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Exams

The site is very useful for the students studying business and tax. In US UK and middleeast areas there are no one professional of tax study there on this site u can find all the problems occuring in study of income tax and sale tax.

also see good articles

What US companies pays tax

What U.S. Companies Really Pay in Taxes (Analysis)



A study commissioned by Businessconsultants shows that Corporate America pays the IRS anywhere from zero to 400% of income.

FPL Group (FPL), owner of Florida Power & Light, understands the value of alternative energy. By setting up everything from 1,500 acres of solar electric systems in California to wind farms across the U.S., the Juno Beach (Fla.) utility has avoided the need to build 12 new power plants. And those investments create another green benefit: tax breaks. Over the past four years, FPL has paid just $88 million in taxes on earnings of nearly $7 billion. FPL spokeswoman Jackie Anderson says the company is merely taking advantage of incentives to develop renewable resources.

No one likes to pay taxes. FPL paid more than $500,000 to Washington lobbyists last year to keep its tax breaks coming. That strategy seems to work, and corporate tax receipts have been on a steady decline—a trend that could change in the coming mont…

sale tax

Important Supporting Concepts and Tables

Zero-rated Supplies
The supplies which are taxed at the rate of ‘0%’ are called zero-rated supplies these are:-
Exported goods
DTRE (Duty and Tax Remission Exports)

Exempted Sales
Exempted supplies means locally sold goods which are purchase in previous month


Commercial Exporter
Commercial exporter means a registered person who has no manufacturing facility of his own and exclusively makes zero-rated supplies or ‘same stated goods’.


Same Stated Goods
Same Stated goods mean goods purchased by a commercial exporter or manufacturer cum exporter against tax invoice for export as such.


Section 8B(I) SRO 647(1) 2007
Under this section Total input tax should not exceed 90% of the total output tax. It is a maximum limit of input tax in general case. Normally it is given when sales are made to Registered person. However there are some exceptions to the section:
Exception to the section.
This section 8B (1) shall not apply in case of;
Commercial importer
Whole seller
Dis…

Tax performa

TAX PERFORMA


www.repairmagic.ca 






Mr…………
Tax Year 2008
Tax Year Ended 30.6.2008
Residential Status: Resident
Computation of Tax Payable

Income From Salary (Section 12)
(MTS)

Total Exempt Taxable
Rs. Rs. Rs.
Basic Salary xxxxxx --------- Xxxxxx
Overseas Allowance xxxxxx --------- Xxxxxx
Dearness Allowance xxxxxx --------- Xxxxxx
Cost of living Alloawance xxxxxx --------- Xxxxxx
Bonus xxxxxx --------- Xxxxxx
Commission xxxxxx -------- Xxxxxx

Salary Xxxxx Xxxxxx

Accommodation:
House Rent Allowance (when only Allowance is given) Xxxxx -------- xxxxx
Rent Free Unfurnished/Furnished Accommodation
when Option is given
House Rent Allowance
OR.
45% or MTS/Basic Salary Whichever is Higher

Xxxxxxx
Wages of Watchmen, Gardner at house paid by empl…