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:

Income Tax Refund 2019: How to track income tax refund status and get refund on time  The Financial ExpressA taxpayer is eligible to receive an income tax refund when excess taxes have been paid by him either through tax deduction on payments made to him or direct ...
GST meeting: Many taxing questions could be answered this Friday  Economic TimesWith a crucial GST Council meet just two days away, speculations are hitting fever pitch as to whether or not any relief will come for slowdown-hit Indian industry.
2020 taxes, your TSP, mortgage and health premiums  Federal News NetworkWhile some people are already working on their 2020 taxes there are probably many more still trying to figure out what they did right, or wrong, because of the ...
Tax collection misses target by a wide margin; inches up 4.7% in April-September  Economic TimesMUMBAI: As against a steep 17.5 percent higher tax collection budgeted for the full year, the government could mop-up only 4.7 percent more so far this year, ...
Uttar Pradesh not only state where state exchequer pays income tax for CM, ministers  MoneycontrolThe state exchequer has been bearing the tax burden of the chief minister and council of ministers of Uttar Pradesh since the last 40 years, under the Uttar ...
After 40 years, UP ministers to start paying income tax  Economic TimesYogi Adityanath has asked ministers to start paying their own income tax, ending the four-decades-old practice.
E-assessment scheme for faceless scrutiny of income tax returns notified  Economic TimesThe finance ministry has notified the e-assessment scheme 2019 for conducting faceless scrutiny assessment of income tax returns (ITR). The scheme involves ...
What to expect on personal taxation from the Direct Taxes Code  BusinessLineThe report of the task force on Direct Taxes Code (DTC) submitted to the Finance Minister on Monday is yet to be made public. But sources say that the panel ...
New Income-tax law – third time lucky?  Moneycontrol.comHimanshu Parekh. The current Income-tax Act, enacted in 1961, is nearly six decades old. With time, there have been a plethora of amendments making it a ...
Finance Minister announces new tax refund scheme, easy credit to boost exports  Economic TimesFinance Minister Nirmala Sitharaman Saturday announced a slew of measures to boost the economy, including a new scheme to refund taxes and duties on ...
10 Tax Tools to Help Crypto Owners  Bitcoin NewsWhile tax laws on cryptocurrency vary by jurisdiction, there are many useful tools to help you calculate crypto taxes, lower your tax liabilities, and simplify your ...
Are safety costs and rising state taxes hindering car sales in India?  Business StandardAutomobiles sales have crashed in India, and there has been no bigger business news than this in the past few months. There has also been no end to an ...
GST: Weighing good and bad of landmark tax system on MSMEs  The Financial ExpressGST for SMEs: As a major reform in the financial sector, GST was very much appreciated as it subsumed most of the indirect taxes levied by the centre and the ...
Is interest paid on foreign home loan tax-deductible in India?  Moneycontrol.comInterest on housing loan paid outside India can be claimed as a deduction in calculating income from house property, only if some important conditions are met.
Apple Says It Would Rather Not Pay $14.3 Billion in Back Taxes to the EU  GizmodoThe European Union has ordered Apple to pay roughly $14.3 billion (13 billion euros) to cover back taxes the EU says is owed to Ireland. But Apple is putting up ...
Income tax department relaxes time for applying for compounding of offences  LivemintNEW DELHI : The income tax department has relaxed time for applying for compounding of income tax offences by launching of a one-time facility. The Central ...
Too many taxes, anti-rich mindset need to go for economy to be back on its feet  Times of IndiaThe economy is in bad shape. There is no more debate about it. With a second innings of a super-stable government, we should be looking at a double-digit ...
Why so many non-religious Europeans pay church taxes  The EconomistIN THE Old Testament, priests are told to take a tenth of every believer's crops as a tax to support the faith. In these latter days, they can outsource the job to the ...
The new tax plan |India Today Insight  India TodayThe Modi government considers a Donald Trump-style overhaul of India's direct taxes to increase compliance and reduce 'tax terror'.
Don't reveal PAN on social media, Income Tax department warns  LivemintThe Income Tax department has asked all PAN card holders to not share their Permanent Account Number on social media.The I-T department has an online ...
Income tax benefits on costs of education under Section 80E to Section 80  LivemintThe Income Tax Act allows tax benefits for a loan taker for higher education when certain conditions are met.Tax benefits have been laid down under Section ...
Be aware of the taxes to pay while buying, selling or letting out a house  Moneycontrol.comCarefully preserve the records of your financial transactions relating to the house property, proof of payments, sources of investment etc.
New income tax rule on insurance maturity proceeds: 5 things to know  LivemintThe new income tax rule on receipt of maturity benefits from insurance policy came into effect from 1st September.A higher TDS will be levied if the insurance ...
These states have the highest, lowest property tax rates: Report  Fox BusinessHawaii reportedly has the lowest median property tax rate, according to a new report. Meanwhile, New Jersey reportedly has the highest.
Analysis | Losing the Apple Battle Might Help Win the Tech Tax War  Washington PostIf the European Commission loses its $14 billion case against Apple, calls to overhaul the global tax regime will be difficult to ignore.
CBDT launches one-time facility for compounding of income tax offences  Economic TimesA one-time facility to apply for compounding of income tax offences has been launched and taxpayers can avail this opportunity by December 31, a latest CBDT ...
Government lays down new rules for tax officials to invoke GAAR  LivemintNew Delhi: The Central Board of Direct Taxes (CBDT) has laid down *fresh* rules for officials to classify certain corporate transactions as tax avoidance schemes ...
Not just UP, five state governments bear tax burden of CM and ministers  Times of IndiaIndia News: The state exchequer has been bearing the burden of income tax of the serving chief ministers and their council of ministers in five states, apart from.
Taxing wealth at lower rate than income is wrong, says thinktank  The GuardianThe government could gain £90bn in extra revenue over five years if it taxed income from wealth in the same way it taxes income from work, according to a ...
What is the tax liability of buying a second house using a home loan?  Economic Times"Income from house property is taxable once the taxpayer gets possession of the property."
BAN proposes centralised system of tax collection  Nagaland PostBusiness Association of Nagas (BAN) has proposed a centralised tax collection system with online payment facility in the State and suggested the government to ...
Government to tweak Income Tax Act, won’t replace it with direct tax code  LivemintNEW DELHI : The government is unlikely to replace the Income Tax Act with the direct tax code, and will only incorporate select suggestions from the draft law to ...
Farm bodies exempted from 2% tax at source on payments above ₹1 crore  LivemintNEW DELHI : To give relief to the rural economy, the government has exempted agriculture produce marketing committees (APMCs) from the purview of the 2% ...
The New Tax Math for People Living in High-Tax States  The Wall Street JournalMore snowbirds are expected to make a permanent move as the curbs on state and local tax deductions are starting to be felt. The Tax Cuts and Jobs Act of ...
Govt hoping for windfall gains from tax amnesty scheme  Business TodayAt a time when the government is scurrying for every penny that counts - because of fiscal uncertainty arising out of a slowing economy - it can hope to get some ...
How to use NPS to reduce your income tax this year  LivemintYou should start planning for income tax if you have not done so far. Among other options, you could closely look at NPS or National Pension Scheme to save ...
Tax task force recommends new tax slabs for individuals  Economic TimesNEW DELHI: A government constituted Direct Tax Code task force, headed by CBDT member Akilesh Ranjan, is arguing for a new tax regime for individuals.
Investing in NPS via credit card allows you to save tax without money in hand  Economic TimesYou must ensure that you have enough credit limit available on your card for the amount you are investing in NPS so as to get full tax-saving deduction benefit.
Stephen Colbert grills Elizabeth Warren on middle-class tax hikes  New York Post Sen. Elizabeth Warren, D-Mass., faced an unexpected grilling from "Late Show" host Stephen Colbert on whether or not the middle class will face a tax hike to ...
Opinion | Auto sector tax rate cut demand has no moral or financial grounds  Moneycontrol.comShshank Saurav. The Indian automobile industry, plagued by prolonged sluggish sales, is making a strong pitch for government support in the form of tax cuts.
Climate change: Germany's conservatives mull doubling air travel tax  BBC NewsOnly domestic flights will be affected, say the Christian Democrats, who govern in a coalition.
Opinion | It’s time for a direct tax regime that’s growth-focused and fair  LivemintA more efficient direct tax system can create space for a lower and less complicated GST that could boost economy activity.
This key tax deadline is today. How to make sure you don't botch it  CNBCGot some side income? Run a business? You're facing a tax deadline today. Individuals who pay the Internal Revenue *Service* every quarter must make their ...
Is it time to switch income tax with a sales tax?  The GuardianIs it time for the US to consider switching from income tax to a progressive consumption tax as a way of addressing growing wealth inequality? Many economists ...
Amid Slowdown, Cars Get Pricer Due To Road Tax Hike In 9 States  ZigWheels.comPrice hike ranges from Rs 5000 to Rs 57000 (on-road) depending upon the model.
7 changes in income tax laws that come into effect from Sept 1  Economic TimesHere is the list of the seven main changes in tax laws that will come into effect from September 1.
Manhattan district attorney subpoenas 8 years of Trump tax returns  CNNNew York County District Attorney Cyrus Vance's office has subpoenaed eight years of President Donald Trump's tax returns from Mazars USA, the longtime ...
This triple tax-advantaged account might beat your 401(k) plan  CNBCThere's a savings account with a potential advantage over your 401(k) plan — and it just might help you save on taxes. It's your health savings account, and it's ...
Tech moguls like Jeff Bezos and Mark Zuckerberg would lose billions under Elizabeth Warren's tax plan  Business InsiderSenator Elizabeth Warren's tax plan requires billionaires to pay a small percentage of their net worth on an annual basis.
Tamil Nadu's New EV Policy Seeks Full Road Tax Exemption for Electric Vehicles Until 2022  News18According to the Tamil Nadu Electric Vehicle Policy, all EVs, two, three and four-wheelers, buses and light commercial vehicles, will be given 100 per cent Motor ...
Now, I-T Department turns gaze on client code modification to counter tax evasion  Moneycontrol.comThe Income Tax Department has sent letters to stock exchanges, asking them to look more closely into cases of client code modifications to help spot tax evasion ...
Richard Simmons Owes Thousands In Back Taxes, Fueling Speculation About Well-Being  msnNOWRichard Simmons has been out of the limelight for over 5 years and his lack of public presence has caused tons of speculation about his whereabouts.
Wealth Tax - Constitutional Probably - Good Idea Not So Much  ForbesCalvin Johnson makes a strong case that wealth tax would be constitutional, which does not mean it would be a good idea.
College student tried to hack into Trump’s taxes by creating a fake FAFSA application  The VergeTwo college students are facing federal prison time for attempting to hack into President Trump's tax returns, as reported by CyberScoop. Andrew Harris, 24, and ...
GST Council meets next Friday; tax rate cut to hinge on revenue position  Moneycontrol.comThe all-powerful GST Council will at its Goa meeting next week consider demands for reducing taxes on products ranging from cars to biscuits keeping in mind ...
Illinois offers one-time tax amnesty program for liabilities between 2011 and 2018  WLS-TVIf you incurred tax liabilities between July 1, 2011 and June 30, 2018, you may be eligible for a one-time tax amnesty program from the state of Illinois.
TurboTax Glitch Led To $216 Million Tax Bill For Thrift Store Worker  ForbesSmith, a part-time worker at a local thrift store, got quite the surprise when she opened a tax bill from the Colorado Department of Revenue to find that she owed ...
What to expect from the Direct Tax Code  Forbes IndiaA report, which aims to overhaul the Income Tax Act, has not been released to the public, but its recommendations are expected to cover four primary areas.
Walmart dodged up to $2.6 billion in US taxes, former exec says  QuartzWalmart, the world's largest company, “improperly avoided” up to $2.6 billion in US taxes through an elaborate tax dodge involving a “fictitious” Chinese entity, ...
New income tax rules come into effect from September 1. Latest changes explained  LivemintSome income tax changes announced in this year's Budget comes from September 1, 2019. The full Budget for this year was presented in July this year.
Inheritance tax would be scrapped by the Brexit party – good news for the very rich  The GuardianA minuscule number of wealthy people would benefit from such a move, says Torsten Bell of the Resolution Foundation.
Bill Gates Is Right to Support a Wealth Tax  BloombergIn his new book on how to fix inequality, French economist Thomas Piketty may have gone a little too far with a call for a 90% wealth tax for billionaires and ...
Trump tax returns subpoenaed: New York prosecutors subpoena 8 years of President Donald Trump's tax returns – AP source  CBS NewsThe Associated Press reports Manhattan D.A. Cyrus Vance Jr. recently sent a subpoena to Trump's accounting firm seeking the last eight years of state and ...
Direct Tax Code: Is this the reform market is waiting for?  MoneycontrolKumarmanglam Vijay. The new Direct Tax Code that may be implemented by the Modi government over the next few years could be the most important ...
Govt gives businesses four months to settle indirect tax disputes  LivemintNEW DELHI : Businesses can now settle their pending disputes relating to central excise duty and *service* tax within four months starting 1 September under the ...
Delhi: ED raids income tax officer, books him for money laundering  India TodayThe Enforcement Directorate (ED) said on Saturday that it has raided multiple locations linked to IRS officer Neeraj Singh, a commissioner in the income tax ...
Not just Uttar Pradesh, these five state govts also pay income tax of their CMs & ministers  Economic TimesNot just Uttar Pradesh, the state exchequer has been bearing the burden of income tax of the serving chief ministers and their council of ministers in five states ...
Govt gets tax bonanza from online ads on Google, Facebook  LivemintNew Delhi: Tax receipts arising from a levy on payments made to digital advertising platforms such as Google and Facebook from Indian entities jumped 59% in ...
Zimbabwe’s High Court Annuls 2% Digital Transactions Tax  BloombergA Zimbabwean High Court nullified a 2% digital transactions tax imposed almost a year ago by Finance Minister Mthuli Ncube, state-owned Herald newspaper ...
Fairhope, Spanish Fort support 3-mill tax increases for schools  AL.comSupporters for the 3-mill increases in Fairhope and Spanish Fort were celebrating Tuesday night following a special election to raise more money for schools.
Nothing works better than tax incentives to boost consumer demand  Moneycontrol.comThe economy does not move in a linear fashion, but is instead swamped with its share of ups and downs. Post the 2008 and 2013 meltdown, we are witnessing ...
Glitch in Illinois Weed Law Could Delay Towns' Tax Revenue  Bloomberg TaxA drafting error in the law legalizing recreational marijuana in Illinois starting in January may mean counties and towns have to wait an extra nine months before ...
‘Ploy by Companies to Pressure Govt to Lower Taxes’: Bihar Minister Says There’s No Economic Slowdo...  News18Patna: The country is not facing economic slowdown and big companies are trying pressurise the government to lower tax rates by showing a decline in ...
Dont let future Lijjat Papads die because of tax procedures: Tax tribunal  Business StandardIn a rare development, an income tax tribunal has suggested to the government to help new semi-skilled entrepreneurs become tax compliant instead of forcing ...
Income Tax Refund for AY 2019-20: Waiting for income tax refund? Here is how to claim ITR refund and check status  The Financial ExpressIn case you have paid taxes in excess of your tax liability for FY 2018-19, you can claim your income tax refund by filing your income tax return for AY 2019-20.
SBI research report calls for abolition of capital gains tax to boost savings  LivemintOther measures, to reverse slowdown, include increasing consumption and identifying other sources of infrastructure funding.The introduction of such tax has ...
Income tax dept launches faceless e-assessment scheme. 5 things to know  LivemintNEW DELHI : With the launching of faceless e-assessment facility, all your income tax returns (ITR) would be assessed and scrutinised in complete electronic ...
Pay penalty of Rs 10,000 for late Income-Tax filing after December 31  Business StandardI have received money from a friend abroad amounting to over Rs 2 lakh. He has said I can repay him at ease. When filing returns, can I declare it as a loan to ...
Indonesia's planned cigarette tax hike to lead to production cut, layoffs  ReutersPlans by the Indonesian government to raise tobacco excise tax and minimum cigarette prices next year will force companies to cut production and potentially ...
Senior citizen tax benefits: From income tax to pension – 10 exclusive points explained  The Financial ExpressHere are 10 income tax and other investment benefits available exclusively for senior citizens.
Tax on unsold houses may be abolished in new direct tax law  India TodayThe government tax panel has recommended abolition of tax on notional income from unsold houses and houses not let out. At present, all empty houses, which ...
Opinion | Common taxpayers suffered this tax filing season due to frequent changes  LivemintNew tax law should ensure that laws and ITR formats are not changed every year.
States opposing cut in tax rate on auto ahead of GST council meet  India TodayWhile the government is keen to go for a reduction in GST rate cut from 28 per cent to 18 per cent for the auto sector, the move's negative fallout in the form of ...
Urgent need to cut both corporate and income tax: Saugata Bhattacharya, Axis Bank  Economic TimesTax cut is the most effective way of getting out of this slowdown and the sentiment.
Tough to claim input tax credit for donated goods  Economic TimesGST authorities have, based on the facts of the case, denied ITC claims, especially when the company was not distributing its own products.
Trump again dangles a promise of tax cuts  CNNWashington (CNN) President Donald Trump is reviving last year's promise to slash taxes for America's middle class as he seeks to bolster his reelection bid ...
Oil companies flag roadblocks in rationalising taxes on jet fuel  Economic TimesNEW DELHI: Oil marketing companies have cited issues like sales tax as a barrier to the Civil Aviation Ministry's plan to rationalise additional charges that ...
ITR processed? Here's how to request intimation notice u/s 143(1)  Economic TimesOnce your income tax return (ITR) is processed, the tax department is required to send you an intimation notice under section 143(1). This tax notice will tell you ...
Income tax benefits you get in sovereign gold bonds: 5 things to know  LivemintSovereign gold bonds are a good option to take exposure to gold as an asset class, say financial planners. After from fetching 2.5% interest, sovereign gold ...
Reporting of foreign assets in income tax return: CBDT issues clarification  Economic TimesCBDT has clarified that only foreign assets acquired as per the relevant accounting period of the foreign country have to be reported while filing ITR for FY ...
NBN kills 'Netflix tax' idea and unveils basic unlimited plan  The GuardianProposal put to internet *service* providers earlier this year would have targeted high-volume users of video streaming services.
New income tax rules that impact TDS: All you need to know  Business TodayFrom increased TDS outgo on purchasing immovable property and life insurance maturity proceeds, to two new areas where TDS will now be slapped on, here's ...
Huang Xiangmo pulls nearly $50m out of Australia as tax office chases $140m  The GuardianATO tells court the amount of money transferred offshore by the Chinese billionaire has risen dramatically since an audit began.
India needs to move towards single corporate tax bracket of 25%: KPMG report  Business TodayKPMG has said that India needs a single corporate tax rate of 25% sans any surcharge or cess above it. The accounting and advisory firm in a report has ...
Trump's Tax Cuts: Success, Failure or Too Soon to Judge?  Yahoo FinanceGet ready, tax geeks. The American Enterprise Institute, a right-leaning think tank, has just launched a new blog series examining the impact of the Trump tax ...
Georgia Attorney General Closes Probe of ‘Sully’ Tax Credits  VarietyThe Georgia attorney general's office has closed a criminal investigation into Warner Bros.' use of tax credits on the Clint Eastwood film “Sully,” after state ...
All tax refunds under new export scheme may be tough, says finance ministry  Times of IndiaIndia Business News: As the government works on an “export package”, the finance ministry has said that it may not be possible for the government to shift all ...
Police probing Budweiser-maker AB InBev in alleged New Delhi tax evasion case  LivemintNew Delhi: Police in New Delhi are probing a case of alleged tax evasion involving Anheuser-Busch InBev, according to a police officer and a document seen ...
ITR filing guide: The process of claiming income tax refund  Economic TimesIf you have paid more tax than your actual tax liability or more tax has been deducted, then you are eligible for a refund. Want to know how you can claim this tax ...
ITR filing: How to maximise your income tax refund  Business TodayThe deadline for filing income tax returns is August 31, and procrastinators are advised to hurry to do the needful to beat possible glitches thrown up in the last ...

What is a Federal Tax Lien?

A Federal Tax Lien (FTL) is a legal instrument that... Read More

2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction

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

History Of The Federal Income Tax

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

Tips and Simple Guidelines on How to Calculate Payroll Taxes

Managing a business small, medium or big requires you to... Read More

Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent?

Tilting the Tax Laws in Your Favor.In order to accelerate... Read More

Tax Secrets - How Drew Miles Helped Me

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

Surprising Truths About Tax Preparers

Choosing the right tax preparer for your business is a... Read More

Gambling Income and Expenses - Tax Requirements

Hit a big one? With more and more gambling establishments,... Read More

Income Tax Returns Your Accountant Should Not File

You've been feeling uneasy (perhaps even guilty) because you've failed... Read More

The Implications of Income Tax Charge on Estate Planning

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

Complaince of Tax Return in Electronic Commerce Taxation

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

Amending Procedural Laws for Collection of E-taxation

The electronic transaction ordinance defines the certificated copies in which... Read More

Need a Copy of Your Tax Return Information?

Taxpayers have two easy and convenient options for getting copies... Read More

How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share

How Home-Based Businesses Can Avoid Giving Uncle Sam... Read More

How To Get An Extension To File Your Business Tax Returns

Yes, the tax season is upon with the first filing... Read More

Identity Theft ? Impacting Your Taxes?

If your identity is stolen, your finances can quickly become... Read More

Donating Cars To Charity - New Tax Rules

On June 3, 2005, the IRS released guidance on charitable... Read More

Tax Deductions - Mr. C.P.A. Can I Deduct a Pizza? You Too Can Deduct Your Fun By Using Tax Tips

Recently, I stumbled across a concept that could change your... Read More

How To Set Up A Tax-Saving Bookkeeping System

One of the most important, but least understood or appreciated... Read More

How to Reduce the Estate Tax Using the A-B Revocable Living Trust

In a past article I relayed the plight of the... Read More

Correspondence From The IRS ? Yikes!

It's a moment every person dreads. You pick up the... Read More

Back To School ? Educators Deduct School Expenses

As teachers and students head back to school following a... Read More

Euro Tax Haven Threat

Media reporting of a new EU savings tax directive has... Read More

IRS Offer-in-Compromise, Hype or Hope?

"Settle for Pennies on the Dollar! IRS debts settled for... Read More