company. It was also deemed to be a case of tax avoidance, and the...
Are you contributing to your 401(k) account at work? Make sure you're getting the most out of your investment! Ramsey Solutions Retirement What Is Asset Allocation? 7 min read Wondering what asset allocation has to do with reaching your investment goals? How about everything! Let’s dive ...