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FIN623 Taxation Management GDB Spring 2021 Solution / Discussion

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FIN 623 Taxation Management GDB Solution sparing 2021//vu gdb solution //tax gdb 2021

#FIND623 GDB 1 IDEA SOL SPRING 2021
Note Don't copy paste take Idea from it and make your own SOL
Question#1) Answer
The legitimate form of tax avoidance is the procedure in which minimization of taxes is done and the maximization of taxes is done right after income is spotted. All of these methods are included in tax codes.
However the illegal form is tax evasion in which there is a method or way out not to pay the taxes.
2) Question#2 Answer
M/s ruby Ltd Tax Year will be 30 June 2021
Question#3 Answer)
In case of Ali and Jawed Proportional Tax and Flat Tax, company is following tax structure.

#FIND623 GDB 1 IDEA SOL SPRING 2021
Note Don't copy paste take Idea from it and make your own SOL
Question#1) Answer
The legitimate form of tax avoidance is the procedure in which minimization of taxes is done and the maximization of taxes is done right after income is spotted. All of these methods are included in tax codes.
However the illegal form is tax evasion in which there is a method or way out not to pay the taxes.
2) Question#2 Answer
M/s ruby Ltd Tax Year will be 30 June 2021
Question#3 Answer)
In case of Ali and Jawed Proportional Tax and Flat Tax, company is following tax structure.

Question#1) Answer

  • The legitimate form of tax avoidance is the procedure in which minimization of taxes is done and the maximization of taxes is done right after income is spotted. All of these methods are included in tax codes.
  • However the illegal form is tax evasion in which there is a method or way out not to pay the taxes.

 

2) Question#2 Answer

 

  • M/s ruby Ltd Tax Year will be 30 June 2021

 

Question#3 Answer)

  • In case of Ali and Jawed Proportional Tax and Flat Tax, company is following tax structure.

 

FIN623 GDB                              Solution

  • How would you differentiate tax avoidance from tax evasion?

Definition  of tax Avoidance

An  action taken to lessen tax liability and maximize after tax income

Meaning

Expense aversion mean as lawful measure to utilize the assessment system to discover approach to pay lower pace of duty egg placing saving for the sake of your accomplice to exploit their lower charge

Definition of Evasion

The failure to pay or a deliberate underpayment of tax underground economy

Meaning

Tax avoidance implies in lucrative exercises that individuals don't answer to the public authority including both illicit and lawful exercises is found a way unlawful way to abstain from paying assessment not pronouncing pay to the to the public authority

Difference between Tax Avoidance and Tax Evasion

The main difference between tax Avoidance and tax Evasion is in tax Avoidance people are trying to pay less tax but in tax Evasion people are trying that he not pay any tax and that’s why they are not disclose there correct income

 

2 M/S Ruby Ltd. closes its accounting year on Nov. 30 each year. Determine its tax year for the income year starting on December 1, 2019 and ending on November 30, 2020

Answer           31 November 2020

  • Ali and Javed both are working in a local company; each earning a monthly basic salary of Rs. 200,000. For the FY2020, their employer deducted income tax equal to 8% of their income. During the FY2021, their salaries got an annual increment of 20% and 15% respectively. This time, the company  will deduct tax at the same rate. Identify the tax structure followed by the company. (Calculations are not required)

Answer

Tax rate is same for both and tax is calculated on annual income both have different increment so tax calculation are different

 

 

 

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