income tax

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Original Technorati articles tagged “income tax”

• in Business
  Amazon Executive Fumbles in Front of UK Parliament
  Amazon's Director of Policy makes an embarrassing appearance in front of a parliamentary committee on the low tax paid by Amazon
  by cmimanagers / on Nov 13, 2012
• in Finance
  No Money? No Problem - Increase Tax!
  Illinois is considering a temporary, outrageous income tax hike of 75% to chip away at its deficit.
  by bloggindave / on Jan 11, 2011

Latest blogosphere posts tagged “income tax”

 

• Bitcoin income shall be taxed, Dijsselbloem says

  
  — Authority:
  Dutch people who accept payments in the new internet currency Bitcoin will have to pay income tax over the funds they receive. Finance Minister Jeroen Dijsselbloem confirmed this two weeks ago after parliament had asked questions about Bitcoin, Nu.nl reports . According to the minister, the “alternative virtual ...
  1 day ago

• Deduction U/s. 54/54F dallowable for purchase of multiple independent house units

  
  — Authority:
  As held in D. Ananda Basappa’s case (1 supra) by the Karnataka High Court, the expression a residential house in Section 54 (1) of the Act has to be understood in a sense that the building should be of residential nature and a should not be understood to indicate a singular number and where an [...]
  2 days ago

• Delay in filing appeal due to CA’s fault is bona fide & must be condoned

  
  — Authority:
  After considering the rival submissions and carefully gone through the affidavit filed by the assessee as well as the affidavit of Shri Sunil Hirawat, CA of the assessee, we note that the facts of the case do not suggest that the assessee has acted in a malafide manner or the reasons explained is only a [...]
  2 days ago

• Whether liability outstanding for several years amounts to cessation of liabilities on account of efflux of time?

  
  — Authority:
  In order to attract the provisions of Section 41(1) of the Act, it is necessary that there should have been a cessation or remission of liability. As held by the Bombay High Court, in the case of J. K. Chemicals Ltd. (supra), cessation of liability may occur__ either by thereason of the liability becoming ...
  2 days ago

• Tax payer can manage his affairs to reduce tax liability within the frame work of law

  
  — Authority:
  The Tribunal found that a tax payer can manage his affairs to reduce tax liability within the frame work of law and that the sale of goods at a lesser price to the sister concerns than to the non-sister concerns, does not violate any provision of law.
  2 days ago

• Frivolous tax arguments are amusing, but the IRS penalty is not

  
  — Authority:
  When it comes to frivolous tax arguments, the IRS has zero tolerance for clowning around in the name of tax evasion. Image: CC Stephen Brace/Flickr When it comes to frivolous tax arguments, the IRS hears new ones every year. On an annual basis, the IRS releases an updated list of frivolous tax arguments made by ...
  2 days ago

• Jacksons Add Former Blagojevich Lawyer To Defense Team

  
  — Authority:
  News links:  Chicago Tribune Jesse Jackson Jr. and his wife, Sandi, will be sentenced July 3 for their crimes, and have recently added a former Blagojevich attorney to their defense team. Chicago attorney Carolyn Pelling Gurland, who was part of former Gov. ...
  4 days ago

• Martire pushes to make 67% income tax hike permanent

  
  — Authority:
  CHICAGO - Center for Tax and Budget Accountabilitys Ralph Martire (photo right), whos been pushing for Illinois to abandon its flat tax for years in favor of a progressive income tax system, is now urging the Illinois General Assembly to...
  4 days ago

• CBDT Amends Format of Form 3CEB – More reporting compliance by the Auditors

  
  — Authority:
  In pursuance of the changes made by the Finance Bill 2012 bringing specified domestic transactions under the ambit of Transfer Pricing Regulations, CBDT has amended the format of Form 3CEB vide notification number 41 dated 10 June 2013. The said notification also amends Rule 10A, 10AB, 10B, 10C, 10D and 10E.  The new ...
  4 days ago

• All India Transfers And Postings Of Commissioners of Income-tax

  
  — Authority:
  Vide Order No. 106 of 2013 dated 14.06.2013, the CBDT has ordered the transfer & posting of several officers in the grade of Commissioner of Income-tax with immediate effect. Download the Order No. 106 of 2013 dated 14.06.2013
  4 days ago

• Section 194C TDS does not apply to contract manufacturing agreements -SC

  
  — Authority:
  In fact, it is clarified that the definition of the word work will not include manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from a person other than such customer. However, this amendment came into force only with effect from 1st October, ...
  4 days ago

• How to Pay TDS on sale of Immovable property – PPT

  
  — Authority:
  • As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). • Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ [...]
  4 days ago

• Four year jail Term to then ITO from Pune for accepting bribe

  
  — Authority:
  The Special Judge, CBI Cases, Pune (Maharashtra) has convicted Sh. Manish Nadkar, the then Income Tax Officer, Ward D-3, Pune for demanding & accepting a bribe of Rs. one lakh and sentenced him to undergo four years Rigorous Imprisonment with a fine of Rs.20,000/-. A charge sheet was filed by CBI, before the ...
  4 days ago

• Double Taxation Agreement with Monaco

  
  — Authority:
  U/s 90 of the Income Tax Act, 1961 – Double Taxation Agreement – Agreement for Exchange of Information to Taxes with Foreign Countries – Principality of Monaco NOTIFICATION NO. 43/2013 DATED 12/06/2013  SO 924(E) - Whereas an Agreement (hereinafter referred to as the said Agreement) between the Government of ...
  4 days ago

• Download ITR-5 , ITR 6, ITR 7 for A.Y. 2013-14 / FY 2012-13 with Instructions

  
  — Authority:
  Income Tax Department has notified vide Notification No. 42/2013 Dated- 11th day of June, 2013 ITR for Assessment Year 2013-14 or Financial Year 2012-13.  E-Filing Utility of these also be expected to be released soon. Department has already released E-filing Utility for ITR-1, ITR-2, ITR-3, ITR-4 and ITR 4S. ...
  4 days ago

• CBDT releases ITR- 4 E-Filing / Online Utility for AY 2013-14 / FY 2012-13

  
  — Authority:
  Income Tax Department has released Income Tax Return (ITR ) 4 for e-filing of Returns for A.Y. 2013-14 of Financial Year 2012-13. ITR form can be downloaded from the website  https://incometaxindiaefiling.gov.in/ . 1.     Who can use this Return Form? This Return Form is to be used by an individual or a Hindu ...
  4 days ago

• Internet Tax Law Challenged by Team of Attorneys General

  
  Tax Relief Tips from the Experts at Tax Resolution University — Authority: 111
  Well, it looks like some states are not taking the new internet sales tax regulations lying down. According to the Washington Post article titled: “ Attorneys general from 3 states without sales taxes urge House to vote down Internet tax bill “, the attorneys general from Montana, Alaska and Oregon all sent ...
  4 days ago

• Deadline for Voluntary Worker Classification Program – Critical for Construction Contractors!

  
  — Authority:
  Construction contractors wanting to make use of the IRS’ Voluntary Classification Settlement Program (VCSP) have until 6/30/13 to file the required Form 8952 (Application for Voluntary Classification Settlement Program). The VCSP allows taxpayers to voluntarily reclassify workers as employees (instead of independent ...
  5 days ago

• Structured Settlement Execs | Market on Solid Ground | A.M.Best

  
  — Authority:
  While a lump sum itself would be income-tax-free the interest derived from any investment of the "cash now" lump sum would be taxable. That is unless the lump sum were invested in tax exempt... This is a content summary only. Please click on the title for the full content, If you find yourself on FAEMM community, ...
  5 days ago

• Fraud Is Rampant Nationwide: IRS Refunds $4 Billion Child Tax Credits Per Year to Illegal Immigrants Whose Kids Do Not Live in US (and May Not Exist at All)

  
  — Authority:
    Fraud is rampant nationwide NBC Eyewitness News 13 in Indiana — yes, Indiana — shows a massive IRS tax loophole which provides over $4 billion per year in tax credits to millions of illegal aliens. In many cases recipients of American taxpayers’ misused monies have never set foot in the United States. ...
  5 days ago

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