Tax computation definition

Tax computation means the working sheets, statements, schedules, calculations and other supporting documents forming the basis upon which an income tax return is made that are required to be submitted together with the return or maintained by the person making the return.
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Tax computation means the computation of the adjusted income, statutory income, aggregate income, and / or total income in accordance with the requirements of Chapters 4, 5 and 6 of the Act and, where the context so permits or requires, includes the working sheets, statements, schedules, calculations and other supporting documents forming the basis upon which an income tax return is made.
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Tax computation has the meaning given to it in paragraph 1.3(a) of Schedule 10 (Transaction Tax Claims);
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Examples of Tax computation in a sentence

  • See para- graph (a) of § 301.7507–3 and paragraph (a) of § 301.7507–9.(b) Tax computation.

  • Point to considerYou may also consider using the CG34 procedure (post transaction valuation check) to agree the valuation prior to submitting the return.For further guidance see CG16600+.If you use the CG34 procedure ensure you enclose a Capital Gains Tax computation for the Self Assessment year, clearly state which reliefs are being claimed or are due, and provide an explanation of how the value was arrived at.

  • Notwithstanding the generality of the foregoing, if security has been provided in respect of a Potential Liability which is attributable to an accounting period and the Lessor's and Lessor Agent's Corporation Tax computation for that period is treated as agreed or determined in accordance with the provisions of this clause 25.5, the Lessor shall release such security to the extent that it exceeds the actual Corporation Tax, as so determined or agreed, relating to that accounting period.

  • Excessive use of discretionary powers by the tax officials for individual assessment was also observed under the ARV method.The application of UAM as base for Property Tax computation brought about transparency in assessment and also increased tax compliance.

  • VMware shall have the right to review and comment on any proposed Tax computation, and Dell shall consider all comments in good faith and accept all Reasonable Comments.

  • The depreciation has been claimed at the rate applicable to ‘Plant of Machinery’ for the purposes of Income Tax computation and such allowances has been over the years settled.

  • Point to considerYou may also consider using the CG34 procedure (post transaction valuation check) to agree the valuation prior to submitting the return.For further guidance see CG16600+.If you use the CG34 procedure ensure you enclose a Capital Gains Tax computation for the Self Assessment year, clearly state which reliefs are being claimed or are due, and provide anexplanation of how the value was arrived at.

  • On the disposal of the remaining land, only the balance of the base cost is available to be deducted in the Capital Gains Tax computation.

  • In the case of the employee's own illness or injury, all sick leave and all annual leave must be exhausted.

  • Example 2: Tax computation of the Interest from Treasury BillsAn investor pays K800 for a 91day treasury bill which has a face value of K1,000.


More Definitions of Tax computation

Tax computation means the appendices, working sheets, and other supporting documents forming the basis upon which an income tax return is made.
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Tax computation means the computation of the adjusted income, statutory income, aggregate income, and/or total income in accordance with the requirements of Chapters 4, 5 and 6 of the Act and, where the context so permits or requires,
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Related to Tax computation

  • Computation Date is defined in Section 2.04.

  • United States Tax Compliance Certificate has the meaning specified in Section 3.01.

  • Net Taxable Income has the meaning set forth in Section 4.01(b)(i).

  • U.S. Tax Compliance Certificate has the meaning specified in Section 3.01(e)(ii)(B)(III).

  • State Income Tax means any Tax imposed by any State of the United States (or by any political subdivision of any such State) or the District of Columbia, or any city or municipality located therein, which is imposed on or measured by net income, including state and local franchise or similar Taxes measured by net income, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

  • Taxable income means, in the case of an individual, federal adjusted gross income determined without regard to 26 U.S.C. § 168(k) and:

  • MUNICIPAL TAXABLE INCOME means the following:

  • Computation Period means each period of four consecutive Fiscal Quarters ending on the last day of a Fiscal Quarter.

  • Tax Compliance Certificate as defined in Section 5.9.2(b)(iii).

  • Adjusted Net Earnings from Operations means, with respect to any fiscal period of the Borrower, the Borrower’s net income after provision for income taxes for such fiscal period, as determined in accordance with GAAP and reported on the Financial Statements for such period, excluding any and all of the following included in such net income: (a) gain or loss arising from the sale of any capital assets; (b) gain arising from any write-up in the book value of any asset; (c) earnings of any Person, substantially all the assets of which have been acquired by the Borrower in any manner, to the extent realized by such other Person prior to the date of acquisition; (d) earnings of any Person in which the Borrower has an ownership interest unless (and only to the extent) such earnings shall actually have been received by the Borrower in the form of cash distributions; (e) earnings of any Person to which assets of the Borrower shall have been sold, transferred or disposed of, or into which the Borrower shall have been merged, or which has been a party with the Borrower to any consolidation or other form of reorganization, prior to the date of such transaction; (f) gain arising from the acquisition of debt or equity securities of the Borrower or from cancellation or forgiveness of Debt; (g) gains or non-cash losses arising from Hedge Agreements entered into by Borrower, and (h) gain arising from extraordinary items, as determined in accordance with GAAP, or from any other non-recurring transaction.

  • Adjusted Net Earnings means net earnings (loss) attributable to common stockholders as reported in the Company’s periodic reports filed with the Securities and Exchange Commission, provided that such amount shall be adjusted by reversing the following, to the extent such adjustments were made in calculating such net earnings (loss) attributable to common stockholders:

  • Consolidated federal taxable income means the consolidated taxable income of an affiliated group of corporations, as computed for the purposes of filing a consolidated federal income tax return, before consideration of net operating losses or special deductions. "Consolidated federal taxable income" does not include income or loss of an incumbent local exchange carrier that is excluded from the affiliated group under division (A)(1) of this section.

  • Pre-Tax Earnings means the Corporation's earnings before income taxes as reported in the Company's Consolidated Income Statement for each fiscal year of the Performance Period, excluding any non-cash charge incurred in accordance with accounting principles generally accepted in the United States of America (GAAP) for any restricted stock or restricted stock unit awards granted during the Performance Period and all options, restricted stock and other equity compensation granted to Directors during the Performance Period.

  • Computation Day and "Record Date" shall mean 10, 10, 10, and 10.

  • Hypothetical Tax Liability means, with respect to any Taxable Year, the Hypothetical Federal Tax Liability for such Taxable Year, plus the Hypothetical Other Tax Liability for such Taxable Year.

  • Taxable Period means any taxable year or any other period that is treated as a taxable year (or other period, or portion thereof, in the case of a Tax imposed with respect to such other period, e.g., a quarter) with respect to which any Tax may be imposed under any applicable Law.

  • Pre-Tax Income means income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

  • Basis Adjustment means the adjustment to the basis of a Reference Asset for Income Tax purposes under Section 1012, 754, 732, 734(b), and/or 743(b) of the Code, as a result of an Exchange or a payment made pursuant to this Agreement (to the extent permitted by applicable law).

  • Combined Tax Return means a Tax Return filed in respect of U.S. federal, state, local or non-U.S. income Taxes for a Combined Group, or any other affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) Tax Return of a Combined Group.

  • Taxable Allocation means, with respect to any Series, the allocation of any net capital gains or other income taxable for federal income tax purposes to a dividend paid in respect of such Series.

  • Eligibility Computation Period means a 12-consecutive month period beginning with your first day of employment. Any succeeding Eligibility Computation Period will then switch to the Plan Year, beginning with the Plan Year that includes your first anniversary of employment. You will generally earn an hour of service for each hour you are paid for the performance of duties for the Company (however, numerous exceptions and special rules apply).

  • Non-Income Tax means any Tax other than an Income Tax.

  • Tax Asset means any federal or state net operating loss, net capital loss, general business credit, foreign tax credit, charitable deduction, or any other loss, credit, deduction, or tax attribute which could reduce any Tax (including, without limitation, deductions, credits, alternative minimum net operating loss carryforwards related to alternative minimum taxes or additions to the basis of property).

  • Adjusted Net Income ’ means net income adjusted for non-cash expenses (income) such as amortization of intangible assets, deferred income taxes, and certain other expenses (income). The Company believes that Adjusted net income is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities prior to taking into consideration amortization of intangible assets, deferred income taxes, and certain other non-cash expenses (income) incurred or recognized by the Company from time to time. ‘‘Adjusted net income margin’’ refers to the percentage that Adjusted net income for any period represents as a portion of total revenue for that period.

  • Adjusted Consolidated Net Income means, for any period, Consolidated Net Income for such period plus the sum of the amount of all net non-cash charges (including, without limitation, depreciation, amortization, deferred tax expense and non-cash interest expense) and net non-cash losses which were included in arriving at Consolidated Net Income for such period, less the amount of all net non-cash gains and non-cash credits which were included in arriving at Consolidated Net Income for such period.

  • Consolidated Taxes means, with respect to any Person for any period, the provision for taxes based on income, profits or capital, including, without limitation, state, franchise, property and similar taxes, foreign withholding taxes (including penalties and interest related to such taxes or arising from tax examinations) and any Tax Distributions taken into account in calculating Consolidated Net Income.