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What Is Taxation Law?
In our Law Assignment Sample we have covered taxation law which deals with the matters related to tax. If you want to get the best assignment help online for your taxation assignment then visit TotalAssignmenthelp.com today. TotalAssignmenthelp.com provides taxation law assignment on various sub topics of tax such as sales tax, income tax, professional tax, commercial tax etc. Taxation law contains all the rules and regulations in context to direct taxes as well as indirect taxes pertaining to corporate and non corporate organizations and individuals because laws pertaining to taxation law are part of commercial law. You will come to know about it in detail from our taxation law assignment sample.
The experts providing Law Assignment Sample explain that laws of Taxation are imposed legally by our constitution and anyone going against it has to pay a penalty and in worst condition can even go to jail. You will come to know about it in detail form our taxation law assignment sample.
Mr Tailor who is a businessman earns &7800 from his organization. His net income after deducting all the company expenditures sum up to 6300. The income tax and the organization tax are to be paid by Mt Tailor on his net income’s basis. The finance department of the government will decide the tax percentage which he will have to shell out. He will also be required to pay certain documents such as income statement, cash flow statements, balance sheet etc which are the sources for calculating the amount of taxed to be paid to the government. The experts at TotalAssignmentHelp.com providing Law Assignment Sample help elucidate that in case he is not able to pay his taxes or does not have all the documentation required the tax authorities will ask him to pay a huge penalty or send him to jail.
Law Assignment Sample for Taxation
In 1882 Robert D’Souza bought 5 hectares of land for his apple farm and paid $320,000 for the land. He again purchased 1 hectare of land in the year 1889 and paid $ 40,000 for it. He also had to pay $800 as stamp duty charges and $1600 as legal charges. Robert decides to sell his land because the apples could not yield properly on that land. He was not able to get a good buyer for his land and so he decided that he will sell the land by sub-dividing it and paid $160,000 for the sub-division of his land. He finally got a buyer for his land and sold the land for $800,000 on august 2012. The contract under which he sold his land stated that half amount of the land will be paid after settlement and the other half with 10 percent interest would be paid on April 30 2013. A legal fee incurred was $2,400 and agent’s commission summed up to $12000. You are requested to give Robert tax advice for the financial year 2012-13.
Land cost: $40,000
Stamp duty charges: $800
Legal charges: $1600
Cost incurred for sub-division and clearance: $160,000
Commission of agent: $12,000
Legal charges: $2,400
Total cost: $174,400
Here 20 percent of the land is considered to be taxable area of land, hence the base cost sums up to $77,280
Now to find out the capital gains you need to calculate by how much the sale value exceeds the3 cost of the asset.
Sale Price: (20/100*($800,000)) = $160,000
Cost price = $77,280
Capital gains= Sale Price – cost price= $82,720
Robert can discount 50 percent of the total capital gain because he had this new land with him for a time period exceeding an year. So now the capital gain sums up to $41,360(50/100*($82,720)).
Not only the capital gain comes into taxable income but other things such as the sale agreement which Robert had made with the buyer of his land which stated that the settlement would be made on November 12 2012. Robert is taking an interest of 10 percent on the remaining amount from the buyer of his land and this amount will be included under the other incomes of Robert.
Total sales amount= $800,000
First payment= $350,000
Second payment= $350,000+10 percent interest for the period of 5 months 19 days.
No of days for which interest is accumulated = 171
Total Taxable interest=$ 16,400(350000/365*171).
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