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Deferred Tax
Deferred tax is a notional asset or liability to reflect corporate income taxation on a basis that is the same or more similar to recognition of profits than the taxation treatment. Deferred tax liabilities can arise as a result of corporate taxation treatment of capital expenditure being more rapid than the accounting depreciation treatment. Deferred tax assets can arise due to net loss carry-overs, which are only recorded as asset if it is deemed more likely than not that the asset will be used in future fiscal periods. Different countries may also allow or require discounting of the assets or particularly liabilities. There are often disclosure requirements for potential liabilities and assets that are not actually recognised as an asset or liability. Permanent and Temporary differences If an item in the profit and loss account is never chargeable or allowable for tax or is chargeable or allowable for tax purposes but never appears in the profit and loss account then this i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Income Tax
A corporate tax, also called corporation tax or company tax or corporate income tax, is a type of direct tax levied on the income or capital of corporations and other similar legal entities. The tax is usually imposed at the national level, but it may also be imposed at state or local levels in some countries. Corporate taxes may be referred to as income tax or capital tax, depending on the nature of the tax. The purpose of corporate tax is to generate revenue for the government by taxing the profits earned by corporations. The tax rate varies from country to country and is usually calculated as a percentage of the corporation's net income or capital. Corporate tax rates may also differ for domestic and foreign corporations. Some countries have tax laws that require corporations to pay taxes on their worldwide income, regardless of where the income is earned. However, most countries have territorial tax systems, which only require corporations to pay taxes on income earned within ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deferred Tax
Deferred tax is a notional asset or liability to reflect corporate income taxation on a basis that is the same or more similar to recognition of profits than the taxation treatment. Deferred tax liabilities can arise as a result of corporate taxation treatment of capital expenditure being more rapid than the accounting depreciation treatment. Deferred tax assets can arise due to net loss carry-overs, which are only recorded as asset if it is deemed more likely than not that the asset will be used in future fiscal periods. Different countries may also allow or require discounting of the assets or particularly liabilities. There are often disclosure requirements for potential liabilities and assets that are not actually recognised as an asset or liability. Permanent and Temporary differences If an item in the profit and loss account is never chargeable or allowable for tax or is chargeable or allowable for tax purposes but never appears in the profit and loss account then this i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Terms
A tax is a mandatory financial charge or levy imposed on an individual or legal person, legal entity by a governmental organization to support government spending and public expenditures collectively or to Pigouvian tax, regulate and reduce negative Externality, externalities. Tax compliance refers to policy actions and individual behavior aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax relief. The first known taxation occurred in Ancient Egypt around 3000–2800 BC. Taxes consist of direct tax, direct or indirect taxes and may be paid in money or as labor equivalent. All countries have a tax system in place to pay for public, common societal, or agreed national needs and for the functions of government. Some countries levy a flat tax, flat percentage rate of taxation on personal annual income, but most progressive tax, scale taxes are progressive based on brackets of yearly income amounts. Most ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Shield
A tax shield is the reduction in income taxes that results from taking an allowable deduction from taxable income. For example, because interest on debt is a tax-deductible expense, taking on debt creates a tax shield. Since a tax shield is a way to save cash flows, it increases the value of the business, and it is an important aspect of business valuation. Example Case A *Consider one unit of investment that costs $1,000 and returns $1,100 at the end of year 1, i.e. a 10% return on investment before taxes. *Now assume tax rate of 20%. *If an investor pays $1,000 of capital, at the end of the year, he will have ($1,000 return of capital, $100 income and –$20 tax) $1,080. He earned net income of $80, or 8% return on capital. The concept was originally added to the methodology proposed by Franco Modigliani and Merton Miller for the calculation of the weighted average cost of capital of a corporation A corporation or body corporate is an individual or a group of peopl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deferred Financing Costs
Deferred financing costs or debt issuance costs is an accounting concept meaning costs associated with issuing debt (loans and bonds), such as various fees and commissions paid to investment banks, law firms, auditors, regulators, and so on. Since these payments do not generate future benefits, they are treated as a contra debt account. The costs are capitalized, reflected in the balance sheet as a contra long-term liability, and amortized using the effective interest method or over the finite life of the underlying debt instrument, if below de minimus. The unamortized amounts are included in the long-term debt, as a reduction of the total debt (hence contra debt) in the accompanying consolidated balance sheets. Early debt repayment results in expensing these costs. GAAP Under U.S. GAAP, when issuing securities without specific maturity, such as perpetual preferred stock Preferred stock (also called preferred shares, preference shares, or simply preferreds) is a component of sh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Write-down
A write-off is a reduction of the recognized value of something. In accounting, this is a recognition of the reduced or zero value of an asset. In income tax statements, this is a reduction of taxable income, as a recognition of certain expenses required to produce the income. Income tax In income tax calculation, a write-off is the itemized deduction of an item's value from a person's taxable income. Thus, if a person in the United States has a taxable income of $50,000 per year, a $100 telephone for business use would lower the taxable income to $49,900. If that person is in a 25% tax bracket, the tax due would be lowered by $25. Thus the net cost of the telephone is $75 instead of $100. In order for American business owners to write off business expenses, the Internal Revenue Service states that purchases must be both ordinary and necessary. This means that deductible items must be usual and required for the business owner's field of work. For example, a telemarketer may deduc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Loss
A tax is a mandatory financial charge or levy imposed on an individual or legal entity by a governmental organization to support government spending and public expenditures collectively or to regulate and reduce negative externalities. Tax compliance refers to policy actions and individual behavior aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax relief. The first known taxation occurred in Ancient Egypt around 3000–2800 BC. Taxes consist of direct or indirect taxes and may be paid in money or as labor equivalent. All countries have a tax system in place to pay for public, common societal, or agreed national needs and for the functions of government. Some countries levy a flat percentage rate of taxation on personal annual income, but most scale taxes are progressive based on brackets of yearly income amounts. Most countries charge a tax on an individual's income and corporate income. Countr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of Charted Account Of India -AS 22 Accounting For Taxes On Income
An institute is an organizational body created for a certain purpose. They are often research organisations (research institutes) created to do research on specific topics, or can also be a professional body. In some countries, institutes can be part of a university or other institutions of higher education, either as a group of departments or an autonomous educational institution without a traditional university status such as a "university institute", or institute of technology. In some countries, such as South Korea and India, private schools are sometimes referred to as institutes; also, in Spain, secondary schools are referred to as institutes. Historically, in some countries, institutes were educational units imparting vocational training and often incorporating libraries, also known as mechanics' institutes. The word "institute" comes from the Latin word ''institutum'' ("facility" or "habit"), in turn derived from ''instituere'' ("build", "create", "raise" or "educat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
INDIAN AS
Indian or Indians may refer to: Associated with India * of or related to India ** Indian people ** Indian diaspora ** Languages of India ** Indian English, a dialect of the English language ** Indian cuisine Associated with indigenous peoples of the Americas * Indigenous peoples of the Americas ** First Nations in Canada ** Native Americans in the United States ** Indigenous peoples of the Caribbean ** Indigenous languages of the Americas Places * Indian, West Virginia, U.S. * The Indians, an archipelago of islets in the British Virgin Islands Arts and entertainment Film * ''Indian'' (film series), a Tamil-language film series ** ''Indian'' (1996 film) * ''Indian'' (2001 film), a Hindi-language film Music * Indians (musician), Danish singer Søren Løkke Juul * "The Indian", an unreleased song by Basshunter * "Indian" (song), by Sturm und Drang, 2007 * "Indians" (song), by Anthrax, 1987 * Indians, a song by Gojira from the 2003 album '' The Link'' Other uses ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russia
Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. It is the list of countries and dependencies by area, largest country in the world, and extends across Time in Russia, eleven time zones, sharing Borders of Russia, land borders with fourteen countries. Russia is the List of European countries by population, most populous country in Europe and the List of countries and dependencies by population, ninth-most populous country in the world. It is a Urbanization by sovereign state, highly urbanised country, with sixteen of its urban areas having more than 1 million inhabitants. Moscow, the List of metropolitan areas in Europe, most populous metropolitan area in Europe, is the capital and List of cities and towns in Russia by population, largest city of Russia, while Saint Petersburg is its second-largest city and Society and culture in Saint Petersburg, cultural centre. Human settlement on the territory of modern Russia dates back to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Institute Of Chartered Accountants
The Canadian Institute of Chartered Accountants (CICA) was incorporated by an Act of the Parliament of Canada in 1902, which later became known as the ''Canadian Institute of Chartered Accountants Act''. The CICA developed and supported accounting, auditing and assurance standards for organizations in Canada, developed and delivered education programs, and issued the professional designation of Chartered Accountant. The CICA was a founding member of the International Federation of Accountants The International Federation of Accountants (IFAC) is the global organization for the accountancy profession. Founded in 1977, IFAC has 180 members and associates in 135 jurisdictions, representing more than 3 million accountants in public prac ... and the Global Accounting Alliance. In 2014, CICA merged with Canada's two other major accounting designations to form the CPA Canada, Chartered Professional Accountants of Canada. History * 1902 – The Dominion Association of Chartered ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian GAAP
Generally Accepted Accounting Principles (GAAP) of Canada provided the framework of broad guidelines, conventions, rules and procedures of accounting. In early 2006, the AcSB decided to completely converge Canadian GAAP with international GAAP, i.e. International Financial Reporting Standards (IFRS), as set by the International Accounting Standards Board (IASB), for most entities that must follow AcSB standards. For publicly accountable enterprises, IFRS became mandatory in Canada for fiscal periods beginning after January 1, 2011. Privately accountable enterprises had the option of adopting IFRS, or a new set of standards called Accounting Standard for Private Enterprises (ASPE). History In Canada, professional development paralleled that of the United States. In 1936, the Terminology Committee of the Canadian Institute of Chartered Accountants (CICA) formed and was asked to take steps to encourage greater uniformity in the use of accounting terms by its members. In 1939, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
