This should be borne in mind when we undertake research in a more adequate and just taxation system as well for our three countries. Taxation law notes blaw pages content 24 introduction and administration of the australian tax system 510 jurisdiction to tax 11 tax payable and introduction to income. This article is concerned with taxation in general, its principles, its objectives, and its effects. Free tax books download ebooks online textbooks tutorials. Principles of corporate taxation department of higher education. Aban, law of basic taxation in the philippines revised ed. Introduction to taxation taxes are the price we pay for a civilized society. Taxation, imposition of compulsory levies on individuals or entities by governments. But an individual will be definitely but behind the bars for such an office. Taxation should produce the right amount of tax at the right time, while avoiding both double taxation and unintentional non taxation. Principles and practice of taxation lecture notes taxation is a common phenomenon all over the world. The spread of the digital economy poses challenges for international taxation. Difference between accounting profit and taxable profit.
In the wealth of nations book v, chapter 2 he set down four general canons. Taxation is the part of public finance that deals with the means by which the government raises revenue from the public by imposing taxes which revenue is used by the government to provide goods and services to the public or its citizens to carry out government functions. Most countries cannot do without the imposition of tax, to boost its revenue generation. Tax deduction at source excluding sections relevant to nonresidents b. Taxation law revision notes, book, ebook for llblaw. Accrual is concerned with expected future cash receipts and payments. In order to provide for these program and services, the government needs revenues. Chapter 16, taxation of income from business and investment 2 ii. Requiring the skill levels of knowledge, comprehension, application and analysis.
Although on the surface taxation may seem like a large volume of rules to memorise, underlying the development of the legislation are principles, objectives and history. Taxation is a means whereby the state collects funds to pay for public services. Taxes are levied in almost every country of the world, primarily to raise. This specific principle is also known as a flat tax rate. Principles and practice of taxation in nigeria, 2 nd ed. Since many view taxation as a necessary evil, it should be administered in such a way as to create minimum pain to the payer, just like the honey bee which collects nectar from the flower without hurting the flower. This report sets out an analysis of these tax challenges. Auditing books deals with the auditing is such an examination of books of accounts and vouchers of business, as will enable the auditors to satisfy himself that the balance sheet is properly drawn up, so as to give a true and fair view of the state of affairs of the business, according to the best of.
It is 3 years under graduation course that provides you wide career opportunities in accounts, commerce, management fields. This section provides lecture notes from the course. Introduction to taxation our purposes, the sections on tax structure, types of tax, tax administration, and understating the tax law will be relatively. Principles and practice of taxation lecture notes income. Accounting is the system a company uses to measure its financial performance by noting and classifying all the transactions like sales, purchases, assets, and liabilities in a manner that adheres to certain accepted standard formats. An accountant has a suggestive but very specific job to do in this regard by indicating ways to minimise the tax liability through his knowledge of concessions and incentives available under the existing taxation framework of the country. Introduction to taxation our purposes, the sections on tax structure, types of tax, tax. The tax system must develop an effective system of taxpayer services. Principles of taxation are those formal guidelines which are widely accepted andor. Prior to his joining full time teaching profession in 1993 kp was senior manager in sidat hyder in their tax and corporate departments. In contrast, traditional tax accounting course note concentrate on administrative issues while ignoring the richness of the context in which tax factors operate.
Here we have provided some details for introduction to accounting textbook. Hi fellow law students, i am sharing pdf notes, book and ebook for the subject taxation law for llb and ba. Basis of recognition of profits and income residential status difference between direct and indirect tax. It then provides an overview of the principles underlying corporate income tax, focusing primarily on the taxation of crossborder income both.
Students who struggle with detailed computations in other subjects may be able to. The lecture notes are from one of the discussion sections for the course. Modern principles of taxation ii effectiveness and fairness. The interesting point which can be underscored is that at all times there was discussion about the correct taxation principles andor the just taxation system and that at no time. Explain the principles of taxation differentiate between direct and indirect taxation. International tax principles and tax treaties comments 22 2. Taxation law notes blaw pages content 24 introduction and administration of the australian tax system 510 jurisdiction to tax 11 tax payable and introduction to income 1418 income from serviced 1924 fringe benefit tax fbt 2531 income from businesses 3233 income from property 3442 taxation of capital gains 4350 deduction i general. Taxation of individual including amt but excluding nonresident b. Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well. This means we work closely with icaz to ensure this study text contains the information. Write short notes on the following terms used in the. Taxation in theory and practice lecture notes, lectures 1 10.
Fundamental principles of taxation this chapter discusses the overarching principles of tax policy that have traditionally guided the development of tax systems. Our tax2601 study group is designed with the student in mind, providing students with the best possible tools available and giving students a better chance to successfully pass the module. The law was thought to be sufficient to drive many cigarette companies out of business, and was questioned in. The first companies act was introduced in england and audit became a statutory requirement for join stock company. In order to measure the exact pressure of taxation in the. Student registration numbers will be sent to all students. Knowledge of historical principles that guided the development of the system, and investigating the various motivations that underlie existing. Minimum tax section 33 of companies income tax act cita cap c21 lfn, 2004 as emended jan 2009.
Principles of a good tax system west virginia senate. D it is part of a lawmakers pork barrel suggested answer. Tax planning is an important area as far as the fiscal management of a company is concerned. Thirdly, the tax system must be equitable, notes wikibooks. The cost of service principle theory of taxation the beneit principle this dictates that tax is.
Whereas it is provided by section 45l of the companies income tax act, section 381 of the personal income tax act and section 61l of the petroleum profits tax act that if the minister of finance by order declares that arrangements specified in the order have been made with the government of any country outside nigeria with a view to affording relief from double taxation in relation to. Basic introduction to accounting is about the purpose of accounting is to provide a means of recording, reporting, summarizing, and interpreting economic data. Some universities teaches taxation law or principles of taxation law in 6th semester of ll. With summaries written by fellow students, you are guaranteed to be properly prepared for your exams. Notes 5 1 student handbook 1 zica student handbook zica professional diploma in taxation 1. Principles and practice of taxation lecture notes free download as pdf file. There are many definitions given to taxation by different authors. It notes that because the digital economy is increasingly becoming the economy itself, it would not be feasible to ringfence the digital economy from the rest of the economy for tax purposes. Other principles that a good tax policy should have. Business taxation 201516 semester iii study text executive diploma in business and accounting business school ca sri lanka. Jul 01, 2019 download basic accounting principles text book pdf. But it is difficult to find a note on indian taxation on internet which covers ll.
Tax management, administrative procedure and icds 20 marks 6. Canonsprinciples of taxation by adam smith some other. Tax provisions do not typically form a principal part of iias, partly owing to the existence of the tax specific dtts. At together we pass, we strive on helping people with common goals come together and discuss relevant topics regarding their modules. All tax laws should conform to the maxims of taxation equity 1. Business income the characterization of an amount as business income is important in both schedular and global income tax systems. Adam smith, the father of modem political economy, has laid down four principles or cannons of taxation in his famous book wealth of nations. Applied taxation module 1 tax 402 background to taxation because taxation is a subject grounded in law, there is usually a clearer distinction between right and wrong answers and more consistency in the expected layout of solutions than in other subjects. Auditing means to examine the accounting data in order to determine reliability of the financial statement. These principles are still considered to be the starting point of sound public finance. Tax compliance, tax evasion and tax avoidance a meaning b factors influencing tax compliance 9. Fundamental principles of nigerian taxation by seyi, ojo. Introduction to taxation government plays an important role in most modern economies. The first chapter in pak outlines the basic purposes and principles of taxation.
One reason for the limited role of taxation provisions in iias is that the inclusion of taxation matters can sometimes unduly complicate and draw out iia negotiations and decrease the chances of successful conclusion. The first publication on double entry system of book keeping came in 1494 in which the author luca pacialo also stated duties and responsibilities of an auditor. The most important source of government revenue is tax. Principles of taxation in kenya by cpa john muiruri icpak. A the religious dignitary is assigned to the philippine army. Notes on income tax laws tax year 2012 muhammad ovais, deloitte th mfc 3 company. Read it with the goal of gaining a broad understanding of tax purposes and principles. Tax on inter state trade and exports registration, preparation and filing of ereturns, rates of tax, assessment and refunds. The objective of this note is to bridge this gap by providing a framework for recognizing tax planning opportunities and applying basic principles of tax. This means that taxation should be determined by a persons ability to pay, and that wealthier people should pay more in taxes because they are able to do so. View notes lecture note on taxation from acc 221 at federal university, dutsinma. It provides an introduction to the law and practice of income taxation in australia, including capital gains tax. Basic international taxation second edition volume i. Therefore principles canons of taxation are signposts in the economy, which should guide the.
These lecture notes were prepared by xingze wang, yinghsuan lin, and frederick jao specifically for mit opencourseware. In this article we will discuss about the principles of taxation. Summary principles of taxation law lecture 1 intro to tax law notes. Meaning of tax tax is the principal source of revenue to government of.
In the united states, the role of the government extends from providing for national defense to providing social security and medicare to the elderly. This study was prepared by messrs alfred mwila, david manley, patrick chileshe, ezekiel phiri and kelvin. Students guide to income tax including service tax vat. Aas lewis distinguished professor of business emeritus senior economist center for business and economic research marshall university west virginia legislative joint select committee on tax reform may 4, 2015. A tax is a compulsory payment made by individuals and companies to the government on the basis of certain wellestablished rules or criteria such as income earned, property owned, capital gains made or expenditure incurred money spent on domestic and imported articles. Chapter 1 introduction to taxation chapter highlights proper analysis of the united states tax system begi ns with an examination of the tax structure and types of taxes employed in the united states. This unit forms part of the master of professional accounting course providing nonaccounting graduates with knowledge and skills in accounting. Compliance costs to business and administration costs for governments should be minimized as far as possible. Auditing books pdf definition, explanation, basics. Principles of taxation are those formal guidelines which are widely accepted andor discussed and should be considered whenever specific laws are proposed, discussed and implemented. Applied taxation module 1 tax 402 ii for 2018 cta 2 exams property of caa learning media caa caa learning media is an icaz approved learning partner. Lecture notes principles of microeconomics economics. In addition, the potential for evasion and avoidance should be minimized. Although the history is interesting, for 1 unit 01.
Next to the opinion that taxation is no burden, comes the theory that in this country our taxation is so excessive that we cmtnot enter into competition with foreign nations, and, therefore that the principles of free trade do not apply to a country heavily taxed. Accounting attempts to recognize noncash events and circumstances as they occur. In preparation of that, we present in the following some principles. To provide the learner with basic knowledge of taxation in uganda covering all. Llb bachelor of legislative law course is the most common undergraduate course of legal law education offered by many law colleges and universities in india. Details about the attached notes ebook on taxation law total pages. The 18thcentury economist and philosopher adam smith attempted to systematize the rules that should govern a rational system of taxation. So, i have tried to prepare a complete note with the help of some other websites. Principles of an optimal tax system single versus multiple tax systems classification of taxes and tax rates impact incidence and tax shifting, lax shifting theories. Principles of public finance and taxation atd dcm level iii study text kasneb july 2018 syllabus revised on. Principles and practice of taxation lecture notes income tax. It then provides an overview of the principles underlying corporate income tax, focusing primarily on the taxation. Kp, a qualified chartered accountant, presently associated with alhamd academy, completed his articleship from sidat hyder.
To provide the learner with basic knowledge of taxation in uganda covering all aspects of tax as set by the government of uganda learning outcomes on completion of this course, the learner should be able to. Demonstrate an understanding of the objectives of taxation and factors that determine the countrys taxable capacity 2. Notes basic accounting principles business environment 64 the results disclosed in the financial statements will be uniform and comparable. Taxation law revision notes, book, ebook for llblaw students. The institute of chartered accountants of sri lanka. When taxes are imposed, certain conditions must be fulfilled and these conditions are known as principles canons, guidelines of taxation. The subtopics for each lecture are related to the chapters in the textbook. Understand the basic principles underlying the income tax act, compute the taxable income of an assessee, analyze the assessment procedure skill sets required level b. Chapter 2 fundamental principles of taxation oecd ilibrary. Taxation bar exam questions on general principles of taxation congress passed a sin tax law that increased the tax rates on cigarettes by 1,000%. We all directly or indirectly pays taxes in our daily life. Chapter 2 fundamental principles of taxation this chapter discusses the overarching principles of tax policy that have traditionally guided the development of tax systems. Here we have provided detailed information for auditing books.
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