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Tax Law Induced on Company Income and Assets

   

Added on  2020-06-04

10 Pages2930 Words61 Views
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LAW
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1QUESTION 1...................................................................................................................................1QUESTION 2...................................................................................................................................1QUESTION 3...................................................................................................................................2QUESTION 4...................................................................................................................................2QUESTION 5...................................................................................................................................2QUESTION 6...................................................................................................................................2QUESTION 7...................................................................................................................................3QUESTION 8...................................................................................................................................3QUESTION 9...................................................................................................................................3QUESTION 10.................................................................................................................................3TASK 2............................................................................................................................................4CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................8
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INTRODUCTIONLaw consists various types of rules and regulation which are imposed on companies aswell as individuals. Also government imposed tax law on each person and company on theirincome and assets. They are responsible to pay tax equal to rate mentioned under provision oflaw and imposed on them as well (Alexander and Alexander, 2011). Also there are certain thingsavailable which are exempt from rule of tax. Expenses which are spent by them are deduct fromtheir income. Payment of tax is the compulsory payment for tax payer. There are various types oftaxes which should be paid as per dates mentioned under law (Taxation Law. 2017). Income taxmust be paid once in a year for assessment year 1st April to 31st March. TASK 1QUESTION 1According to rule of law if person go outside the country for work purpose thenorganization is responsible to pay amount of travelling. But in case points received by employeeson such travelling then on which tax needs to be paid by themselves. Because such benefits arereceived by them so that tax needs to paid by them as well (Barnard, 2013). They have to complywith rules and regulation which are imposed on them. Tax needs to be paid equal to the ratementioned under law. Some certain rules mentioned under law which are related to pointsreceived by employees when they go outside for work purpose. QUESTION 2Crane hire company has been received amount from its customers for the purpose ofdamaged crane. Thus, for this amount organization is responsible to pay amount of tax which areimposed on them. As per the rule of taxation law received has been considered as taxable amountfor which tax have to be paid equal to the amount mentioned under provision. There is noexemption provided to entities (Becker, Reimer and Rust, 2015). No rule can protect them frompayment of tax. It should be considered as compulsory payment for them. There are differentrules and regulation mentioned under provisions of laws in the case of damaged goods andservices.
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