A study was conducted and an introduction (lit review) section needs Research Paper

A study was conducted and an introduction (lit review) section needs to be done - Research Paper Example f-concept also gives people an opportunity to compare their personal attributes, abilities, and reactions to those of others (Harter & Bukowski, 2012). On the other hand, self-esteem refers to the respect that a person has for himself or herself. Self-esteem is an extremely vital concept since it affects functional behavior, motivation, as well as life satisfaction (Bordens & Horowitz, 2002). Individuals who have high self-concept about themselves normally have positive thoughts. In this regard, they have high self-esteem of themselves. Having high self-esteem is a critical component in one’s life since it gives one confidence about his or her self-worth. In this regard, an individual can compare himself to be attractive. Being attractive entails several components, and personal hygiene is one of the components (Harter & Bukowski, 2012). Therefore, one must assess his or her personal hygiene in the wake of evaluating

Why I deserve an A Assignment Example | Topics and Well Written Essays - 250 words

Why I deserve an A - Assignment Example I am also allowed to borrow some materials for further reading at home, which I do without fail. Moreover, I am well motivated with my studies and I take them seriously. I am a firm believer that only hard work leads to success and I never let any chance to widen my knowledge capacity pass without utilizing it. I am always attentive in class and pay attention to the lectures so that I can grasp every detail mentioned. I have never been too shy or afraid to consult my classmates incase am facing difficulties with certain topics. I partnered with some friends to form a study group that is very helpful. During some weekends and holidays, we meet as a group and crack all hard topics. This is useful because the team effort helps to reduce the burden of an individual mind. The brainstorming helps us to come up with great ideas which are applicable to our classwork. I deserve an A because of the effort and time I have put on my studies. I am a hardworking student who gives his classwork priority over other stuffs. I have dedicated much of my time to my studies and I constantly consult both my lecturer and books when an issue is not that clear. Moreover, I am always careful with my work and take extra steps to ensure it is of high quality. That is why I deserve to get an

Analyse and discuss concepts of European identity Essay

Analyse and discuss concepts of European identity - Essay Example Considering as a dependent variable, identity is repeatedly used to study the creation of racial or territorial identities. It is argued that Central Europeans formed a separate identity that was mainly defined in opposition to Russia and likeness to Western Europe. As an independent variable the study of identity uses to explain some facts of greater concern, for instance the nature of political rivalry. After the World War II those who wished of a united Europe were searching ways to uphold a strong sense of European identity. Even though, thoughts on a European identity conceptualized ten years earlier to the World War II the political, social, and economic disorders linked with World War II, basically changed the European order. Hence it became necessary to assume of Europe in different ways. The formation of the European Coal and Steel Community, and the European Economic Community (EEC), were the outcome of those views (Williams, 1987). As the hurdles to trade within the EEC began to drop in 1960s, that resulted in the start of discussion of a sprouting United States of Europe. This was not only just a formal economic entity but it was presumed as a possible hub of identity for its inhabitants. The discussion over the nature and significance of European identity goes deep into many of the critical matters facing Europe today (Deflem and Pampel,1996; Delanty, 1995; Hodgson, 1993). Making the debate difficult are the suppositions that are made about the very nature of identity itself. These assumptions are the creation of political-territorial growth over the past centuries that have cast the state in the role of architect and symbol of international society (Murphy, 1996; Taylor, 1994). Hence, the concepts of nation and state became conflated and national identities to be considered as if they were the major matter of investigation in learning’s of

The report should contain an evaluation of the most popular resources Assignment

The report should contain an evaluation of the most popular resources weighing the positives and negatives (critically analyse) - Assignment Example In this regard, the literature suggests that there are various options available for small businesses. Sources of Finance Available to Small Businesses The most important concern of an investor or a small business owner, like Thunder Egg, is the sources from where finance can be raised to satiate financing needs of the business. Among various options available for small business entrepreneurs, crowd funding, business angels, bank loans, government initiatives and private investments are considered as amongst the most preferred ones by them. Whether the business is small, medium or a large multinational corporation, the need for securing sufficient finances holds significant importance for the entrepreneur, which in turn determines the success of planned strategies and business plan (Rodriguez, 2003; Moles et al., 2011; Baker & Martin, 2011). The common sources of finance identified earlier have been discussed as follows: Crowd Funding It is often witnessed that small and medium enter prises rely on unconventional means of obtaining finance in most of the times. The conventional means can be considered as venture capital and/or obtaining loans from financial institutions (Lambert & Schwienbacher, 2010; Abdulsaleh & Worthington, 201

Women in the workforce in the 1970's in comparison to today Research Paper

Women in the workforce in the 1970's in comparison to today - Research Paper Example These definitions and stereotypes have led to expected gender roles in society, most which have developed because of superficial relationships to gender. However, this issue is one which doesn’t realistically construct the identity of individuals. When looking at â€Å"Who’s in Charge Here’ with the Mary Tyler Moore show, it can be seen that gender identity is one which is based on the gender stereotypes and definitions created in society. The result is a construction of both gender and boundaries based on stereotypes, as opposed to realistic expectations. The issue of gender roles in society is one which was first seen with the 1970s show and continues to be a part of society today. Gender Roles from Moore The episode which shows the gender differences in the Mary Tyler Moore show is â€Å"Who’s in Charge Here.† The differences in gender are noted specifically with the news room that Mary is working in. The gender expectations are first divided by those who hold the power within the news room, including the new News Producer, Lou and the News Director, Murray. Within this episode, the gender roles are divided first by the divisions in which the males have more power and Mary remains in the same situation. However, it is quickly found that Mary is only holding to this role because of gender. The power positions which both men have cause Mary to not only complete her work, but also to do the work of Murray and Lou because they don’t understand the situation. By the end of the episode, it is recognized that the positions need to be reconsidered based on qualifications, as opposed to the gender expectations from the news room (Sandrich, 1972). Stereotypes of Gender The episode demonstrated by the Mary Tyler Moore Show is one which constructs identity based on gender and gives the divisions and roles based on this stereotype. This particular concept is one which hasn’t changed today and continues to be a component i n which men and women are divided. The gender differences come first from the idea of competition in which each individual divides according to the individuals who are considered the most powerful in society and create a competitive attitude toward what is occurring. These gender differences are further divided by the power which one holds in relation to the stereotypes and the competitive spirit which is supposed to be a part of the gender. This construction of stereotypes is one which is defined specifically by the patriarchal shaping of society. It has been found that the matriarchal society has the same concept of competition among women because of the environment which is created for survival. The stereotype of gender is one which becomes constructed specifically because of the social order which is in a given culture (Gneezy, Leonard, List, 1637). The stereotypes which have been created within culture are furthered by the expected places in which women and men should have. The concept of work, within the traditional role for women, is one which most were not considered as capable of doing. The main role of women in the patriarchal society was based on the stereotype of staying in the home and caring for the family while men worked in a given office. This created a position with both in society, specifically with the stereotypes and expected gender role that was in society. Family obligations is found to become secondary for men while women often have to adapt to the concept of work structures that require shifts in how one works. This particular stereotype is one which is acted among the majority of individuals in society and is referred to as gender – typing, which one debates about specific roles because of gender (Gustafson, 513). The episode with Moore shows this, specifically as Mary has difficulty deciding

Resident Evil Essay Example | Topics and Well Written Essays - 500 words

Resident Evil - Essay Example Marc O’Day supports the idea of Resident evil being centered on an action figure female character. From his own perspective, he views this as a change to post feminism. In the past, many films used to have male action figures and ignored the role of females in the society. Resident Evil together with other female centered films tried to bring the issue of women taking leading rules in the society and becoming more independent an extent of running their own affairs (Joanne & Peter 23). This film tries to depict Alice as a sexy woman yet a fearless woman who can face any challenge just to ensure she met her target: destroying Umbrella Corporation. Alice is given a masculine side in the film as she is able to fight zombies, use guns, and fight like a man, but still retains her female identity by being sexy and highly attractive to her audience. Marc O’Day supports the fact that this films are trying to depict the issue of gender equality as more women are taking leading ro les in the film industry (Joanne & Peter 27). Basically, in according to Marc O’Day, such a film is trying to raise critical issues which were usually ignored in the past century of women identity. Women are becoming more outgoing and taking leading roles in the world as gender equality continues to be practiced. Lisa Purse on the other hand supports the notion of the female representation in the film â€Å"Resident Evil† as also being in support of the feminist and postfeminist theories. First of all, she argues that more women are taking active role as key figures in movie supporting the notion of a society that has acceptable females as equal and having a role to play (Joanne & Peter 32). The film through its action figure, Alice, displays the female character as a strong, yet sexy woman. In her role, Alice, manages to play a masculine role through her violent action of killing, fighting

Tax evasion case Essay Example for Free

Tax evasion case Essay Introduction Tax evasion is the illegal evasion of taxes by individuals, corporations and trusts. Tax evasion often entails taxpayers deliberately misrepresenting the true state of their affairs to the tax authorities to reduce their tax liability and includes dishonest tax reporting, such as declaring less income, profits or gains than the amounts actually earned, or overstating deductions. Tax evasion is an activity commonly associated with the informal economy. One measure of the extent of tax evasion (the tax gap) is the amount of unreported income, which is the difference between the amount of income that should be reported to the tax authorities and the actual amount reported. There is a difference between tax minimization/avoidance and tax evasion. All citizens have the right to reduce the amount of taxes they pay as long as it is by legal means. In contrast, tax avoidance is the legal use of tax laws to reduce ones tax burden. Both tax evasion and avoidance can be viewed as forms of tax noncompliance, as they describe a range of activities that intend to subvert a states tax system, although such classification of tax avoidance is not indisputable, given that avoidance is lawful, within self-creating systems. Tax evasion in India Tax evasion has always been a criminal offence in India. There are a number of provisions relating to prosecution under Chapter XXII of the Income-tax Act, 1961. Failure to file timely return of income, false statement and verification, willful attempt to evade tax, fabrication of accounts and documents and failure to deposit tax deducted or collected at source attract minimum rigorous imprisonment of three/ six months. Removal, concealment, transfer or delivery of property to thwart tax recovery or failure to afford necessary facilities for the officers during search operations are some more offences liable for rigid sentences. Abetment of false return, where it is  proved, would land not only the accused in trouble but those who help him, including those rendering professional assistance, providing for a rigorous imprisonment for a minimum period of three/ six months and a fine. Where the offence is rendered by a firm or company partners and the officers, including directors of t he company, may be responsible, unless they are able to prove that the offence was committed without their knowledge in spite of due diligence on their part. For the offence of the Hindu Undivided Family (HUF), the karta himself, besides all members, is deemed to be guilty, unless such members are able to prove that the offence was committed without their consent or connivance. Enforcement of law is also made easier for prosecution by statutory presumptions of culpable mental state placing the responsibility of proving innocence on the accused. Probation of Offenders Act, 1958, is not applicable for economic offences under the income-tax law, except for persons below 18 years of age. The law in India treats tax offences not only as a criminal offence but also has strengthened the same by statutory presumptions and minimum rigorous imprisonment subject to a maximum period of seven years. There are number of prosecutions launched year after year. It is difficult to accept that tax administration in India is â€Å"notoriously† slack and that there is a lot of political interference. More often the Department is known for its overzealousness, while the tax officers are comparatively independent protected by law. If they yield to political pressure, it cannot be solely the fault of the politicians. There are numerous instances, where the officers have not yielded to pressure from any quarters. If there is still significant tax evasion, it is as much a part of the system of limited scrutiny in vogue for the past several years and more probably because of all pervading corruption against which stiffer action is certainly necessary. As for comment relating to the proposed Direct Taxes Code Bill, 2010, provisions relating to prosecutions under Chapter XV in the proposed Code do not lighten the severity of the provisions under the present Act. The word â€Å"concealment† is not used in the context of prosecution either under the present Act or the proposed legislation. But there are provisions to tackle defaults of every kind. As regards penalty, the Code provides for levy of penalty automatically, wherever there is a difference between reported and assessed income. The removal of the word â€Å"concealment† takes away the need for inference of  intent to keep back any information relating to assessment. The law in the Code makes no difference between the delibe rate delinquency and the innocent omission so that the Code, as in most other aspects, is more stringent on the taxpayer. India loses 14 trillion rupees ($314 billion) from tax evasion annually, depriving it of funds for investment in roads, ports, and power, says Arun Kumar, author of The Black Economy in India. General government tax revenue is an estimated 18 percent of India’s $1.5 trillion in gross domestic product, the lowest among the four BRIC nations, International Monetary Fund data show. With so little revenue coming in, Prime Minister Manmohan Singh is now attempting India’s biggest overhaul of the tax code in half a century. Investors say tax reform would boost their confidence. â€Å"If the government does end up making a substantial amount in revenue as a result of the tax overhaul, their deficit requirements should come down and the interest burden will also come down,† says Killol Pandya, Mumbai-based head of fixed income investments at Daiwa Asset Management (India). About Anurag Kashyap Anurag Singh Kashyap (born 10 September 1972) is an Indian film director, producer and screenwriter. He famously is termed as an Art filmmaker who loves dark and real concepts. Kashyap made his directorial debut with as yet unreleased Paanch, with Kay Kay Menon as the lead. As a filmmaker, he is known for Black Friday (2004), a controversial and award-winning Hindi film about the 1993 Mumbai bombings, followed by No Smoking (2007), Dev D (2009), Gulaal (2009), That Girl in Yellow Boots(2011) and Gangs of Wasseypur (2012). As a screenwriter, he wrote the scripts for theFilmfare Award-winning Satya (1998) and the Academy Award-nominated Canadian filmWater (2005). He founded his film production company, Anurag Kashyap Films Pvt. Ltd. in 2009. In 1999, Kashyap won the Best Screenplay award for Satya at the Star Screen Awards. The next year, his short film Last Train to Mahakali won the Special Jury Award at the same awards. His feature film debut Black Friday won the Grand Jury Prize at the 3rd Annual Indian Film Festival of Los Angeles (2005), and was a nominee for the Golden Leopard (Best Film) at the 57th Locarno International Film Festival (2004). In 2010, he announced his association with Tumbhi where he  and his team will make six short films for Tumbhi and start his blog with them, as well. He was listed on the The DNA power list: Top 50 influentials, a list of 50 most influential Indians in 2011. Soon, he will be awarded with a cultural achievement award in the Cannes Film Festival. Kashyap currently serves on the board of Mumbai-based NGO, Aangan Trust, which helps protect vulnerable children around India. He is one of the most influential and important directors in India. Gangs of Wasseypur are a huge commercial and critical hit. Legendary Hollywood film-maker Martin Scorsese wrote to Kashyap, saying how much he loved Gangs†¦and Dev D. The two will be spending 15 days together at the end of the year. Kashyaps first big-budget film, Bombay Velvet, being co-produced by Fox Studios, went on the floors this month. Hes getting to direct Amitabh Bachchan, whose movies of the 70s greatly influenced him, for a fiction TV show. Megastars such as Shah Rukh Khan are keen to work with him. An Amitabh and a Ranbir working with me means they are coming midway, they want to do something different and dont want to be slaves of their image. That says a lot. We both are meeting midway. A Ranbir is as good or an even better actor than a lot of those on the fringes, says Kashyap. Case description Anurag Kashyap is in a light spot. The filmmaker has been held by the Service Tax department officials who have been keeping an eagle eye on B-town celebs for defaulting on taxes. From what we hear, the ST officials carried out an extensive investigation at Kashyap’s Yari road office in Mumbai a couple of weeks back and later charged him guilty for service tax evasion of Rs 55 lakh. Based on this, the director-producer was asked to appear before the Service Tax Department on August 22, but he failed to do so and sent his representatives to deal with the matter. Hence, Anurag’s accounts got sealed and he has now requested the department to grant him time until September 3. A team of officers from the Service Tax Department visited Anurag Kashyap’s office at Yari Road on 26 August between 2 pm to 10:30 pm and found him â€Å"guilty of Service Tax evasion to the tune of Rs 55 lakhs.† Anurag Kashyap was then summoned to appear before the Service Tax Commission on 27 August. But as he was still in Sri Lanka, he sent a representative. On the following day, his bank accounts were frozen, and now the ‘Gangs of Wasseypur’. Sameer Wankhede, Deputy Commissioner of the Service Tax Department confirmed that a case had been booked against Anurag Kashyap. A Service Tax official said, â€Å"Section 89 of the Finance Act says that if you have not paid your service tax to the tune of Rs 50 lakh for a period of six months, the defaulter can face imprisonment for a period of seven years and it is a non bail able offence. As of now, we have detected that Anurag has defaulted on over Rs 50 lakh. First it was the films budget that shot up by Rs 23 crore, thanks to the sinking INR and now the director has landed in legal tangles with the Service Tax Department. Anurag kashyap also has been accused of not filling taxes from the business he runs side by side. He is involved in the fashion industry and manufactures designer clothes for celebrities. This company is run under his ownership and is looked after by his wife. He has had a huge profit of approximately 2 crores in the year 2012 and he has not turned up to pay the taxes for it. It has also been reported that he had not paid wealth tax which amounts to 30cr. including the ornaments that he owns. According to the income tax authorities he is liable to pay a tax of 30 lakhs. Questions 1) Discuss the whole case in detail. 2) Evaluate the total tax that he is liable to pay according to the tax department authorities 3) Discuss the payment methods of these taxes in India. 4) How can the dispute be settled? 5) What is the future of these taxes in India? Ans 1) Analysis of the case The above described case is of the famous bollywood film-maker Anurag Kashyap. According to this case he failed to submit a service tax which amounted to Rs. 55 lakhs. After he gained a hug profit of 23 crore at the box office from his film Gangs of Wasseypur, he was supposed to submit this amount as service tax which he failed to do, and thus he had a raid by the  income tax officials in his office. He was found guilty and his accounts were immediately ceased. The second tax that he failed to pay is the income that he is earning from the house in the name of his daughter. Under this head, tax amounts to rs. 000. This income is taxed under the income from other sources. The second tax evasion that the income tax authority finds him guilty of is the income from his designer clothes manufacturing company which was supposed to earn a profit of 19000000. He has tried not to show this income as a part og his total taxable income. The income tax authority says that the total tax due under this head should be around 55lakhs Anurag Kashyap has been found guilty of not paying tax under three heads i.e. service tax, earnings from other sources, and wealth tax. Ans 2) Calculation of the total tax Service tax; Total earnings in the year 2012-13 from the box office Rs.23,00,00,000 Taxable income after the net deductions Rs. 4,45,00,000 Service tax (@12.36% (10+2+1) = 55,00,000 wealth tax: total taxable wealth Rs.3,00,00,000 rate of wealth tax (1% over 30lakhs) Rs.27,00,000 tax from business and proffession: profit a/c to profit and loss account Rs. 1,90,00,000 income tax payable Rs. 55,30,000 Education Cess @ 2% Rs.110600 Secondary and Higher Education Cess @ 1% Rs. 55300 Total (Rs. 55lakhs+27lakhs+ 5695900) = Rs.1,38,95,900 Ans3) Pament of service tax in india Service tax is envisaged as the tax of the future. Well synchronized taxation on manufacturing, trade (domestic international) and service without giving rise to cascading effect of taxation would be an ideal worth pursuing in the immediate future. This would bring in VAT in its truest sense, though the ultimate objection ushers in the regime of Goods and Service Tax (GST). Continued growth in GDP accompanied by higher rate of growth in service sector promises new wider avenues of taxation to the Government. If the tax on services reduces the degree of intensity of taxation on manufacturing and trade without forcing the Government to compromise on the revenue needs, then one of the basic objectives of taxing the service sector would be achieved. Voluntary tax compliance on the part of taxpayers demands prudent accounting practices and transparency in the conduct of their business. Marginal rates of taxation would be conducive in this process. Many new services may be brought under the tax net in future. The inclusion of all value added services in the tax net would yield larger amount of revenue and make the existing tax structure more elastic. Advanced economies of Western Europe, North America and Far East have share of service sector in their GDP ranging from 60% to 80%. The growth in absolute quantum of GDP and proportion of Service-sector in GDP holds promise for larger revenue generation without increasing the existing level of taxation The Goods and Services Tax (GST) is a Value Added Tax (VAT) to be implemented in India, the decision on which is pending. It will replace all indirect taxes levied on goods and services by the Indian Central and State governments. It is aimed at being comprehensive for most goods and services. India is a federal republic, and the GST will thus be implemented concurrently by the central and state governments as the Central GST and the State GST respectively. Exports will be zero-rated and imports will be levied the same taxes as domestic goods and services adhering to the destination principle. The service tax rate in india is 12% which is calculated on the net taxable income. It also includes an education cess of 2% and a senior higher secondary cess of 1%. Thus a consolidated percentage of 12.36% is calculated on the taxable amount. According to the case the director was liable to pay a roundabout sum of Rs.55 lakh on a profit of 23crore which he earned last year. Payment of wealth tax in India The Wealth Tax Act 1957 is governed by the Income Tax department that falls under the Department of Revenue. Just like Income Tax, Wealth Tax forms a part of annual assessment. It is a type of direct tax that is levied on individuals that fall under its purview. This is a tax that is charged on the net wealth of those who fall under its purview. The benefits that you derive from ownership of property are taxed under this head. Other assets that come under the purview of wealth tax are motor car, aircrafts, and yachts, cash in hand, jewellery etc. You are required to pay wealth tax on yearly basis on the market value of your property irrespective of the fact that it generates any income for you or not. Wealth Tax is Applicable To: Individuals, Companies, Hindu Undivided Families (HUFs) The Wealth Tax as of now is 1 percent on the net taxable wealth of the assessee that exceeds the limit of Rs 30 Lacs. Assets that are charged under Wealth Tax in India House Property (Guest House, residential house or commercial) Urban Land Boats, Aircrafts and Yachts Motor Car Cash in Hand (subject to certain limits) only for HUFs and Individuals Jewellery, Gold Utensils, Silver, Bullions etc All assets that are transferred by individuals to their minor children and to spouse for considerations that are inadequate also fall under the purview of wealth tax. Payment of income from business and profession For charging the income under the head Profits and Gains of business, the following conditions should be satisfied: There should be a business or profession. The business or profession should be carried on by the assessee. The business or profession should have been carried on by the assessee at any time during the previous year. Income that will be chargeable to income tax under the head Profits and gains of business or profession’ The following income would be chargeable under the head Profits and gains of business or profession: The profits and gains of any business or profession, which was carried on by the assessee at any time during the previous year; Any compensation or other payment, due or received by the following:- Any person, by whatever name called, managing the whole or substantially the whole of the affairs of an Indian company, at or in connection with the termination of his management or the modification of the terms and conditions relating thereto; Any person, by whatever name called, managing the whole or substantially the whole of the affairs in India of any other company, at or in connection with the termination of his office or the modification of the terms and conditions relating thereto; Any person, by whatever name called, holding an agency in India for any part of the activities relating to the business of any other person, at or in connection with the termination of any agency or the m odification of the terms and conditions relating thereto; Any person, for or in connection with the vesting in the Government, or in any corporation owned or controlled by the Government, under any law for the time being in force, of the management of any property or business; Income, derived by a trade, professional or similar association from specific services performed for its members; Profits on sale of a license granted under the Imports (Control) Order, 1955, made under the Imports and Exports (Control) Act, 1947; Cash assistance (by whatever name called), received or receivable by any person against exports under any scheme of the Government of India; Any duty of customs or excise repaid or repayable as drawback to any person against exports under the Customs and Central Excise Duties Drawback Rules, 1971; The value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession; Any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or rece ived by, a partner of a firm from such firm. However, it is provided that where any interest, salary, bonus, commission or remuneration, by whatever name called, or any part thereof has not been allowed to be  deducted under Clause (b) of section 40, the income under this clause shall be adjusted to the extent of the amount not so allowed to be deducted. Deductions that are allowed in computing income from profits and gains of business or profession A number of other deductions under Section 36 of the Income-Tax Act are allowed while computing income from profits and gains of business or profession: S36 (i): The amount of any premium, paid in respect of insurance against risk of damage or destruction of stocks or stores, used for the purposes of the business or profession; (ia) The amount of any premium, paid by a federal milk co-operative society to effect or to keep in force an insurance on the life of the cattle owned by a member of a co-operative society, being a primary society engaged in supplying milk, raised by the members of such federal milk co-operative society; (ib) The amount of any premium, paid by cheque by the assessee as an employer to effect or to keep in force an insurance on the health of his employees under a scheme, framed in this behalf by the General Insurance Corporation of India, formed under section 9 of the General Insurance Business (Nationalization) Act, 1972 (57 of 1972) and approved by the Central Government; (ii) Any sum, paid to an employee as bonus or commission for services rendered, where such sum would not have been payable to him as profits or dividend if it had not been paid as bonus or commission; (iii) The amount of the interest paid in respect of capital borrowed for acquisition of the asset from the date it is put to use for the purposes of the business or profession; (iv) Any sum, paid by the assessee as an employer by way of contribution towards a recognized provident fund or an approved Superannuation fund, subject to such limits as may be prescribed for the purpose of recognizing the provident fund or approving the Superannuation fund, as the case may be; and subject to such conditions as the Board may think fit to specify in cases where the contributions are not in the nature of annual contributions of fixed amounts or annual contributions, fixed on some definite basis by reference to the income chargeable under the head Salaries or to the contributions or to the number of members of the fund; (v) Any sum, paid by the assessee as an employer by way of contribution towards an approved gratuity fund created by  him for the exclusive benefit of his employees under an irrevocable trust; (va) Any sum, received by the assessee from any of his employees to which the provisions of sub-clause (x) of clause (24) of section 2 apply, if such sum is credited by the assessee to the employees account in the relevant fund or funds on or before the due date. (vi) In respect of animals which have been used for the purposes of the business or profession, otherwise than as stock-in-trade and have died or become permanently useless for such purposes, the difference between the actual cost to the assessee of the animals and the amount, if any, realized in respect of the carcasses or animals; (vii) Subject to the provisions of sub-section (2), the amount of any bad debt or part thereof which is written off as irrecoverable in the accounts of the assessee for the previous year; (viia) in respect of any provision for bad and doubtful debts made by the following: A scheduled bank or non scheduled bank, an amount not exceeding five per cent of the total income and an amount not exceeding ten per cent of the aggregate average advance made by the rural branches of such bank computed in the prescribed manner; A bank, being a bank incorporated by or under the laws of a country outside India, an amount not exceeding five per cent of the total income; public financial institution or a State financial corporation or a State industrial investment corporation, an amount not exceeding five per cent of the total income. (viii) In respect of any special reserve created by a financial corporation which is engaged in providing long term finance for industrial or agricultural development in India or, by a public company formed and registered in India with the main object of carrying on the business or providing long term finance for construction or purchase of houses in India for residential purposes, an amount not exceeding forty per cent of the total income can be carried to the reserve account; (ix) Any bona fide expenditure incurred by a company for the purpose of promoting family planning amongst its employees; (x) Any sum, paid by a public financial institution by way of contribution towards any Exchange Risk Administration Fund, set up by public financial institutions, either jointly or separately. (xi) Any expenditure, incurred by the assessee on or after the 1st day of April 1999 but before the 1st day of April 2000, wholly and exclusively in respect of a non-Y2K compliant computer system, owned by the assessee and used for the purposes of his business or profession, so as to  make such computer system Y2K compliant. (xii) Any expenditure (not being in the nature of capital expenditure) incurred by a corporation or a body corporate, by whatever name called, constituted or established by a Central, State or Provincial Act for the objects and purposes authorized by the Act, under which such corporation or body corporate was constituted or established. It is important to note that deductions are subject to certain conditions being satisfied. Deductions allowed in respect of rent, rates, taxes, repairs and insurance for premises, which are used for the purpose of business or profession? S 30: The deductions that are allowed while computing income from profits and gains from business or profession in respect of rent, rates, taxes, repairs and insurance for premises, which are used for the purpose of business or profession while computing income from profits and gains from business or profession are as follows: Where the premises are occupied by the assessee: 1. As a tenant, the rent paid for such premises; and further if he has undertaken to bear the cost of repairs to the premises, the amount paid on account of such repairs; excluding expenditure in the nature of capital expenditure. 2. Otherwise than as a tenant, the amount paid by him on account of current repairs to the premises; excluding expenditure in the nature of capital expenditure. Any sums, paid on account of land revenue, local rates or municipal taxes; The amount of any premium, paid in respect of insurance against risk of damage or destruction of the premises. Deductions to be allowed in respect of repairs and insurance of machinery, plant and furniture. The following deductions shall be allowed in respect of repairs and insurance of machinery, plant and furniture: The amount paid on account of current repairs thereto; excluding expenditure in the nature of capital expenditure. The amount of any premium, paid in respect of insurance against damage or destruction thereof. Ans 4) Settlement of disputes Settlement of disputes could be done through Norms of industrial disputes act 1947 Work committee Voluntary arbitration Court of enquiry Ans 5) Future of service tax in India Service tax in India was introduced in 1994-95 to correct the asymmetric treatment of goods and services in the tax framework and to widen the tax net. Need to introduce service tax was felt due to the fact that service sector contributed to around half of GDP but it wasn’t taxed. The numbers of services liable for taxation were gradually raised from 3 in 1994-95 to virtually all service in budget 2012-13 except for the services enlisted in the negative list. The negative list includes the services by Government or a local authority, services by the Reserve Bank of India, Services by a foreign diplomatic mission located in India, services relating to agriculture, Service of transportation of passengers, Funeral, burial, crematorium or mortuary services etc. In the last eight odd years, after a modest beginning, service tax had become one of the most important sources of government revenue. Budget 2012-13 increased the service tax rate from 10 percent to 12 percent. Already, a cess is imposed on all indirect taxes including service tax to finance secondary and higher education. In 2011-12, Rs 95,000 crores are expected to mop up through service tax and for 2012-13, target is to collect as much as Rs.1.24 Lakh crores. The increase in service tax is opposed by different section of the business community. At present, service sector contributes more than 55 percent of GDP and its share is likely to increase in future as it is poised to grow between 8-10 percent in next decade along with the reduced share of primary sector. This offers tremendous revenue potential to the Government. It is expected that in due course, service tax would reduce the tax burden on international trade (Customs duty) and domestic manufacturing sector (Excise duty). So a planned growth of service tax would be commensurate with the goals of economic  liberalization and globalization. This process requires levy of taxes on new services without substantial rise in the rate or cost of collection. The service tax promises many opportunities as well as challenges to realize the opportunities. For instance, increased revenue through service tax will help in bridging the fiscal deficit, finance the social services, reduce the burden on commodity taxes etc. The challenges include providing more simplified tax administration in the country which will reduce the tax evasion. Further, department should intensify the field survey operations to ensure that all taxable service assessees are brought into the tax net and service tax due from them are collected without hitch. While the basic tenet of voluntary compliance of service tax law has to be adhered to, the habitual evaders of service tax must be booked for appropriate action under the law. Effective use of Audit and Anti-evasion tools for ensuring the compliance on the part of the assessee and curbing the instances of irregularities and tax evasion are the need of hour. Greater emphasis should be laid on training the staff in Information Technology skills necessary to carry out effective, systematic and result oriented analysis of data available in the system, to achieve the target. Electronic Tax Administration (ETA) system for service tax should be effectively implemented so that service tax could be administered as a pioneer e-tax of the country. Adequate staff must be deployed along with suitable infrastructure and conveyance to implement service tax law effectively. In future, service tax will be integrated with commodity taxes to give rise to the Goods and Service Tax (GST). The proposed Goods and Service Tax is the part of the tax reforms that centre around evolving an efficient and harmonized consumption tax system in the country. Presently, there are parallel systems of indirect taxation at the Central and State level. The existing service tax system poses an imminent challenge to reform its synergies to eventually harmonize itself in the GST regime. Successful integration of goods and service tax would give India a world-class tax system and will bring in improved tax collection. In a way, it will boost our economy and enable us to compete at the global front. As a result, our system will eventually match the international standard in the sphere of indirect taxation. It will also end the long standing distortions  of differential treatments to the manufacturing and service sectors. GST would be a single comprehensive indirect tax to be levied on goods and services. It would be levied at every production and distribution chain with the eligibility to claim indirect taxes paid on procurement chain. Under the current regime, there is a fractured credit mechanism where businesses dont get credit for all the taxes they pay. The effort to prepare for a smooth integration with the GST without any hardship to public is a big challenge, which needs to be handled at the field as well policy level. GST is the future of all indirect taxes in India for which a consensus is needed between the central and state governments. It was supposed to be implemented from 1 April 2010 but is postponed every year due to lack of consensus. The delay in the implementation is causing loss to the tune of thousands of crores every year which could have gained in by increased efficiency. The central government should come forward with some form of incentive driven plan to bring the GST regime in the country which poised to put the fiscal administration of the country at higher level. 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