Consequently, it would be extremely burdensome for companies to establish and maintain contingent tax reserves in the schedular
format prescribed in the proposed rules.
tax' on a 'presumptive income base' covers dividends, interest on bonds, certificates, debentures, securities or instruments, interest on deposits with banks, financial institutions and finance companies; prize money on bonds, and winnings from raffle, lottery and cross word puzzles received by both resident (except for the corporate taxpayers) and non-resident taxpayers.
The vital aspect of the new basis of taxation is that it is both presumptive and schedular
in nature, particularly where the taxpayer's income is limited to the economic activities covered under this regime.
system, as the passive loss limitation rules do for
Critics of bilateral treaties have argued that their schedular
structure does not represent a principled approach to the problem of international double taxation and that their measured approach means that the relief they provide through a credit method becomes highly complex.
Corporate Sector: The corporate sector, seems to be worst hit by the proposed budgetary measures, as is evident from the Finance Bill on the one hand and a wider scope of "Presumptive Tax, Schedular
Tax and Withholding Tax' at different categories, on the other.
Here is how it appears the quantum schedular
and more familiar process schedulers have made these trade-offs:
manufactured and, eventually, taken out of the factory), the person liable must pay the corresponding excise tax equivalent to the applicable schedular
excise-tax rate, multiplied by the net manufacturer's/assembler's/importer's selling price.
The segregation by the High Court majority in Payne of the taxpayer's income production into separate activities for the purpose of s 51(1) implies a schedular
approach to the determination of taxable income.
When the RO in its rating decision of January 1981 emended the veteran's award assigning a total schedular
rating as directed in VA Circular 21 80-7 in place of the individual unemployability award, the RO violated Section 3.343 (c) because it did not establish by the necessary clear and convincing evidence that the veteran has regained his ability to work."