Requirements To Produce Tax Information (Whats Up With That?)

"What we've got here is a failure to communicate."
--Strother Martin in Cool Hand Luke

Statutory Law

Governments pass laws, it's what they do. It is the job of others to interpret the laws that Parliament has made.

Statutory Construction

It is "presume[d] that the legislature avoids superfluous or meaningless words, that it does not pointlessly repeat itself or speak in vain. Every word in a statute is presumed to make sense and to have a specific role to play in advancing the legislative purpose": Tower v. M.N.R., [2004] 1 F.C. 183 (F.C.A.) per MALONE J.A. per curium at para. 15.

Also Communities Economic Development Fund v. Canadian Pickles Corp., [1991] 3 S.C.R. 388, per IACOBUCCI, J. at page 408 Interpretation of the Canadian Income Tax Act ("ITA") in practice is primarily done by the Canada Revenue Agency ("CRA"); followed closely by tax accountants and lawyers with the tying vote going to the Courts.

The Legislative Purpose

To raise money and implement federal policies.

The Accounting/Legal Purpose

To assist taxpayers to legally structure their affairs so as to minimize the taxes they must pay: IRC v. Westminster, [1936] A.C. 1 (H.L.), at p. 19 and Stubart Investments Ltd. v. The Queen, [1984] 1 S.C.R. 536 (S.C.C.), at p. 540.

It is not difficult to foresee that the legislative objective and private sector tax adviser will frequently disagree. While CRA wins many such arguments by default (e.g., the taxpayer can't, or won't, fight) for those that do contest a restrictive or erroneous interpretation of the ITA, there is a heartening rate of success.

A caveat should be interjected here, this presumes challenges where have been made thoughtfully; that is, were CRA "got it wrong" and the taxpayer has called them on it. Frivolous challenged or specious arguments (i.e., R. v. Klundert) are not going to succeed.

Legislative Tools

In order to expedite the collection of taxes Parliament has given CRA broad powers to enforce the ITA, some require taxpayers to cooperate under a compulsion of law.

While such compulsion may be permissible in the civil context (R. v. McKinlay Transport Ltd., [1990] 1 S.C.R. 627), the same is not true if the information sought or seized by CRA will be used to prosecute the taxpayer for an offence under the ITA (R. v. Jarvis [2002] 3 S.C.R. 757; s. 7 of the Canadian Charter of Rights and Freedoms).

Thus the following material assumes a CRA civil audit, but if you believe that in your situation CRA abused these provisions while you were under a criminal prosecution (e.g., s. 239(1)(d) ITA for evasion) then obtain immediately legal advice.

S. 230(1) ITA: Books & Records

Every "person" carrying on business or required to pay, or collect, taxes under the ITA is required to keep records and books of account at their place of business or residence. What books? Enough to enable you to calculate the taxes and for CRA to see that you did it correctly. "Person" includes corporations (s. 248(1) ITA).

This ties into with the obligation on each Canadian taxpayer to estimate the amount of the taxes payable in any taxation year under s. 151 ITA.

S. 231.1(1) ITA: Inspect, Audit & Examine Books

Someone from CRA may, enter your place of business to inspect, audit or examine your books and records, or those of another taxpayer, to see you fulfilled your obligation under s. 151, above. They may not enter your home without a search warrant, unless you invite them in.

Although the wording of this provision is broad, it is not unlimited: the person has to be authorized, their approach has to be at a reasonable time(s), the request has to be related to enforcement of the ITA and it is restricted to "inspect[ing], audit[ing] or examination[s]."

If you are subject to such a "compliance audit" you will want to have your accountant involved as soon as possible in the process.

If, however, you are audited and shortly thereafter charged with an offence under the ITA speak with your lawyer as this "audit," it may have violated s. 7 of the Charter and the Jarvis principles.

S. 231.2(1) ITA: Requirements To Provide Information and Documents ("RPIDs")

If CRA wants you (or a third party) to produce (a) information or (b) any document the Minister of National Revenue ("MNR") may, for any purpose related the ITA, give notice served to you, or that third person, personally requiring production, within a reasonable time, of stipulated materials listed in the notice: Tower, above, s. 17.

Like you, CRA must follow the wording of s. 231.1(1) ITA (Ludmer v. Canada, [1995] 2 F.C. 3 (F.C.A.), CHEVALIER D.J. at p. 17).

CRA does get this wrong from time to time. Just how serious their error is you can discuss with your lawyer. An irregular RPID doesn't necessarily mean the evidence will be excluded, but the mere possibility is sufficient to justify your lawyer thoroughly reviewing the memoranda, RPIDs and related materials for errors.

Only the MNR (or his delegate) can issue RPIDs. RPIDs must be subject to prior approval and the delegate must act in a quasi-judicial manner; or in other words, if they don't act unreasonably.

The Supreme Court of Canada has held that a taxpayer may have substantive defences to successfully attack RPIDs and any resulting prosecution (McKinlay Transport), defence which include:

1) unauthorized fishing expeditions by CRA (James Richardson & Sons, Ltd. v. M.N.R. [1884]1 S.C.R. 614 at p. 623), and

2) there is no a genuine and serious inquiry into a taxpayer's liability (relying on Canadian Bank of Commerce v. A.G. Canada (1962), 35 D.L.R. (2d) 49).

The court ruled that the test is objective, which means that what's important is statutory compliance not CRA's good faith.

If the Requirement power was used improperly and all of the resulting information was obtained in violation of the Charter then your lawyer may ask the Court to exclude the evidence: Charter s. 24(2).

If search warrants were obtained "based solely on information gleaned in violation of the Charter [those warrants] are invalid": R. v. Evans, [1996] 1 S.C.R. 8 at para. 26.

S. 231.2(2) ITA: Unnamed Persons

The MNR shall not impose on any third party a RPID to provide information or any document relating to any one, or more, unnamed persons without prior judicial authority.

The Supreme Court of Canada has held that warrantless searches are prima facie a violation of s. 8 of the Charter: R. v. Collins, [1987] 1 S.C.R. 265 per LAMER, J. at para. 22 and it then becomes a question of fact whether that violation was "reasonable."

To rebut this presumption the onus will be on the Crown/CRA; but normally a "search will be reasonable if it is authorized by law, if the law itself is reasonable and if the manner in which the search was carried out is reasonable" (Collins, at para. 23).

In other words, an RPID will be legal if:

* the ITA was followed, exactly (Tower);

* if it was done in the civil context (McKinlay Transport);

* if there was a genuine and serious inquiry into a taxpayer¡¦s liability (Canadian Bank of Commerce); and

* the taxpayer was named (s. 231.2(2) ITA; Artistic Ideas Inc. v. Canada (CRA), 2004 FC 573 (F.C.T.D.) per SNIDER, J.);

And, an RPID will not be valid and enforceable if:

* the ITA was not followed;

* if the MNR¡¦s delegate didn¡¦t act quasi-judicially;

* if the RPID was used as part of an investigation (Jarvis);

* if CRA was "fishing" (Richardson & Sons); and

* if CRA didn't obtain prior authorization for the RPID (Hunter v. Southam Inc., [1984] 2 S.C.R. 145 DICKSON J.)

This is a simplified version of the law, only your lawyer can give you advice about your particular situation.

S. 231.3(1) ITA: Search Warrants

CRA can apply to a judge for a search warrant ("SW") without notice to you.

A CRA officer must swear an Information to Obtain (s. 231.3(2) ITA) and under s. 231.3(3) ITA a judge may issue the search warrant if they are is satisfied that there are reasonable grounds to believe:

(a) an offence under the ITA was committed;

(b) a document or thing that may afford evidence of the offence; and

(c) the building to be searched is likely to be contain such a document.

S. 231.3(3) ITA now reads "may issue" rather than "shall" because the Baron v. Canada, [1993] 1 S.C.R. 416 declared the former invalid as a violation of s. 8 Charter because it unduly restricted judicial discretion in refusing to issue search warrants. So you can see judicious challenges can change not only the results, but the law as well.

S. 487 Criminal Code

Provides an alternative procedure for applying for SWs, similar to the foregoing; which in practice, CRA uses regularly; as you might imagine s. 487 has been extensively litigated and it is generally well understood by the criminal bar.

S. 231.5(1) ITA

Where any document is seized, inspected, examined or provided under ss. 231.1 to 231.4 ITA the CRA officer my make copies. Such copies, when certified, have the same probative force as the original.

S. 231.5(2) ITA

No person shall hinder, molest or interfere with any person doing anything he is authorized to do under ss. 231.1 to 231.4. If you think that CRA has violated your rights or otherwise failed to comply with the ITA ¡V then call your lawyer. Don't try to stop them yourself.

S. 238(1) ITA

Provides that every "person" who has failed to file a return as and to comply with the sections of the ITA listed therein is guilty of an offence and in addition to any other penalty (e.g., s. 162(1) ITA). If convicted a taxpayer is subject to a fine and imprisonment

The Bottom Line

Although the CRA uses these provisions frequently, they don't always do so correctly.

Some CRA officers have testified that they followed CRA "practices" rather than the ITA per se (e.g., s. 231.2(2) ITA), but as only the statutory provisions that are binding this may give your lawyer grounds to challenge CRA use or reliance on any materials found.

Parliament has spoken, but sometimes CRA hasn't listened; that "failure to communicate" may, if your lawyer decides circumstances warrant it, may justify challenging CRA on their use of their requirement powers.

Staff Writer For - Tax Evasion Resources - http://www.taxevasionresources.com

In The News:

Does Amazon Really Pay No Taxes? Here’s the Complicated Answer  The Wall Street JournalDemocratic presidential candidates have seized on reports that Amazon.com Inc. paid no 2018 federal taxes as they press for changes in the tax system.
Budget 2019: Govt may ask 'loss-making' companies to pay tax  India TodayThe finance ministry is likely to propose a minimum amount of tax on loss-making companies in the upcoming budget or just after that. However, genuine ...
House Democrat says current Congress may not see Trump taxes  ReutersA senior Democrat on a congressional panel seeking President Donald Trump's tax returns warned on Saturday that the current Congress may not see the ...
Filing Income Tax Returns? Avoid These Six Common Mistakes  News18From the intimidating number of forms available, to claiming deductions, in the last-minute rush to file income tax returns, make sure to keep in mind some details ...
Is receiving money from friend through e-wallet taxable?  Economic TimesThrough e-wallets and UPI, it has become easy to send and receive money through your phone. Often, debts to friends may be settled in this manner.
Budget 2019: Follow these simple steps to reduce your taxable income under new rules  India TodayNot even a month is left for the announcement of full Budget 2019 and the government is all set to make effective new income tax laws that will benefit millions of ...
G20 agrees to push ahead with digital tax  Economic TimesG20 nations have agreed to push ahead on compiling common rules to lock tax havens' door for tech giants.
G20 to move ahead with plans for digital tax on world’s tech giants  The VergeThe G20 is pushing ahead with plans to close international tax loopholes used by tech giants. In a draft communique obtained by Reuters, the group said that it ...
DOJ releases legal opinion supporting Treasury refusal to turn over Trump tax returns  CNNThe Justice Department released Friday a new legal opinion supporting the Treasury secretary's refusal to hand over President Donald Trump's tax returns.
I-T summons Naresh Goyal in tax evasion case  Economic TimesThe case is related to alleged irregularities in dealings between Jet and Dubai-based cos.
Lower Tax, Interest Rate, Healthcare: 10 Things India Wants Its New Fin Min to Address in Budget 2019  News18People, who commented on the online forum seeking suggestions for the budget, have wished that minimum exemption for income tax purposes be raised to Rs ...
Pay first instalment of advance tax now  LivemintThe deadline to deposit the first out of total four instalments of advance tax for FY 2019-20 is on 15 June.Remember that you are just required to pay the advance ...
New GST return forms to help authorities check tax evasion  LivemintNEW DELHI: Return forms proposed for the goods and services tax (GST) are set to put an end to one of the widely used methods for tax evasion—claiming ...
With growth wavering, I-T wants mopup target eased  Economic TimesCBDT has pitched a downward revised target from that presented in the interim budget to Sitharaman.
India is leading a global charge to make corporate giants pay fair tax  QuartzThey're talking about a revolution in the tax world. At a Tokyo summit this weekend, G20 finance ministers are expected to give a thumbs-up to a “road map” ...
Republican Tax Bill Leads to Record-Breaking Drop in Corporate Revenues  NewsweekThe co-author of the Republican tax bill admitted that it's "hard to know" what the economic benefits of the cuts will be as corporate revenues drop 31%
Nirmala Sitharaman should give tax benefits to common man, remove MAT in Budget: experts  BusinessLineIndustry chambers presses for reduction in corporate and personal income tax to help increase consumption and in turn promoting economic growth.
CII chief Vikram Kirloskar calls for tax cut on equities  Economic TimesNew Delhi: The new government must lower taxes on equity, including dividends and capital gains, to boost the entrepreneurial spirit, CII president Vikram ...
GST collection at ₹1 lakh cr in May below target, tax rate cut unlikely soon  LivemintGross collection at ₹1,00289 crore in May is lower than ₹1,13865 crore in April.A total of 72.45 lakh GSTR-3B returns were filed in May, higher than 72.13 lakh ...
IT industry meets Anurag Thakur on tax woes ahead of Union Budget  Business StandardAhead of the Budget, representatives of the tech sector and industry bodies Nasscom, Internet and Mobile Association of India (IAMAI) and MAIT met Minister of ...
Imran Khan follows PM Modi's footsteps, asks countrymen to pay taxes  India TodayPakistan Prime Minister Imran Khan urged the countrymen to pay taxes and reminded them to take benefit of the 'last' Asset Declaration Scheme launched by ...
How Silicon Valley Avoids Paying Taxes Using Small Biz Break  BloombergSilicon Valley has won big with a tax break aimed at small businesses.
Yes, Taxing the Rich Is Possible  The New York TimesThis article is part of David Leonhardt's newsletter. You can sign up here to receive it each weekday. For a long time, there was a predictable response to any ...
Opinion | Using the Singapore nudge in Indian tax law  LivemintMany years ago, on a vacation in Singapore, I was surprised to see the number of babies all over town. It looked like a baby boom in the city state. Cute, chubby ...
Where does Colorado's marijuana tax money go? The state made a flow chart to answer the $1 billion question  The Colorado SunColorado officials announced Wednesday that marijuana tax revenue has now surpassed $1 billion since recreational sales began in 2014.
Uber says IRS probing its 2013-14 tax returns  LivemintThe U.S. Internal Revenue *Service* is auditing Uber Technologies Inc's taxes for 2013 and 2014 and the ride-hailing company expects unrecognized tax benefits ...
How to make full use of section 80D to save tax on health insurance?  Economic TimesHealth insurance is a necessity that can also help you save taxes. Generally, you can save tax on health insurance premium for a maximum of Rs 1 lakh in case ...
Address digital infra, tax & data issues: Start-ups to govt  Business StandardRepresentatives of digital economy and start-ups on Saturday urged the government to build digital infrastructure and scale up and incentivise research ...
How tax efficiency varies across states  LivemintStudy shows that some states are more efficient in generating tax revenues than others.
High-Tax States Face an IRS Smackdown  The Motley FoolTax reform is a year and a half old now, but there's still plenty of argument about some of its more controversial provisions. One of the hardest-fought changes to ...
Low jet fuel taxes, expansion of airports seen boosting aviation sector  LivemintMUMBAI: India's aviation sector, one of the fastest growing in the world, will need a push from the new government to achieve its potential. Former diplomat ...
Cap personal income tax rate at 25 pc to boost demand: PHDCCI  Economic TimesNEW DELHI: The maximum personal income tax rate in the country should move towards 25 per cent to increase disposable income, thereby boosting demand ...
How to tax sugary drinks  The EconomistSUGAR TAXES are on a high. Around 40 countries and seven American cities have started to tax sugary drinks, mostly in the past few years. Supporters say ...
IOC, HPCL to contest over ₹4,000-crore tax demand  LivemintThe Director-General of GST in Pune has slapped IOC with a tax demand of ₹4002 crore.Hindustan Petroleum has been asked to pay over ₹346 crore.
READ: DOJ legal opinion on Trump tax return subpoenas  CNNThe Justice Department released its legal opinion supporting the Treasury secretary's refusal to hand over President Donald Trump's tax returns.
Ryanair's flight to Malta will take off millions in Irish tax  The TimesThe Irish exchequer is poised to lose tens of millions in tax revenues after the decision by Ryanair to shift control of aircraft for its operating bases in Italy, France ...
Budget 2019: Slashing tax rates is a good way to boost collections; here’s why  The Financial ExpressUnion budget 2019 India: Hiking surcharges on higher income brackets tempting, but won't help as much as cutting rates to get more into tax net.
Most millionaires support a tax on wealth above $50 million, CNBC survey says  CNBCA majority of millionaires support Sen. Elizabeth Warren's proposed tax on large wealth, according to the CNBC Millionaire survey.
Big businesses paying even less than expected under GOP tax law  POLITICOFederal tax payments by big businesses are falling much faster than anticipated in the wake of Republicans' tax cuts, providing ammunition to Democrats who ...
Withdrawing Rs 10 lakh a year may attract 3-5% tax: Finance Ministry  India TodayWithdrawing a cumulative Rs 10 lakh a year can attract 3-5 per cent tax if a proposal going around in the Finance Ministry takes shape in the Budget to track high ...
Bring down corporate tax to 18 pc sans exemptions: CII  Economic TimesCII wants the govt to bring down the corp tax rate to 18 per cent along with elimination of all exemptions.
Budget 2019: Godrej, Nestle united against corporate tax; say reduction needed for big cos  The Financial ExpressUnion Budget 2019 India: As FMCG industry has borne the brunt of the ongoing rural distress, Suresh Narayanan said that he hopes the budget addresses ...
Viewpoint | Here's why you should file your income tax returns in time  Moneycontrol.comDivya Baweja, Divya Agarwal and Pooja Verma. Filing of income tax returns (ITR) is around the corner and authorities have already released the necessary ...
Digital economy taxation: OECD’s roadmap and implications for India  Economic TimesBy Ajay Rotti In today's world, with technology seeping into virtually every section of the economy, the 'digital economy' is becoming intertwined with the ...
G20 countries agree to close tax loopholes for tech companies  EngadgetTech giants are already finding themselves on the hook for more taxes in parts of Europe, but there could now be a much more coordinated effort to have them ...
Sin tax is good for you ‑ and economy  Times of OmanYour browser does not currently recognize any of the video formats available. Click here to visit our frequently asked questions about HTML5 video.
Oil's Next Great Deflationary Force: Taxes  BloombergCountries are starting to compete to attract investment.
Paying for the Welfare State Without Raising Taxes | by Roger E.A. Farmer  Project SyndicateDespite the old economic adage that there's no such thing as a free lunch, there is a way for governments to finance social-welfare programs without imposing a ...
Industry seeks tax cuts, bold land, labour reforms from NDA  LivemintIndustry executives on Monday sought tax cuts, lower interest rates and bold reforms in land acquisition and labour laws in a blueprint prepared to aid the Modi ...
Heres how the new Form 16 will change income tax return filing this year  Business StandardForm 16 is issued annually, by an employer to an employee as a proof of salary paid and taxes deducted on it. It has two parts i.e., Part A and Part B as ...
Instead of locking in future tax cuts, we should increase Newstart and boost social housing  The GuardianNo one knows what will happen to the economy in three to five years. We need to own up to that fact and act accordingly.
Know the correct income tax return form applicable to you for FY 2018-19  Economic TimesThere are some additional points which require due consideration at the time of selecting the correct tax return form.
ITR filing: Don't make these mistakes to avoid getting tax notice  Economic TimesFind out what you should do to avoid getting a notice for small errors on income tax returns.
New York Can Tell Congress Lots About Trump’s Taxes  The New York TimesHis state returns will give the House a glimpse of past I.R.S. audits, before and after he entered the Oval Office.
A Former Business Partner Alleges the Trumps Evaded Taxes in Panama  The New York TimesThe accusations, in a legal filing by the owners of a luxury hotel, escalate a dispute with the president's company and are fraught with potential diplomatic and ...
G20 nations set to endorse new tax framework to ensure fair play  Economic TimesNEW DELHI: India and other G20 members are set to endorse a new tax framework that could force multinational companies to abandon aggressive tax ...
Tax saving tips: Invest in real estate and save tax on LTCG  Business StandardInvestments in real estate are borne out of savings made out several years of earnings. These investments have both monetary value and emotional value for ...
No taxes owed by GMR from $270-million arbitration award: Maldives  LivemintThe Maldivian government in 2017 had slapped a notice seeking $20.5 million.The arbitration ruling indemnified the Indian developer from any tax liabilities.
Extend tax sops to retail investors in corporate bonds: Market players to FM  LivemintNew Delhi: Market players on Thursday urged Finance Minister Nirmala Sitharaman to extend tax incentives to retail investors in corporate bonds, and also ...
MCCI moots lower tax rates to boost FDI  The HinduThe Centre must quickly come out with appropriate tax incentives to attract *fresh* foreign direct investment (FDI) to cash in on the opportunities arising out of the ...
Shin Bet chief met with Abbas over PA tax money held by Israel — report  The Times of IsraelNadav Argaman reportedly tried to convince Palestinian Authority head to accept funds collected by Jerusalem, amid fears of a financial collapse in the West ...
Budget 2019: Tax officials likely to seek up to Rs 1.5 lakh crore reduction in collection target  India TodayOfficials from the tax department are likely to ask the finance ministry for a reduction in the tax collection target up to 6 per cent, translating to Rs 1.5 lakh crore, ...
Tax break to land reforms: 10 things wished from Sitharamans first budget  Business StandardEverybody wants everything. The challenge for finance minister Nirmala Sitharaman's first budget is to give everybody something. Here is a look at some ...
GOP leader concedes tax cuts may not pay for themselves as 2019 deficit grows  The Washington PostRep. Kevin Brady (R-Tex.), a lead architect of the GOP tax bill, suggested Tuesday the tax cuts may not fully pay for themselves, contradicting a promise ...
Got a tax notice? Here’s what you should do  Economic TimesMistakes while filing ITR can fetch you a tax notice. Here's how you can respond to such tax notices.
Budget 2019: Will the new direct tax law find a mention in the FM’s speech?  The Financial ExpressBudget 2019-20: The original Direct Taxes Code (DTC) had proposed personal tax rates and income slabs which would lead to higher disposable income for ...
Boris Johnson’s proposed income tax cut for those earning over £50,000 is a stinker for the average Brit  The SunBORIS Johnson's first big policy announcement is a stinker. We're all for tax cuts . . . Tories should be tax cutters, above all. But what possessed Boris to think his ...
Tanzania row over wig and hair extension tax  BBC NewsA row has broken out in Tanzania over the government's decision to impose a tax on wigs and hair extensions. Many male and some female MPs applauded ...
Capital Gain on Shares? Wait Few More Days Before Filing Income Tax Returns  MoneylifeWith the Income Tax (I-T) department changing the method for calculation of capital gains tax, taxpayer are being advised not to file returns in a hurry and wait for ...
Rich New Yorkers are fleeing to Miami to escape high taxes. I spent 3 days there, and it was immediately clear  Business Insider IndiaKatie Warren/Business InsiderI recently spent three days in Miami touring exclusive private islands and oceanfront mansions.Wealthy New Yorkers are fleeing.
Bring down corporate tax, simplify taxation, revive infra investment: Industry to FM  Economic TimesCII President suggested that a simplified taxation regime is pivotal for improving the revenue flows and help government stick to fiscal prudence without ...
Italy proposes tax on savings hidden in safety deposit boxes  Economic TimesThose who voluntarily declared their deposit-box holdings would be taxed at a low rate of about 15 percent.
Tax settlement body orders Indiabulls Real Estate to pay Rs 300 cr on undisclosed income  MoneycontrolThe Income Tax Settlement Commission, in an order on April 30, has asked Indiabulls Real Estate to pay Rs 300 crore, as tax and interest charges, ...
Boris Johnson promises tax cut for 3m higher earners  The GuardianFormer foreign secretary says he will raise the 40p threshold from £50000 to £80000 if he becomes prime minister.
Low-Income College Students Are Being Taxed Like Trust-Fund Babies  The New York TimesWASHINGTON — A little-noticed provision in President Trump's sprawling new tax law is treating middle- and low-income college students as if they are ...
Nonreligious group quits lawsuit to end tax exemption for ministers' housing  Washington TimesA nonprofit group that advocates for nonreligious persons has missed a key deadline in its effort to end a tax exemption for ministers' housing allowances.
Passing the tax smell test  The Indian ExpressSubramanian's growth claims would imply a strange boost in tax to GDP ratio.
What to Expect When the IRS Alters Its Bitcoin Tax Policy  CoinDeskThe Takeaway. Coming guidance from the IRS will address longstanding questions about the tax treatment of cryptocurrency. The tax collector has identified ...
Salaried individual? Here are 7 ways you can save income tax  Times NowIf you are salaried and want to save income tax, then here are seven ways in which you can save your taxes for the financial year.
How to get tax e-refund  Economic TimesIt is important for the assessee to first link the PAN to the bank account to be able to prevalidate the bank account.
NY state passes bill allowing Congress to request Trump's tax returns  CNNDemocrats in New York state passed a pair of bills Wednesday that would allow Congress to get hold of President Donald Trump's state tax returns amid an ...
Why this Kolaveri over arrest of tax evaders by GST commissioner?  Business TodaySince the GST law provides a commissioner the power to arrest a person in case he has reasons to believe that the tax evasion is likely to be more than Rs 5 ...
ET View: Remove arbitrariness in tax administration  Economic TimesThe Centre has sent out a stern warning to tax sleuths of zero tolerance towards graft.
Robbie Williams ‘BARRED from receiving OBE over use of dodgy tax scheme’  The SunROBBIE was due to get a gong in the 2019 New Year's honours list because of his charity work and pop success. But honours committee members reportedly ...
Colorado Cannabis Taxes Bring in $1 Billion, as Well as Complaints | Westword  WestwordSixty-four months after the first recreational stores opened on January 1, 2014, Colorado had collected over $1 billion in tax revenue for the sale of legal ...
Revised tax treaties usher in a new era in investment, taxation  LivemintNEW DELHI: For about a decade-and-a-half, revenue authorities examining foreign investment proposals received by the erstwhile Foreign Investment ...
What is the tax implications if I transfer inherited mutual fund units to my sister?  Economic TimesI inherited some mutual funds from my late father. One scheme in which the initial investment was Rs 12 lakh is now worth Rs 19 lakh. I want to transfer half the ...
Big business unlikely to get corporate tax relief, LTCG tax may be raised  Business StandardIndustry has pitched for gradual reduction in corporate tax to 25 per cent from the current 30 per cent, claiming it will bring the tax incidence at par with similar ...
STT: Brokers seek restoration of rebate under Section 88E of Income Tax Act  BusinessLineEquity brokers are seeking restoration of the rebate on securities transaction tax (STT) under Section 88E of Income Tax Act, which was withdrawn by the former ...
India’s DTAA with Canada doesn’t offer tax relief on gains from sale of property  LivemintI bought a flat in December 2017 for ₹1.2 crore in New Delhi. However, I got a job offer in 2018 and moved to Canada as a permanent resident. I have some ...
U.S. Business Contributes Smallest Share of Taxes in Generation  BloombergU.S. corporations are contributing the smallest share of federal tax revenue in a generation. That's one of the findings in the Data Book for 2018, released by the ...
Breaking it down: This is how the new Texas property tax law affects you  Dallas NewsOh joy. After years of trying, state lawmakers passed a biggie. A property tax bill that fixes some major flaws in the system.Senate Bill 2, the...
Soon you may have to pay tax on cash withdrawal of Rs 10 lakh a year  Business StandardIn order to encourage digital transaction and crack down on black money, the Narendra Modi-led NDA government may soon start taxing those who withdraw ...
PF tax-exempt on completion of five years of continuous service  LivemintAs per Fourth Schedule of the Income-tax Act, the accumulated PF balance due and payable to an employee is exempt from tax, if the employee has rendered ...
Pre-budget meet with FM: Economists seek IBC-type law for NBFC sector, tax reforms  Economic TimesEconomists have underlined the need for bringing IBC-type framework for NBFC sector.
How much tax do you pay on your bond investments?  LivemintAmong debt instruments in India, there are various types of bonds available, with different features—duration, tax benefits, coupon rates, and lock-ins.Take a ...
Can spouses split health insurance premium to claim tax benefit under section 80D?  Economic TimesWill the insurer issue two separate tax certificates to the spouses for paying the premium in parts for one health policy? Here's what tax and insurance experts ...
Government mulling tax on cash withdrawal of Rs 10 lakh a year  Times of IndiaIndia Business News: The government is looking at the possibility of introducing a tax on those withdrawing Rs 10 lakh in cash a year as it seeks to discourage ...
Tax queries: Reduce taxable income to Rs 5 lakh, earn a rebate  Economic TimesBy Dilip Lakhani, Senior Chartered Accountant My taxable income from salary FY2019-20 (AY2020-21) is Rs 5,02,000 and my employer is deducting Rs 1,083 ...
Central Iowa restaurant owner owes more than $100K in state sales taxes, records show  Des Moines RegisterA central Iowa business owner is facing more than a dozen felony tax evasion charges for allegedly withholding more than $100,000 from the state.

Hurricane Katrina ? How To Use Your Business Loss To Get A Refund on 2004 Taxes

With the massive losses caused by Katrina, the economy of... Read More

2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction

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

Correspondence From The IRS ? Yikes!

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

Tax Trap #2 -- Double Taxation: Isnt Once Enough?

Have you been thinking about incorporating your small business or... Read More

Anticipating Your IRS Refund Can Cost You Plenty

While accountants are reaching for aspirin, millions of Americans are... Read More

Business Tax Deductions

As we enter mid-March, taxpayers begin to become very interested... Read More

Tips and Simple Guidelines on How to Calculate Payroll Taxes

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

How To Claim CHILD TAX CREDIT The Right Way And Add An Extra $2,000 To Your Refund

The U.S. Department of Agriculture estimates that it costs nearly... Read More

Alas! In E-Commerce Taxland

In trying to comply with tax laws for your e-business,... Read More

How to Cut Duty Cost and Increase Profit as an Importer

Import duties continue to be significant elements in the cost... Read More

Understanding Marketing Tax Deductions

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

Tax Trap #4 -- The Quagmire of Depreciation

If you are a Small Business Owner or Self-Employed Person,... Read More

Tax Reform, My Way

We need real tax reform and we need it now.... Read More

Small Businesses Filing Amended Federal Tax Returns to Recover Money

Small Businesses Filing Amended Federal Tax Returns to... Read More

Amending Procedural Laws for Collection of E-taxation

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

A Taxing Investment

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

Need a Copy of Your Tax Return Information?

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

Tax Reduction Tips

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

Back To School ? Educators Deduct School Expenses

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

Deducting Points On Home Refinances

Deduction of Refinance PointsAny points that you pay in the... Read More

Income Tax Returns Your Accountant Should Not File

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

Taxation of Isle of Man Companies from April 2006

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

Small Business Tax Deduction - Write-Off Bad Debts

Practically every small business has receivables that it cannot obtain... Read More

IRS Offer-in-Compromise, Hype or Hope?

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