Applicability of Alternate Minimum Tax

Applicability of Alternate Minimum Tax All the non-corporate income tax payers are supposed to be paying AMT. The rule for applicability is that the AMT is payable if: Tax under normal Provisions (as per income tax act) is less than AMT. In this case the adjusted total income is considered to be the total income and tax liability is calculated over it. The other rule mentions that the AMT will not be paid by the individual, HUF (Hindu Undivided Family), AOP (Association of Persons) and Artificial Juridical Person if the Adjusted Total Income is not greater than Rs.20 lakhs. Non-Applicability to LLPs incorporated under foreign Law Limited Liability Partnerships incorporated under foreign laws are not considered Firm as per the definition given under section 2(23) and are considered under the definition given in section 2(17). So, the provisions of AMT are not applicable to such LLPs. Applicability to foreign firms not incorporated under any Foreign Law Foreign firms which are not incorporated as per the foreign country law but fits into the definition of firm as per Indian Partnership Act,1932 is considered firm as under section 2(23). So, the provisions of AMT as per chapter XII-BA are applicable to such firms. The Alternate minimum tax liability is as per section 115JC for the income to be chargeable to tax under India. Rate The applicable rate of AMT is 18.5%, which is calculated on Adjusted Total Income. Further, the final AMT is calculated by calculating education and secondary education cess of 3% on 18.5% and surcharge if applicable. Surcharge is not applicable for LLP. A Table containing steps is included in annexure along with an illustration. The steps and illustration are given in Annexure- I and II respectively. As per the provisions of AMT, the final tax liability for the non-corporate assessees is greater of the tax as per normal provisions and Alternate Minimum Tax (Tax @ 18.5 percent (plus secondary and education cess as applicable) on adjusted total Income). Alternate Minimum Tax Credit Tax credit is available against future tax liability if AMT is greater than tax under normal provisions. The credit amount is the difference between the two and can be adjusted or carried forward for ten years from the year in which the credit was earned. From the assessment year 2018-19, the period will be fifteen years.The section applicable is 115JD. Set-off is available when the tax as per normal provision for LLP is more than AMT. The amount of set-off is limited to amount paid in excess of AMT. However, the rules regarding carry forward or set-off are not applicable for education and secondary education cess. Further, if the credit is not utilised within ten years then it cant be availed later on. Interest is not paid on tax credit availed. Application of other Provisions of this Act The provisions are given under section 115JE and are applicable to the non-corporate assessee to whom AMT provisions apply. This section includes advance tax, interest as per sections 234A,234B and 234C penalty. Key points with respect to the New Chapter XII-BA Finance Bill,2011 was to tax limited Liability Partnership in a different manner. The rule was applicable to LLPs which claimed deduction as per chapter VI-A(C) or Section 10AA of the Income tax act,1961. It was introduced particularly for the LLPs claiming income based deductions only. Key Points you should know. This chapter entailed some key terms, which are explained as follows: Regular Income Tax This is the income tax as under normal provisions, that is, according to the tax rate applicable to the particular assessee as per income tax act,1961. Uptil this calculation, no effect of Chapter XII-BA is given. This is defined under section 115JF(d). Adjusted Total Income Adjusted Total Income is explained under section 115JC (2). Adjusted total income is calculated over the normal tax calculated for the LLP non-corporate assessee and further giving the effect of Chapter XII-BA provisions. These adjustments include following (given under section 115JEE (1)), which are added to the normal tax: Deductions under Chapter VI-A, which are deductions on certain incomes (Section 80HH to 80RRB except 80P) Deduction as per section 10AA, applicable in special economic zones. Deduction under 35AD which is reduced by the depreciation amount as per section 32. Deductions, particularly applicable on LLPs include the following sections: 10AA, 80IA, 80IAB, 80IB, 80IC, 80ID, 80JJA, 80LA and 80Q. The assessee claiming deduction under section 35AD (with effect from 1st april,2015) cannot claim deduction under the following sections- 80IA, 80IB, 80IC and 80ID. Such an assessee does not have to pay AMT. When Alternate, Minimum Tax is calculated, then the concept of brought forward loss and unabsorbed depreciation are taken into account and set-off for them is as per the Income Tax Act,1961. If a company is converted to a Limited Liability Partnership form of organisation, then the MAT credit, which the company earned is not allowed to be set-off against AMT. Assessees Responsibility The assessees falling under the provisions of this act are required to prepare a report consisting of the details and calculations basis of adjustments done for computation of the tax liability to the CA. The books of account and relevant records pertaining to the documents regarding the furnishing of the deductions claimed under sections applicable under these sections. The information is to be further filled in form 29(C). The details of the report and form are explained as under. Report A certificate and a report regarding calculation of adjusted total income and alternate income tax, is required to be furnished before the due date of filing return as per section 139(1). The report is certified from a Chartered Accountant. The provisions for this are given under section 155JC (3). Form no. applicable is 29(C). According to the guidelines form ICAI, this report consists of three paragraphs: First paragraph should consist of the declaration about the examination of accounts and records of non-corporate assessee in order to arrive at adjusted total income and the AMT. Second paragraph should consist of certification of calculation of adjusted Total Income and AMT and the tax payable as per 115JC. The third paragraph should consist of expression of the opinion that the particulars furnished in Annexure A of form 29(c) are accurate and true. Form The form under section 29(C) requires the assessee under this act to furnish the following items: Name of the Assessee Address of the Assessee Permanent Account Number Assessment Year Total Income of the Assessee in the manner mentioned under Income Tax Act. Income Tax payable on total income computed under point 5. Deduction amount as per Part C, Chapter VI-A (except section 80P). Deduction amount as per section 10AA. Adjusted total Income (5+7+8). AMT (19.055% of Adjusted Total Income) If Tax on total income is > AMT, then AMT is considered as Not Applicable (N.A) in column 10 If Tax on total income is [1] Reasons In the year 1969, around 155 tax payers were saving taxes or paying almost nothing to the government by using deductions and tax breaks. So, AMT was introduced with the objective to reduce the incidences of tax savings by the higher income groups. But over the years it has reached to the middle-income groups as well. This is attributed to inflation as AMT is said to have never adjusted for inflation, so if income increased overtime for an assessee, it landed them in the AMT bracket. Chapter XII-BA was introduced to save revenue that arose when a company converted to LLP. This was basically done to take advantage of tax exemptions and rationalization of taxation. According to the provisions of Income Tax Act,1961, tax neutrality was provided in case of a conversion of a company to a Limited Liability Partnership. The transaction is not subject to capital gains if certain conditions are fulfilled. There was a possibility of tax saving. Advantage which was available to LLP Before the proposition of provisions of AMT, LLP was considered a tax saving form of organization as Minimum Alternate Tax and Dividend Distribution Tax. So, the companies used to convert to LLP for the benefits. The benefits are explained as under and analysis is done based on that. Benefits LLP are not levied surcharge and DDT. Capital gains are not attracted when the assets are transferred from a company to LLP. This helps in saving tax. Companies have an increased cost of maintenance of the statutory records which comes under the minimum compliance level. But LLPs does not have incur any such costs as there are no compliances to be fulfilled in terms of maintenance of records or the meetings. There is no limit on the number of partners in LLP. All the assets, movable and immovable are automatically vested in LLP and no stamp duty is applicable. Other benefits of LLP include the following- Government intervention is restrictive, easier to wind-up and audit is required to be done only in case of aggregate contribution more than Rs.25 lakhs and turnover greater than Rs.40 lakhs. Advance Tax Advance tax is to be paid as per provisions 115JE and interest is attracted if there is failure to pay it. If the assessee has income under the head PGBP on presumptions applicable as per section 44AD and 44ADA, he/she is not allowed to claim profit linked deductions. So, if the tax payer falls under the bracket of those claiming deduction under section 10AA or under Chapter VI-A, then adjusted total income will be increased by such amounts as well. Difference between MAT (Minimum Alternate Tax) and AMT (Alternate Minimum Tax) MAT AMT Applicable on Companies Applicable to non-corporates Section 115JB Section 115JC Calculated on book profit Calculated on adjusted total income Effective tax rate is 19.5% Effective tax rate is 19.05% [1] Taken from the Income Tax Department document

Outline the course of US intervention in mexico from 1910 to 1940

Before 1910, Mexico was under Diaz's dictatorship. Diaz supported USA Business in Mexico, for example in oil and railways, for many years, and they also bought products from them, however, Diaz started supporting British business in Mexico, and as a consequence of this USA allows Madero to foment revolution and to declare the Plan of San Luis Potosi in USA territory. Then, Madero started receiving answers with uprisings in Mexico. In that way we can say that USA contribution with Madero gave start to the revolution. Then, in 1911, Madero became president. He took away USA trade privileges, and these cause a very bad relation between both countries. USA was discontent with this too, so the allowed Huerta to kill Madero, and the possibly gave him support to do it. Huerta takes over in 1913. Huerta made deals with the British over trade. The USA were not satisfied with Huerta's regime, and so president Wilson turned the British against the Huerta regime. They also stopped a shipment of arms from getting to Huerta sent by Germany. Later, they found a Mexican cruiser, the dolphin, landed in a restricted area in USA, so they ask for the arrest of the sailors, an apology, and a 21 gun salute to the American flag. Huerta refuses. USA sends troops to Mexico and forces him to flee. They then take over Veracruz. All this creates an anti-USA feeling because by them taking Huerta out of power, no definite leader was left, and consequently there was a need to struggle. Later, in 1914, USA left Veracruz. Carranza takes over. The USA offers to recognize his regime if they gave him complete control and more power, however Carranza refused. Then USA makes an attempt to capture Villa, however it does not work, and almost ended in war. Later, Obregon appeared. He was against Carranza, and as USA was not very happy with him, consequently they helped Obregon with the counter revolution against him. USA also gets involved with the constitution of 1917, where Carranza was intending to support independency from USA. USA supports Obregon, and he takes over in 1924., and during his government there were little interventions, which include political involvements of USA in Mexico, such as the interference with the constitution in 1917 where they allowed the church to be expropriated from its power, and also encouraged to give more rights to the workers, and to allow foreign investment, but without the companies to ask for the aid of their government. Finally, in 1924 Calles takes over. In 1938, Calles announced that there would be no more trade with Britain or USA. This affected USA's economy and so they were very angry and unhappy with these new law. To conclude I would like to say that the USA intervention between 1910 and 1940 was very important, and that it was basically the USA who really made possible the start of the revolution, by giving support to Madero to foment it. Also USA interfered politically and economically, but interventions varied within the different Mexican presidents, depending on their policy. As we have seen, it was Diaz who gave the more support to USA investment in Mexico, and all the other presidents were mostly against USA involvements, and so USA interference with Mexico decreased with time.

5 Ways to Use Rest and Reflection to Make Learning Stick

Memory is sticky. Rest is good for learning. These are two of the most recent findings about learning from the journal Proceedings of the National Academy of Sciences (October 2014) by Margaret Schlichting, a graduate student researcher, and Alison Preston, an associate professor of psychology and neuroscience. The study Memory Reactivation during Rest Supports Upcoming Learning of Related Content describes how the researchers gave participants given two learning tasks that required them to memorize different series of associated photo pairs. Between the tasks, participants could rest for several minutes and could think about anything they chose. Brain scans on participants who used that time to reflect on what they had learned earlier in the day did better on tests later. These participants also performed better with additional   information, even if the overlap pertaining to what they learned later was small. Weve shown for the first time that how the brain processes information during rest can improve future learning, said Preston, explaining that letting the brain wander to previous experiences helped solidify new learning. So how might educators use the information from this study? Educators who provide students the time to develop a secure grasp of content through rest and reflection give student brains an opportunity to increase synaptic transmission along the neural pathways that are tasked with a particular form of learning. Rest and reflection makes those transmissions connect to other background knowledge, and those connections become stronger, which means learning is more likely to stick.   For teachers wanting to take advantage of these findings in how brains work,   there are several different strategies to try that allow for reflections when new content is introduced: 1.Think-jot-pair-share: Give students several minutes to think about new learning beginning with the simplest question, â€Å"What do I already know about this new content and how can that help me better understand?† This is the â€Å"rest† period, so give students time to think first without writing.Give students time to reflect and jot down their responses   (doodle, map, outline, notes). This is the reflection period.Have students pair or group and share their responses with each other.Have each pair or group share out what they already know and how this knowledge might help them. 2. Reflective journaling: Reflective journaling is a practice where students are provided time to think deeply and write about a learning experience. This involves the student writing about: What happened (positive and negative);Why it happened, what it means, how successful it was;What the student (personally) learned from the experience. 3. Mindmapping: Give students time to think (rest period) as they use the powerful cognitive strategy that combines graphics and   spatial awareness have students start in the center of a piece of paper and use a central image that is connected to new learningHave students branch out in lines and add additional images that are related to the central imageMake the lines curved and encourage the use of color to make the mind map Limit the number of words to one per line 4. Exit Slip This strategy requires students reflect on what they have learned and express what or how they are thinking about the new information by answering a   prompt given by the teacher. Providing time for students to think first,this strategy is an easy way to incorporate writing into many different content areas.    Examples of exit slip prompts: The most important thing I learned today was†¦Summarizing what I learned in 20 words:I need help with†¦I would like to learn about†¦My   understanding of today’s topic from 1-10 is a ___ because,..... 5. The 3,2,1,bridge This routine can be introduced by having students do an initial 3, 2, 1 set of reflections individually on paper.    Before new content is introduced, students are asked to  write down 3 thoughts, 2 questions, and 1 compare or contrast statement on a topic that will be taught;After the topic is introduced, students complete another 3,2,1 3 thoughts, 2 questions, and 1 compare/contrast statement or analogy;  Students then share both their initial and new thinking and draw a bridge between the before new learning and after new learning. The share the bridge with other students. Whatever strategy is selected, educators that provide time for rest and reflection when new content is introduced are educators that allow students to use their prior knowledge or memories to make new learning stick.  Spending the time for reflection with any of these strategies when new material is introduced will mean that students will need less time for reteaching later.

Buddhism, Hinduism, And Hinduism - 1817 Words

Throughout human history, there have been thousands upon thousands of religions that have started, ended, and are still being practiced today. Most of these religions are based off the belief in a god, or have a moral code that they need to follow in order to appease their god or achieve salvation in the afterlife. Three religions that will be highlighted here are Buddhism, Sikhism, and Hinduism. In each of these three religions, they all share some religious tenets, or beliefs, that is universally accepted amongst all religions around the world and throughout history. Some of these tenets include the belief in a god or a Supreme Being. These religions also have similar moral values and a code to live by. Finally, most of these religions†¦show more content†¦There are two different schools of thought in Buddhism, Theravada and Mahayana, which have varying goals of life. They do, however, have a similar path to get to their ultimate goal in life. Most of their path to get to a state of Nirvana, as the Theravada believes, comes through discipline. Discipline comes from the Four Noble Truths, which also contains the eightfold path. The Four Noble Truths are that there is suffering in the world, suffering in the world comes from desire, desire and worldly attachments need to end for suffering to end, and there is a path to end suffering. The eightfold path is actually the fourth noble truth. The eight practices include: right view or understanding, right thought, right speech, right action, right livelihood, full effort, right mindfulness, and meditation. This path is done to try to obtain wisdom and discipline on the way to spiritual enlightenment. The enlightenment stage brings forth the next universal tenet, which is the afterlife. The Buddhist school of Theravada believes in an afterlife called Nirvana, which literally means blowing out or becoming extinguished. Nirvana is the liberation from the never ending cycle of rebirth known as the samsara cyc le where the believer becomes one with the Supreme Being. Nirvana is similar to the afterlife in other religions in that once the believer reaches this final destination, it is said to be a euphoric ending to the rebirth cycle. The third tenet thatShow MoreRelatedHinduism, Hinduism And Buddhism1205 Words   |  5 Pagesafterlife has become a controversial subject across many religions. Religions such as Hinduism and Buddhism have provided a multitude of similar and different analysis behind their specific beliefs and practices. Similar to many religions practiced around the world, Hinduism portrays a great amount of belief in worshipping gods that they believe play a special role in their history. Though when speaking of Hinduism, I should mention that it does not consist of a single, dominant religion. 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