Complaince of Tax Return in Electronic Commerce Taxation

Emerging Legal issues of Tax compliance of e-business Self-assessment system relies on taxpayers voluntarily meeting their tax obligations by tax payee. This concept is recognised in all tax statutes, which sets out taxpayers' primary obligations to fill tax return on self-assessment, and clearly spells out that taxpayers are required to determine the amount of tax payable correctly and to pay it on time. Disclosure in this context is introduced for two main purposes. First, it is necessary to provide information for audit selection. Secondly, disclosure is relevant for the purposes of the abatement of penalties. Taxpayers have a statutory obligation to disclose to the Commissioner in a timely and useful way all information required to be disclosed under the tax laws. Disclosure here covers items specifically required to be disclosed by statute, and items for which disclosure is required by the Central Board of Revenue Department.

For income tax, under section 26 of sale tax act 1990 and 114 of income tax ordinance 2001, the departments requires a complete statement of the taxable income of the taxpayer for the preceding year, together with such other particulars as may be prescribed. The department's disclosure expectations cover any requirements set out in a particular tax return, in the guide accompanying a particular tax return, or matters for which a specific disclosure form is prescribed. In the area of tax returns and compliance, electronic commerce has created new variations on old legal issues as well as new categories of legal issues. These developments require that practical techniques be employed to deal with these technological innovations. These technological developments touch on a wide range of legal issues affecting the filing of tax returns to audit selection.

The filing of tax return of e-business and furnishing evidence Electronic commerce is still developing and no electronic money system has yet achieved widespread usage. Nevertheless, it is important to consider these issues now since some issues may require that the needs of filing and providing of tax returns be considered tax returns of electronic commerce be modernized while electronic commerce systems are still under development, and related issues of the filing of tax return of e-business and furnishing evidence be also taken into consideration. Electronic commerce on the web can actually facilitate compliance with consumer disclosure requirements.

Identity of person liable to file returns A New Yorker cartoon once published two dogs sitting in front of a computer with a symbol on the Internet; nobody knows rather they are a dog or any other creature. Tax administrators face a similar issue. Under clause (a) subsection 1 of section 114 of Income tax Ordinance 2001 has make it obligatory on every person and company regarding filing of the tax return,"?subject to this Ordinance, the following persons are required to furnish a return of income for a tax year, namely (a)Every company and any other person whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year;"

Similar type of tax provision is available in section 26 of Sale Tax Act 1990 has make it obligatory on every person and company regarding filing of the monthly tax return,"?Every registered person shall furnish not later than the due date a true and correct return in the prescribed form to a designated bank specified by the Board, indicating the purchases and the supplies made during a tax period, the tax due and paid and such other information, as may be prescribed"

Under section 26AA of Sale Tax Act 1990 has make it obligatory on every person and company regarding filing of the Retail tax return, "?Every person required to pay turnover tax shall furnish a true and correct return in the prescribed form to the Office of the Collector having jurisdiction indicating the value of supplies made in tax period, the tax paid and such other information as may be prescribed."

Identification of the parties to a transaction is a necessary first step in determining what the tax liability is for the transaction and who is liable for any tax payable. In relation to e-commerce, special difficulties are encountered. Where any business transaction is done through an e-page, the tax authorities must be technological capable enough to link the website with the "real world" physical parties behind it. An e-page can easily conceal the true identity of the person benefiting from any business it does. On the Internet it is too easy to use a false identity and it is not currently feasible for tax authorities to independently verify a party's identity. This raises a number of legal issues because the identity of counterparty is important for numerous tax provisions . Similarly, unless tax administrations actively look for signs that existing businesses are involved in e-commerce the existence of a website and parties to transaction could remain undetected. Furthermore, websites can quite easily be set up offshore or offshore websites can "front" onshore business. It is imperative for CBR to encourage voluntary disclosure of websites used as part of the selling and, possibly, distribution functions of a business. As a modest first step, tax forms will need to be changed to ask about e-commerce and to get information about browsing address of e-page of any business selling on the internet.

Finally, how the tax returns and other documents are to be attached as provided in tax provisions, I have disclosed this issue in chapter on "e-record and booking keeping". Electronic cash and bank secrecy The developments in electronic payment systems have the potential to create "electronic money." Electronic money is a broad term, and just as electronic money systems differ in their technical features and it is also differ in the extent to which they create legal issues for tax returns. Depending on the type of system used, electronic money can caused various obstacles in way of compliance and it has an advantage or a disadvantage for collection of taxation. The use of electronic cash as a means of transacting internet business has been legalized by various state as an acceptable alternative to credit card payments.

"The use of digital or electronic cash in e-commerce transactions could lead to difficulties for Revenue auditors. Revenue auditors have traditionally had to grapple with the lack of controls associated with the cash economy. The increasing sophistication of business transactions and the development of a variety of payment methods have meant that cash payments have become a diminishing feature of business transactions." The electronic money poses serious threat to a tax evasion potential comparative to that created by paper money. This raises the issue of whether the evasion potential is manageable and what must be done to manage it. It is possible that the techniques that have been developed over time to combat tax evasion using paper money may not be workable combat evasion through electronic money. The Electronic money has made easy to deposit unreported income in a bank or other financial institution with fraction of time. As a result of electronic money's facility in transmitting large amounts of money with relative ease across the border, combined with the continued use of e-cash, the legal issues of an underground and unaccounted economy is likely to be exacerbated. Electronic money and the Internet substantially has increased the opportunities to open bank accounts, letterbox companies and trust accounts can be established abroad with relative ease and safety, and money can be transmitted anonymously. Such accounts are, of course, causing providing opportunity for tax evasion of home state by taking harbor in zero tax states.

Verification of identity and attached documents Verification of identity is also a problem for tax authorities, who want to be assured that the persons with whom they do business are who they claim to be . As a result, companies engaged in electronic commerce are developing "digital certificates" or "digital IDs" that can be used to verify a person's identity over the Internet ; and "Digital certificates" are issued by a trusted legal intermediary authorities who verifies the identity and documents of a tax payer and performs appropriate background checks, depending on the level of assurance to be granted. The simplest level verification granted by these is that an e-mail message was sent from an indicated address. The next level verifies the digital ID holder through online identity verification against a consumer database when time and place of e-transaction conducted by purchasers. The highest level verification is that the holder personally appears before a notary public to have a digital ID application notarized of digital document evidence after converting into paper base form. Once a person's identity has been verified, the certificate is created using public key encryption techniques, which makes it independently verifiable by the recipient and Immune from tampering it.

Providing evidence of record Under clause (a), (b) (c) (d) subsection 2 of section 114 of Income tax Ordinance 2001 has make it obligatory on every person and company regarding providing evidence of the records,

"?A return of income (a) shall be in the prescribed form; (b) shall state the information required by the form, including a declaration of the records kept by the taxpayer; (c) in the case of a person carrying on a business, shall include an income statement, balance sheet, and any other document as may be prescribed for the tax year; and (d) shall be signed by the person or the person's representative."

The validation of the details of any business transaction requires an ability to follow a similar audit trail as that which exists for conventional commerce. The following elements must therefore be present- access to the basic records related to a transaction must be available; and the integrity of those records must be authenticated. Taxpayers are required to keep accurate books and records , which are subject to examination by the income tax authorities in order to verify the income and expenses reported on the taxpayer's return.

"Although many taxpayers rely on computerized record keeping systems to a large extent, many transactions still originate as paper records which can be used to verify the accuracy of the electronic records. However, for taxpayers engaged in the sale of electronic goods or services, no paper records are likely to be created because customer orders are placed and fulfilled electronically and therefore the only record that exists of these transactions could be an electronic one. As all users of computers know, this creates the possibility for tax evasion and fraud because computerized records can be altered without a trace."

The "digital notarization" has been introduced in much state. This system has been developed which are intended to make it possible to verify that electronic documents and records have not been altered. Public key encryption scientific technique also permits a taxpayer to encrypt his financial records to prevent their examination on audit for evasion of taxation . It would seem that this should be treated no differently from failing to keep or destroying e-records because it is possible to alter or destroy it within fraction of time. Even taxpayers engaged in the sale of physical, as opposed to electronic, goods may soon receive orders and issue invoices electronically. Electronic "documents" must be verifiable by scientific legal authorities in order to minimize the potential for tax evasion.

Getting extrinsic aid in statutory construction The following extrinsic aid can assist us to erection of the legislative construction.

Existing provisions of tax returns

There is no existing tax provision for the tax compliance of e-business of every person and company whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year ;" Like income tax returns similar tax provision are available in sale tax and also in central excise duties

Defining evidential parameters

How we can maintain record and production of record can be placed before the court for adjudication of taxes disputes. I recommend that such a review should be undertaken at the same time as the review of return filing obligations. I also consider that if record-keeping requirements are increased, taxpayers should receive some education on the necessity for those requirements. To help in this matter, that is also noted that it would be eminently worthwhile to encourage taxpayers on their own initiative to maintain e-record relevant information considered by them in adopting a particular tax position.

Proposals for legislative construction

I recommends that section 114 of income tax ordinance 2001 and section 26 of sale tax act 1990, which states that taxpayers must disclose to the Commissioner in a timely and useful way all information required to be disclosed under the tax laws, should be amended to identify the different categories of required disclosures: information specifically required by statute, information required by the department in a prescribed form, and information requested by the department from specific taxpayers.

Generally, apart from required disclosures, taxpayers are not obliged to disclose information, but anything that is disclosed must not be misleading. Sanctions may be imposed for deliberately misleading disclosures, and taxpayers open themselves up to the risk that a deliberately misleading disclosure could suggest tax evasion on their part. Intent to evade may also be inferred from a failure to disclose relevant information regarding e-commerce transaction to the tax authorities. The risk also arises that defaults of this nature may preclude the application of a time bar.

E- filing of tax returns

No online e-filing of the tax return has yet been introduced in Pakistan. This modern device are used to encourage e-filing of tax returns in other words online tax returns but there are many problems are associated with e-filing of the tax returns. The electronic filing of the tax returns provide room for unauthorized users and unknown person filing of tax returns and attachment of documents as evidence often create more problems instead of increasing tax compliance turn over of the taxpayers.

Even for required disclosures, some real issues arise, including the way in which the obligations to disclose are affected by e-filing procedures, and the use of e-filing under self-assessment. It is sufficient that the information is on the taxpayer's own files and available for examination by the department. This acceptance leaves open, however, whether, and to what extent, availability must be within a reasonable proximity to the taxpayer's own tax-file. Clearly, that taxpayers and their advisers consider they may have to act in this way is unsatisfactory, as it defeats the benefits in efficiency contemplated by self assessment-filing.

Amending tax Statutes My recommendations are that the phrase 'prescribed form' defined in sale tax , need further strict construction by additional statutory clauses defining the types of prescribed forms that have been made available for the taxpayer for filing of their tax returns. The similar strict construction of statute is required in Income Tax Ordinance 2001 by specifically defining the methods of filing returns .

Conclusion

It here concluded that Central Board of Revenue should prepare and send out to taxpayers guiding leaflet, or where appropriate their agents, forms which guide them through their key tax activities, and also act as a record for audit purposes. In forwarding the forms to taxpayers, the government must reconstruct the existing tax statutes to place the electronic taxable activities in consistent with above mentioned recommendations.

The writer is an advocate of High Court and practicing immigration and corporate laws in Pakistan since September 2001. He is a self employed and pioneer in research on electronic commerce taxation in Pakistan. His articles were published widely in the critical areas of cyber crimes, electronic commerce, e-taxation and various other topics. He wrote LL.M thesis on titled "Legislation of electronic commerce taxation in Pakistan" in which he provided comprehensive legal proposals for statutory reconstruction of tax laws for purpose of imposition of taxation on e-business in Pakistan. Currently he is conducting is research on topic 'Electronic commerce taxation: emerging legal issues of digital evidence'.

In The News:

Here's how to use insurance plans to save income taxes  Moneycontrol.comIf the policyholder surrenders the traditional plan before two years and the ULIP plan before five years the tax benefit will get reversed.
How High-Tax Countries Tax  BloombergThey don't tax wealth much, their income taxes are high but not very progressive, and they rely a lot on consumption taxes.
I owe how much? Americans are shocked by the impact of Trump's tax law  CNBCThe first tax filing season under the new federal tax law is proving to be surprising, confusing — and occasionally frightening — for some Americans.
Bill Gates: Taxes on rich should be 'much higher' but capitalism still works — here's why  CNBC"My vote will be not to make a radical change" to the economic system of the United States Bill Gates told CNN's Fareed Zakaria.
Carbon taxes could create new winners and losers among countries, research says  Science DailyA global carbon tax would create new sets of economic winners and losers, with some countries holding a distinct competitive advantage over others, according ...
Your parents, wife and children can help you save taxes. Here's how  Economic TimesSalaried individuals can save tax by paying rent to their parents and availing the HRA exemption benefit.
No increases in income tax rates or VAT; sin taxes and fuel levies to rise  Fin24There will be no increases in income tax rates and the VAT rate will remain unchanged, as government seeks to limit the negative effect of tax hikes on SA's ...
Does Amazon pay ‘$0’ in taxes?  The HinduFor 2018, the tech giant reported owing $322 million in taxes to U.S. State governments and another $563 million in the rest of the world.
Democrats Want to Tax the Wealthy. Many Voters Agree.  The New York TimesA proposal to tax wealth finds support across party lines, along with the premise that the government should combat inequality.
Fact-check: Does Amazon pay '$0' in taxes?  Times NowAmazon found itself in the headlines after suddenly pulling out of a planned New York City corporate expansion amid controversy over local tax incentives that ...
Government relaxes norms, investment limit for angel tax concession to startups  Times of IndiaIndia Business News: A notification regarding simplifying the process for startups to get exemptions on investments under section 56(2)(viib) of Income Tax Act, ...
Top banks under taxman’s lens over service tax issue  Economic TimesNEW DELHI: The intelligence arm of the indirect tax department has asked three top banks to pay full tax due on fees paid to card and payment companies ...
There's still time to slash your 2018 taxes. Here's how  MarketWatchHere are 4 maneuvers you can make to lower your tax bill before the April filing deadline.
HONEST MINING AS OPPOSED TO MINING YOUR TAXES  Daily TelegraphAustralian mining companies, the employees of mining companies and businesses associated with mining equipment, supplies and transport all pay a great ...
Taxes for senior citizens: Here's a list of benefits and exemptions available  Moneycontrol.comSeniors can claim deduction of up to Rs 50000 p.a. for medical expenses and/or health insurance premium.
Budget 2019: No marginal relief for taxpayers whose taxable income exceeds Rs 5 lakh  Economic TimesAlthough the interim budget 2019 has made income up to Rs 5 lakh tax free, the marginal increase in income above Rs 5 lakh will result in more tax outgo than ...
Budget 2019: What happens to your taxes now  Economic TimesYes, yes, those with net taxable income below Rs 5 lakh are the biggest gainers from Piyush Goyal's budget. But what about the others, I.e., those earning more ...
With elections ahead, Greece's opposition is promising lower taxes and 'aggressive' growth  CNBCIn an exclusive interview, Kyriakos Mitsotakis told CNBC that he wants to bring down taxes for domestic and international businesses in what he described as an ...
Tax Raid Continue At Road Contractor's Properties In Bhopal  NDTV NewsThe Income Tax department on Wednesday continued raids for the second day at four locations, including house and office of a road contractor Nilay Jain in ...
Do your taxes for cheap! H&R Block Tax Software Deluxe is on sale for just $18  PCWorldThe tax deadline is still a few months away, but this deal for H&R Block Tax Software Deluxe can't be missed.
GST Council defers decision on real estate tax; extends deadline for sales returns  Times of IndiaNEW DELHI: The GST Council has deferred a decision on tax rates on real estate and lottery till Sunday, and extended the deadline for businesses to file sales ...
Budget 2019: Only those with income up to Rs 5 lakh to pay no tax, rates remain same for all others  Economic TimesUnion Finance Minister Piyush Goyal in his interim budget 2019 has proposed that individuals with taxable income up to Rs 5 lakh will get full tax rebate under ...
Ohio gas taxes could skyrocket to pay for road and bridge repairs  WTOLGas prices in Ohio could go up even more if Governor Mike DeWinne gets his way and ends up increasing the gas tax to fix Ohio roads and bridges.
Eskom, taxes and boosting growth: What to watch out for in Mboweni's maiden Budget  Fin24Finance Minister Tito Mboweni during a media briefing after his first mid-term budget speech at Parliament on October 24, 2018 in Cape Town (Gallo Images ...
A Christian Woman Refused To Do A Lesbian Couple's Taxes Because They Are Married  BuzzFeed News"We just sat there shocked for a minute and then we got up and walked out," one of the women told BuzzFeed News.
What Virginia tax changes mean for your state income tax return  WTVR CBS 6 NewsNow that the Virginia Department of Taxation has begun processing state returns, officials said taxpayers can expect "slower turnaround times for refunds" ...
Importers, Tax dept approach Supreme Court over GST “self-assessment'  Economic TimesIf an importer has paid higher tax can he get a refund after finding his own mistake? About 25 importers are fighting the tax department in the Supreme Court ...
High Dividends, Low Taxes: A Careful Investor's Guide To Preferred Stocks  ForbesLooking for a stodgy, somewhat safe and tax-favored income stream? Certain preferred stocks fit the bill. We'll show you which ones.
5 tax breaks you can't get anywhere but the US  Business InsiderSome tax deductions and tax credits for businesses and individuals are unique to the United States tax code.
Tax on sugary drinks tops Lamont's list of new 'sin taxes'  The CT MirrorGov. Ned Lamont's first budget will include a series of new “sin tax” proposals, including levies on sugary drinks, electronic cigarettes and plastic bags, and ...
Amazon's new Virginia data center is getting a bunch of tax breaks, and it gives insight into how the company reduces its tax liability  Business InsiderVirginia offers tax breaks to the biggest data-center operators. And it designated land Amazon was interested in as an "opportunity zone."
Sir Dorabji Tata Trust contests R Venkataramanan tax order  Economic TimesSir Dorabji Tata Trust has appealed against the income tax department's order that stemmed from the salary of outgoing managing trustee R Venkataramanan.
When to take help of accountant for filing income tax return  Economic TimesNayan is a regular investor but he is often left perplexed by all the paperwork he has to do while filing his income tax returns. He finds it a cumbersome exercise ...
Some tax deductions you won’t find when you file this year  WTOPTaxpayers who haven't had the time to brush up on the changes that came with the new tax plan may be in for a surprise. Many of the deductions taxpayers have ...
Thanks To Trump Tax Law, The Time Is Ripe For This Roth Conversion Retirement Trick  ForbesBetween Trump's temporary tax cuts and the stock markets downswings, now could be the time to do a Roth conversion.
Tax Return trouble for large Utah families following Federal changes  KSTU FOX 13 Salt Lake CityUtahns have always been demographically unique, largely because of the fact that a majority of residents belong to the Church of Jesus Christ of Latter Day ...
The 8 Most Common 2019 Tax Return Questions, Answered by Experts  The New York TimesThe most important changes to the tax code in decades have taken effect — and filers are confused. We asked CPAs and other tax-prep pros to simplify things.
Watch Out. Tax Season Is Even More Stressful Than Usual.  The New York TimesWith millions of people filing tax returns under a new tax law and after a long government shutdown, this is a challenging year. We offer survival tips and ...
Want lower taxes? Murphy should focus on pensions, aid to some schools, former candidate for governor says  NJ.comGov. Murphy, this is no time to pay for more things we can't afford.
Angel tax threshold at Rs 25 crore? What the startup sector really wants  Economic TimesTax demands on angel funding are hurting the world's 2nd largest start-up hub.
Government tweaks Startup definition, raises angel tax exemption limit. Check details  Times NowNow an entity will be considered as a Start-ups up to a period of ten years from the date of incorporation and registration. This period was earlier used to be 7 ...
Tax case: McKinsey has KPO in India not BPO, says Supreme Court  Economic TimesIn a setback to the global white shoe consulting firm the Supreme Court rejected a special leave petition (SLP) filed by McKinsey Knowledge Centre against a ...
MSPs approve Scottish government income tax plans  BBC NewsMSPs have voted to approve the Scottish government's income tax plans for the coming year. Finance Secretary Derek Mackay chose not to pass on a tax cut ...
It’s income tax time: CRA opens electronic filing service for 2018 returns  Global NewsThe deadline to file your taxes is April 30, but there are a few advantages to getting your paperwork in much sooner.
The Constitutional Critiques of Elizabeth Warren’s Wealth Tax Plan Are Absurd  SlateOne of Sen. Elizabeth Warren's first proposals upon joining the 2020 presidential field was a wealth tax. Warren would impose an annual tax of 2 percent on ...
Rev up your calculators: What you need to file your 2018 taxes  CNBCPolitical gridlock notwithstanding, here's one thing you can count on: The start of tax season. The IRS has said it will begin receiving your 2018 tax returns on ...
New Zealand plans new tax for giants like Google, Facebook  ETTelecom.comNew Zealand's government announced plans on Monday for a new tax targeting online giants like Google and Facebook that earn plenty of money in the cou..
4 Overlooked Tax Deductions That Could Save You Big Bucks  The Motley FoolTax season is upon us again, and with it comes a raft of deductions that can save you money and pump up any refund you may get from the Internal Revenue ...
Harshad Mehta scam: Family free of over Rs 2,000cr income tax demand after 27 years  Moneycontrol.comThe tax refunds following favourable court orders would eventually pave the way for the custodian to release the assets of the Mehtas.
A Man in Florida Mistakenly Received a $980,000 Tax Refund, and Officials Say He Tried to Keep It  The New York TimesThe average tax refund is usually a couple of thousand dollars, but a man in Florida who earned less than $3,500 mistakenly received a check for a much higher ...
Rubio’s Smart Push to Change the Tax on Buybacks  BloombergThe stock market dipped over Senator Marco Rubio's proposal to change how investors are taxed when companies buy back shares. This knee-jerk reaction ...
The 70% top tax rate, explained with potatoes  Vox.comA few weeks ago, Rep. Alexandria Ocasio-Cortez (D-NY) suggested that the top tax rate for the very rich should be 70 percent. The current top income tax rate is ...
Lamont proposes new 'sin taxes'  Danbury News TimesKathy Schulte buys the same bottle of wine every week, and she knows exactly how much it costs. A little over $13. And, yes, she said she would notice if the ...
Arkansas governor signs bill cutting top income tax rate  KATVLITTLE ROCK, Ark. (AP) -- Arkansas' governor has signed into law his $97 million plan to cut the state's top income tax rate over the next two years. Republican ...
Centre eases tax rules for startups  Times of IndiaCompanies News: NEW DELHI: Large listed companies and alternate investment funds can now invest any amount in start-ups without worrying about tax ...
All Talk, Little Action: What to Expect on Tax Policy This Year  The New York TimesDon't count on big changes. But the heated debates in Congress and on the 2020 campaign trail give clues about legislation to come.
B.C. government unveils budget big on social spending, low on new taxes  Vancouver Is AwesomeParents will receive a larger child benefit until their child is 18, students will no longer have to pay interest on B.C. student loans, and people on income ...
A wealth tax is a bad idea  CNNDavid A. Andelman, drawing on several European examples, writes that Elizabeth Warren's proposed wealth tax in the United States would likely be an ...
These three tax breaks for 2018 are still up in the air  CNBCWhether you own a home or you're shelling out for higher-education costs, Congress has yet to approve a package of breaks known as tax extenders.
No tax liability if your income is up to Rs 9.5 lakh, but conditions apply  Business StandardStressing that tax concessions have been provided with a view to help poor and middle-class people living on a tight budget, Finance Minister Piyush Goyal on ...
Income tax rebate of Rs 12500 to those who earn up to Rs 5 lakh from April 1: CBDT Chairman  Economic TimesNew Delhi: The income tax department will give a "straight rebate" of Rs 12,500 to people having an annual income of Rs 5 lakh from the beginning of next fiscal ...
The tax code treats all 1 percenters the same. It wasn’t always this way.  The Washington PostWhen we debate income tax policy in the United States, we typically focus on what's in the chart above, which shows the top marginal tax rate from 1913 to the ...
New tourist taxes from Venice to Bali aim to curb overtourism  QuartzCountries and cities have generally tried to encourage tourism—based on the premise that holidaying visitors and the money they spend fosters economic ...
Tax Department Seeks To ‘Examine’ Tribunal Orders Against It  BloombergQuintA recent office memorandum issued by the Central Board of Direct Taxes has perturbed tax practitioners across the country. The CBDT has set up a committee of ...
New Hampshire House Subcommittee Approves Bitcoin for Taxes Bill  Bitcoin NewsDuring the first week of the new year, two U.S. representatives from New Hampshire, Dennis Acton and Michael Yakubovich, proposed a bill that would allow ...
How to claim marijuana on your taxes  The GrowthOpWith Canada now raking in up to $100 million per year in pot taxes, some of that revenue will soon be heading right back to pot users in the form of ...
How Much Do You Have to Make to File Taxes in 2019?  TheStreetYour income, filing status and age all play a role in whether you have to file a tax return and what your requirements are. Here's what you need to know.
Most Americans Support Increasing Taxes on the Wealthy: Poll  FortuneSupport for raising taxes is widespread, according to a new poll, which found that 76% of registered voters want the wealthiest Americans to pay more.
Cabinet approves abolition of Ombudsman for direct, indirect taxes  Economic TimesThe approval comes against the backdrop of people preferring online grievance redressal mechanism.
Top 10 business headlines: Angel tax relief, SIP closure ratio, and more  Business StandardRead more about Top 10 business headlines: Angel tax relief, SIP closure ratio, and more on Business Standard. Here are the top 10 business stories that made ...
Tax queries: How much of my gratuity amount is tax-exempt?  Economic TimesDilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies. I retired from a bank on Oct 1, 2018. My gratuity ...
Punjab budget for 2019-2020 includes no new taxes; proposes hike of 9-36% in funds for agriculture,...  FirstpostChandigarh: Punjab Finance Minister Manpreet Singh Badal Monday presented the state budget for 2019-20 with a total outlay of Rs 1,58,493 crore with no new ...
A sales tax hike for schools on the ballot in Arizona? Here's why it might actually happen  AZCentralA proposal to ask Arizona voters whether they want to boost the state sales tax for schools took a giant step forward this week.
Cashed-up retirees getting a refund for tax they never paid? We've hit peak rort  The GuardianSome of the wealthiest Australians pay negative tax and still get to call themselves self-funded.
Putting the 'Trump tax cuts will pay for themselves' myth to bed | TheHill  The HillInstead of using tax reform as an opportunity to raise this revenue, however, we used it as an excuse to cut taxes.
Taxes 2019: When to file and what big changes to expect  USA TODAYTax filers need to realize, though, that it won't be business as usual when it comes to filing their 2018 tax returns.
Richest in U.S. Have a Few Tricks to Avoid Democrats' Tax Plans  BloombergIf Democrats want the wealthy to pay more into the U.S. Treasury, they'll need to contend with one fact: the rich are very good at dodging taxes.
Huge Tax Relief For Harshad Mehta Family As ITAT Orders Deletion Of Rs.2014 Crores From Income [Read Order]  Live LawThe Income Tax Appellate Tribunal, Mumbai Bench has set aside the addition of nearly Rs.2014 crores to the income of late Harshad Mehta, who was the lynch ...
Hyderabad HC rejects RTA's plea on life tax on vehicles' ex-showroom price  ETAuto.comRuling in favour of vehicle buyers and dealers, the high-court of Hyderabad have rejected the road transport authority (RTA) plea to collect life tax ..
Wealth tax calculator: Try your hand at taxing the super rich  Vox.comSen. Elizabeth Warren (D-MA) recently proposed a wealth tax on the very rich as a way to curb wealth inequality. It's a simple 2 percent tax on fortunes over $50 ...
Want a Bitcoin Tax Refund? You Might Need an Accountant  FortuneWant the SEC to approve a Bitcoin ETF, a new Facebook cryptocurrency, or to file Bitcoin taxes? First solve the accounting problem.
UK's richest man moves to Monaco to 'save £4bn in tax'  The GuardianBrexiter Sir Jim Ratcliffe's company Ineos is working with PricewaterhouseCoopers to reduce bill.
Review of local property tax nearing completion  The Irish TimesFine Gael Ministers concerned about potentially steep hikes in property levy.
N.J.'s celebrity tax evaders: 16 famous faces who had to pay up  NJ.comA look at some of the most high-profile tax dodgers in state history.
Want to reduce your taxable income to Rs 5 lakh? Here's a list of all deductions you can claim  Economic TimesInterim Budget 2019 has proposed rebate under Section 87A on full income tax liability for all those earning up to Rs 5 lakh taxable income for FY2019-20.
The super rich at Davos are scared of Alexandria Ocasio-Cortez's proposal to hike taxes on the wealthy  CNBCThe super rich attending Davos have misgivings about Ocasio-Cortez's proposal to boost the tax rate on earnings above $10 million to 70 percent.

Need an Offshore Sales Office in a Tax Free Environment?

The 100 year old investment-banking firm of... Read More

Truly Bizarre Taxes: The Tax on Illegal Drugs

One can never underestimate the enthusiasm that politicians have for... Read More

Six Urban Myths About Taxation

Six Urban Myths ? Taxation"I am proud to be paying... Read More

10 Thoughts on Tax Offer in Compromise

Beware of advertisements that claim to settle tax debts for... Read More

Understanding Marketing Tax Deductions

Marketing is a necessary expense in running practically any business... Read More

Taxation of Isle of Man Companies from April 2006

At the present time a company incorporated in the Isle... Read More

Home Business Tax Tips

If you have recently started an Internet or home business,... Read More

Know A Tax Cheat? Get Paid To Tell The IRS

According to the IRS, taxpayers underpay their taxes by some... Read More

Reducing Taxes Through Dividend-Salary Mix Calculations

Should I take wages or dividends from my privately owned... Read More

Car Donation: An Easy Way to Support Your Favorite Charity and Get a Tax Deduction

Most people look forward to getting their tax return, but... Read More

Small Business Tax Deductions for Year End 2004

As a small business owner, it's wise to familiarize yourself... Read More

Tax Trap #5 -- Ignoring The IRS (and the 5 best ways to contact them!)

We all love to criticize the IRS, don't we? And... Read More

Complaince of Tax Return in Electronic Commerce Taxation

Emerging Legal issues of Tax compliance of e-business Self-assessment system... Read More

2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction

If you are environmentally conscious and purchase a 2005 Ford... Read More

Insider Guides to IRS Audits!

Ever wish that, as a business owner, you knew exactly... Read More

Tax Tips to Save Money on Taxes - Get the Corporate Kick and Save Loads of Money

Why a Corporation Helps Save You TaxesThe Tax Rates (Notice... Read More

State Tax Information

All states also have their own tax system. Typically there... Read More

About Income Taxes; Tidbits

1812The first attempt to impose an income tax on America... Read More

Tax Reduction Tips

In the rush to get tax returns prepared and filed... Read More

History Of The Federal Income Tax

The powers of Congress, and the limitations set upon those... Read More

The Implications of Income Tax Charge on Estate Planning

OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon... Read More

Organizing Your Taxes

Does this scene sound familiar? It's April 7. You haven't... Read More

A Taxing Investment

April 15 - The most dreaded day of the year... Read More

Paying Workers ? What Can You Write-Off?

As your business grows, you are going to need help.... Read More

Tax Secrets - How Drew Miles Helped Me

How about a Tax Tip?As we all know Taxes are... Read More