Download complete project materials on Assessment Of Personal Income Tax In Osun State from chapter one to five with references and abstract.
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ABSTRACT
Monies collectible by government is generally recognized as being very important because it constitutes a major source of revenue to government. In Nigeria, one source of revenue which many sees as vertical to the state government is the personal income tax deduction made from workers salaries.
It is seen as occupying a significant position in revenue of the state government.
This study was conducted to survey the system of Internal revenue collection and enforcement procedures under the Personal Income Tax Act, 1993 and to identify the problems and difficulties encounter by the Revenue Service Department.
It also propose to recommend new method of tax collection in order to enhance a secured and improved efficiency in tax administration.
In order to accomplish the objectives of the study as highlighted above, the researcher made use of a survey design through which primary and secondary datas were used.
The study discovered that Personal Income Tax is an important source of income to the state government. This study also discovered that there are certain factors such as non-documentation of economic activities and inability of tax authority to ascertain total income of tax revenue to be generated.
Finally, it was recommended among others that tax revenue should be geared towards social and economic development of the local government. Effort should be intensified on public enlightment and education to the tax payers in the need to pay tax.
TABLE OF CONTENTS
TITLE PAGE
DEDICATION
CERTIFICATION
DECLARATION
ACKNOWLEDGMENT
ABSTRACT
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2 PURPOSE OF THE STUDY
1.3 STATEMENT OF THE PROBLEM
1.4 PURPOSE OF THE STUDY
1.5 SCOPE OF THE STUDY
1.6 LIMITATION OF THE STUDY
1.7 DEFINITION OF TERMS
CHAPTER TWO
2.0 LITERATURE REVIEW
2.1 GENERAL OVERVIEW
2.2 CLASSIFICATION AND IDENTIFICATION OF TAXES
2.3 CANON OF TAXATION
2.4 PERSONAL INCOME TAX
2.5 CHARGEABLE INCOME OR TAXABLE INCOME
2.6 TAX RELIEF
2.7 FORMAT OF PERSONAL INCOME TAX ASSESSMENT
CHAPTER THREE
RESEARCH METHOD
3.1 INTRODUCTION
3.2 POPULATION OF THE STUDY
3.3 DATA COLLECTION INSTRUMENT
3.4 METHOD OF DATA ANALYSIS
3.5 TEST OF HYPOTHESIS AND INFERENCE
CHAPTER FOUR
INTRODUCTION
4.1 PRESENTATION AND ANALYSIS OF DATA
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 SUMMARY
5.2 CONCLUSION
5.3 RECOMMENDATIONS
REFERENCES
APPENDIX
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Revenue as regards to companies and other business establishment is defined as the income that a company receives from its normal business activities, usually from the sale of goods and services to customers, so also is to Government.
Government must generate income so as to finance her cost of administration and also in providing constitutional demanded responsibilities.
There have been a considerable increase in the administration cost and development expenditure such as the capital invested on the constructions of roads, provision of equipment and other social and economic amenities the word “TAXATION” comes in as a result of the need for Government to generate revenue and to finance expenditures in the cause of its administration.
Taxation is a compulsory levy that the government of a country or its appropriate agency imposes on taxation persons, individuals, businesses and other bodies to allow the government provide money needed for running of government and to achieve other macro economic objectives and fiscal policies of the government.
The traditional purpose of imposing tax and taxation is to raise money to run the affairs of the government. However, recently, I have seen government and their agencies imposing taxes for some other purposes like; stimulating investment, reducing inflation encourage the purchase of local goods, discouraging the consumption of certain goods etc.
The simple fact that taxation is a company levy is not meant to be paid by all. These classes of people are called “taxation persons”. Personal income taxes for instance are levied on persons who earn income-up to certain amount and corporate taxes are imposed on those corporate entities that make profit from trade or business.
People are getting it all wrong by thinking that commensurate service should be sought from the government for the mere fact that she or he pays taxes.
In as much as tax monies are meant to be used to carry out the functions of the government and this may include providing social welfare, protecting life and property, provision of good roads, quality health care, quality education etc.
It is solely the discretion of the government to decide to place priority and on different thing entirely.
Citizens have no right to refuse paying tax for whatsoever reason. Failing to pay their taxes is regarded as tax aversion. And tax aversion is a criminal offence. The punishment for tax aversion varies from state to state and from country to country.
Personal Income tax, which is the subject matter of this project work, is defined as a tax levied on the income of a person (i.e an individual), an ordinary partnership,
a non-juristic body of person and an undivided estate. In general, a person liable to personal Income tax (PIT) has to compute his tax liability, file tax return and pay tax, if any, according on a calendar year basis.
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