Search results
Results From The WOW.Com Content Network
A "lodgement vendor" is one who will verify proofs (rental receipts, medical receipts) to ensure that they are eligible for deduction as per the rules of Income Tax in India. [ citation needed ] In Australia the electronic placing of personal tax returns with the authorities is described as the electronic lodgment (note: alternative spelling ...
A deposit slip or a pay-in-slip is a form supplied by a bank for a depositor to fill out, designed to document in categories the items included in the deposit transaction when physically depositing at a bank.
The taxpayer can adopt another method if the taxpayer files a tax return using that method for two consecutive years. This is different from changing a tax accounting method under the release of the IRS because, in the case of adopting another method, the IRS may assess fines and reallocate taxable income.
Tax return laws generally prohibit disclosure of any information gathered on a state tax return. [10] Likewise, the federal government may not (with certain exceptions) disclose tax return information without the filer's permission, [11] and each federal agency is also limited in how it can share such information with other federal agencies. [10]
A dispute over timing of income recognition for tax purposes may arise when the thing received is really not much more than a promise of payment, such as a promissory note or a bond. If mere promises to pay were considered cash equivalents, then there would be little difference between the cash and accrual methods for tax purposes. [9]
In Australia, the concept of taxable income is central to determining the amount of income tax you are liable to pay. Deductions are items that are subtracted from taxable income, thereby reducing the tax liability. [12] For organizations, most expenses specifically identified with business tasks are deductible. Examples of tax deductions ...
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
There are certain advantages in tax planning when the cash method of accounting is used: for instance, payment of business expenses may be accelerated before year end, in order to maximize tax deductions, whereas billings for services may be postponed to after year end, so that payments won't be received until the new year, thus postponing tax ...