The Tax Preparation Blog

Posts Tagged ‘accounting’

Question: what is accounting code for service tax of Secondary Higher education cess?

I have find in i.e. 00440252, but other information that it has been changed. And New Number is 00440426, but i am not confirm.

Answer: Refer to link below

http://www.allindiantaxes.com/service-tax.php

Accounting Codes for the Secondary and Higher Education Cess for Customs, Central Excise and Service Tax
New Minor Head “505-Secondary and Higher Education Cess”
under the Major Head “0037-Customs”, 0038-Union Excise Duty” & “0044 – Service Tax” .

Numeric Code
Description
Serial Code
SCCD Code

0037
003700505

00370050501
Customs
Secondary and Higher Education Cess
Deduct Refunds
00370068

00370069
116

113

0038
003803
003803505

00380350501
Union Excise Duty Non-Shareable Duties Secondary and Higher Education Cess
Deduct Refunds & Drawback
00380115

00380116
110

119

0044
004400505
Service Tax
Secondary and Higher Education Cess
Tax Collection
Other Receipts
Deduct Refunds
00440426
00440427
00440428
110
111
118

The nomenclature of the minor head ‘504-Education Cess’ inserted vide correction slip No.532 dated 07.12.2004 has been changed as ’504-Primary Education Cess’. However their accounting codes will remain same.

(Pr. Chief Controller of Accounts letter COORD/13-6/98-99/Vol.IV/454 Dated : October 4, 2007)

Politics, economy boggle tax planning

As the year starts winding down, accountants encourage their small business clients to make an appointment to discuss tax planning for the old year, and for the new one.

Michael Minns – IRS Busted on Tax Code – Part 5

Question: what do u think about the Progressive method that used to calculate the income tax ?

whats the advantages and the disadvantages of the Progressive method that used to calculate the income tax in the world , and i want to know if it is a fair method from an economic and accounting
perspectives ?
what do u think about the idea of Unification of the income tax rate in all the economic sectors .?
thanks
i mean to make the income tax rate constant for all the sectors no matter of the amount of income that generate .

Answer: Consider that a single mother with a crap $8.50 hour job supporting 2 kids — and there are millions of women in that situation in the US today — would lose upwards of $9,000 per year with a flat 25% tax rate and no deductions, exemptions, or credits and the current progressive rate structure is imminently fair!

Also consider that the top 5% of earners in the US may pay 90% of all taxes, they control over 98% of all wealth. They’re getting a pretty sweet break as things are!

South Korea aims at $4b in defense exports by 2020

South Korean President Lee Myung-bak on Tuesday (October 19) discussed with related ministers ways to further develop the defence industry based on a blueprint to reach US$4 billion in annual defence exports.

FA 9 8 Partial years, Tax Methods, Rate Revisions

Africa: Eco-Certification – Who Watches the Watchers?

With raised consumer awareness about green issues, forestry companies have scrambled to acquire environmental certification. But as Khadija Sharife investigates, the credentials of those who keep an eye on the process is often murky.

SocialMediaDaily.com Video Update #1 – Michelle MacPhearson

Question: I don’t have enough cash available. Should I sell stock and pay gains tax to fund a retirement account?

I have a savings related question that has some tax implications and feel like I have a couple options:

1. Sell off stock and pay capital gains tax now (long term status but significant gain) to contribute to 2 Roth IRAs. This could yield up to 2K in taxes immediately (around 15% + 10% state CA)

2. Sell and contribute to a regular IRA to offset current taxes (though all my IRAs are currently Roth).

3. Just set aside the value of stocks in a non-tax deferred account.

Does one seem obviously better or is it mostly just personal preference?

Answer: As long as you’re in control, you’re in a good position. You should think about selling off investments BEFORE you get desperate. When you’re desperate, you’ll sell at whatever price you can get, and your losses might be significant. Your goal is to sell when you choose, not when your circumstances choose.

An IRA is just another investment. The only good thing about it is that you get to deduct a small amount from your taxes. If you’re married and low income, this is GREAT because you can get up to 50% of your investment back in the form of a tax refund (see “savers credit” chart). You will never get a return like this from any investment. If you’re not in that golden 50% zone, you might get only 20 or 10%. Not bad, just not the best.

When you’re thinking about retirement, don’t forget about being debt free and at least partially insured. That means no more credit cards and PAY OFF THAT HOUSE! If you don’t own, you’re stuck with rent for the rest of your life, and you have progressively less ability to pay it. If you owe on your house, you’re better off selling your stock to pay that before you put it in your IRA.

(NEVER EVER EVER invest or sell an investment just for tax purposes. Tax planning is important, but it’s always secondary. Your real gain or loss is always the primary issue, and taxes or tax savings is only a small percentage of that and just a small consideration.)

Tender Offer

21 September 2010 Pacific Alliance China Land Limited Tender OfferPacific Alliance China Land Limited (“PACL” or the “Company”), the closed-end investment company admitted to trading on AIM and focused on investing in a portfolio of investments in …

Council wants PAC records, 2nd tour of Mediterranean Cruise Cafe-Burnsville Today TV news-June 10

Question: Since Sports Athlete’s and Actors have Labor Unions why do the Democrats support Labor Unions and support a Pr?

Since Sports Athlete’s and Actors have Labor Unions why do the Democrats support Labor Unions and support a Progressive Tax System why do they suport higher taxes on their Union Brothers and Sisters many which make millions of dollars a year. Am I right that the reason why Sports Athlete’s make so much money is because of Strikes ? Also my point is not all Rich people are CEOS of Big Wealthy Corporations.

http://en.wikipedia.org/wiki/National_Basketball_Players_Association

http://en.wikipedia.org/wiki/National_Football_League_Players_Association

http://en.wikipedia.org/wiki/Professional_Hockey_Players’_Association

http://en.wikipedia.org/wiki/Screen_Actors_Guild

Answer: The big money earners in sports and the entertainment industry rarely get much benefit from the Unions in their business; the Union supports the unknown player, or the unknown character actors. That is why during the last football strike the big money players were more reluctant to strike then the average player. They lost more money the longer the strike lasted and would reap the least benefit. Some big players crossed the picket line and played because of it.

Harare City Council:Its excesses, excuses

THE last decade had seen Harare losing its sunshine status and it’s now living in the shadows of its former self.

Health Reform by Association