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Need an Offshore Sales Office in a Tax Free Environment?

The 100 year old investment-banking firm of Warburg, Dillon Read (on Park Ave. N.Y.) (now UBS Warburg) has offices in 39 foreign countries - including the Bahamas, the tiny Cayman Islands, Hong Kong and the Channel Islands. Makes you wonder why, doesn't it? Non-resident foreign companies,... Read More

Small Businesses Filing Amended Federal Tax Returns to Recover Money

Small Businesses Filing Amended Federal Tax Returns to Recover Money By Darren Oliver April 15th may be gone but, but certainly not forgotten ? especially if you, like millions of small businesses, unknowingly overpaid your federal taxes and can recover money... Read More

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

How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share By Darren Oliver With the rush to file your taxes by April 15th, you probably did not consider the possibility that you overpaid.... Read More

Alas! In E-Commerce Taxland

In trying to comply with tax laws for your e-business, you may find yourself falling down the rabbit-hole, going through the looking glass, and attending a Mad Tea-Party.Common sense, logic, and fairness never did apply fully to the field of taxation but this is especially true of e-commerce transactions.1. Canada... Read More

Rearrange Your Affairs For Maximum Tax Savings

One way to maximize your business profits is by reducing your taxes. Frequently, income and other taxes could be lowered significantly if only the taxpayer were willing to plan ahead. By taking some simple steps to rearrange your affairs, you could save a fortune!1. Are You Splitting Your Business Income?You... Read More

Organizing Your Taxes

Does this scene sound familiar? It's April 7. You haven't seen the top of your dining room table in two weeks because of the piles of paid bills, receipts, canceled checks, and unidentified cash register receipts covering it. Your head pounds and your stomach churns as the countdown to April... Read More

Seven Key Tax Deductions for the Self Employed

As a sole proprietor, it's wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004.Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and financial statements. But you should also meet with your accountant well before the... Read More

How To Set Up A Tax-Saving Bookkeeping System

One of the most important, but least understood or appreciated aspects of any business is its bookkeeping or accounting system. And, because very few people know much about the reasons for a bookkeeping system, most people are frightened by the thought of the work involved in setting up such a... Read More

Knock-Knock-Knock

Knock-Knock-KnockWho's there?The IRS!The next quarterly payment of estimated income tax for the self-employed is not far off. Network marketers who receive a form 1099 at the end of the year, and/or who are expected to owe $1,000 or more in taxes, must file a form 1040-ES Payment Voucher quarterly to... 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 widow who stated:"I didn't realize what an A-B Revocable Living Trust meant and that it had to be divided between the survivor and the deceased spouse and that I am limited as to what I can use from his share."She... Read More

In The News:

Apple says EU tax bill defies reality and common sense RTE.ieApple says $14bn EU tax order 'defies reality and common sense' Aljazeera.comApple goes to court in world’s biggest tax case LivemintApple takes its $14 billion tax fight with the EU to court CNBCApple slams EU as epic court battle over tax bill begins Yahoo NewsView full coverage on Google News

GST Panel Unlikely To Favour Tax Rate Cut For Auto Sector: Report NDTVAuto.comIndia's goods and services tax (GST) panel is unlikely to approve lowering the tax for the auto and allied components sector this week, as a study has warned of ...

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 ...

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 ...

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 ...

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.

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 ...

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 ...

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 ...

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 ...

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.

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% ...

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 ...

Aviation ministry seeks tax waiver on passenger service fee Economic TimesNEW DELHI: The civil aviation ministry has asked the finance ministry to waive income tax on the money earned though the passenger services fee (PSF), which ...

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."

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.

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 ...

How your business structure affects taxes Economic TimesRelevant business structure attracts a certain tax liability and it is important to consider the tax implications before finalizing the formation.

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 ...

A key tax deadline is today. Here's how to make sure you don't botch it. NBCNews.comGot 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 ...

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'.

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.

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 ...

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 ...

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.

8 Years of Trump Tax Returns Are Subpoenaed by Manhattan D.A. The New York TimesState prosecutors in Manhattan have subpoenaed President Trump's accounting firm to demand eight years of his personal and corporate tax returns, according ...

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 ...

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 ...

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 ...

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 ...

Why should a citizen of UP pay income tax for its rich netas? India TodayIn Uttar Pradesh, the citizens have been paying income tax for their rich netas for the last 40 years. And in 2017, 80% of UP's netas declared themselves as ...

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.

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 ...

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 ...

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.

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 ...

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.

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.

Germany Unites Around New Taxes, Higher Airfares (But Protections For Lufthansa) Matthew KlintGerman aviation taxes would rise under a new government plan to double domestic taxes. But the move greatly benefits Lufthansa at the expense of others.

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 ...

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 ...

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.

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 ...

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.

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 ...

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.

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.

Auto sector crisis: Amid dip in revenue, govt may not cut tax to spur demand; carmakers should be ready... FirstpostSrivastava also pointed out that India's auto sector had seen its best growth in the 7-8 years that Uber and Ola came into existence.

Apple Attacks EU in Court Fight Over $14 Billion Tax Bill BloombergApple Inc. told a European Union court it was unfairly painted as a tax dodger as it sought to topple a massive EU back-tax bill that's the hallmark of antitrust chief ...

How Democrats can raise taxes without technically raising taxes The WeekEarlier this month, the Trump administration scuttled an ill-fated proposal to index capital gains taxes to inflation. Income tax brackets have been indexed to ...

You need a systemic approach to tackle systemic corruption: Arvind Virmani LivemintArvind Virmani, the chief economic adviser in the finance ministry from 2007 to 2009 and currently chairman of the Foundation for Economic Growth and Welfare, ...

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 ...

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.

US briefing: Saudi oil attack, Trump's tax returns and Israel election The GuardianTuesday's top story: White House says response to oil plant attack depends on Saudis. Plus, meet the climate whistleblowers muzzled by Trump.

Income-tax return filings surge to a record LivemintTax returns filed on the final date surged 41% to 4.9 mn filings in 2019-20 assessment year from a year ago.There has been a sharp increase in filing returns ...

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 ...

How long do I have to keep filing federal tax returns? NJ.comQ. I moved to Puerto Rico eight years ago. I receive Social Security and a pension from New Jersey. I will be 66 soon. How long do I have to keep filing federal ...

Shell Companies Hide $15 Trillion From Taxes, Study Reports ForbesTopline: Although world leaders have sought to keep companies from avoiding taxes, the amount avoided has actually gone up over the past decade⁠—and a ...

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 ...

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 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 ...

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.

Pelosi, Hollywood and high taxes: Here's everything Trump has tweeted about California Los Angeles TimesPresident Trump has tweeted thousands of times since taking office. One topic that he just can't quit is California.

Progressive tax-the-rich push gains momentum | TheHill The HillThe progressive push to raise taxes on the rich is gaining new momentum.

Meat tax could be brought in to save the planet Metro.co.ukUK shoppers could see supermarket prices go up as governments around the world consider introducing a meat tax.

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.

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 ...

Tourism taxes to fund homeless services in Portland housing bond projects OregonLiveThe Multnomah County board is expected to approve a novel use for tourism dollars this week: Paying for services to help homeless people find housing.

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.

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 ...

Google Tipped to Win Hungarian Tax Dispute Market RealistGoogle looks poised to win a tax dispute with the Hungarian government, an advisor at Europe's top court said on Thursday.

You can now pay insurance premium, school fees, municipal taxes through Bharat Bill Payment System (BBPS) LivemintThe only category excluded from Bharat Bill Payment System (BBPS) now is prepaid recharges.BBPS payments can be made using cash, cheques as well as ...

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.

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 ...

Can you claim income tax refund if you fail to file revised return within time limit? The Financial ExpressThe Income Tax Act, 1961 has explicitly laid down the time limits for filing of original and revised tax returns which need to be adhered to strictly.

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 ...

A look at what the pied-à-terre tax would mean for NYC real estate INSIDERThe pied-à-terre tax was proposed in the spring as a mandated annual tax on second homes worth $5 million or more.

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 ...

Tax on snacks would have 'huge impact' on obesity, say experts The GuardianA snack tax of 20% on biscuits, cakes and sweets would have “a huge impact” on obesity levels in the UK and be more effective than the current levy on colas ...

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 ...

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 ...

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 ...

No Prosecution for Minor Offences upto Rs 25 Lakh, Two-member Collegium For Higher Tax Defaults News18New Delhi: Finance minister Nirmala Sitharaman on Saturday announced that prosecution for procedural or tax defaults below Rs 25 lakh will be sanctioned ...

Dutch government to reform business tax rules Minneapolis Star TribuneThe Dutch government said Tuesday it plans to reform a business tax rule that allows wealthy multinationals to reduce the amount of tax they pay on their profits.

Labour's tax on City deals would be a big vote winner The GuardianFinancial sector is rattled by John McDonnell's support for an FTT that would raise about £7bn a year.

Trump's tax returns, Israelis vote on Netanyahu's political future & 'Dancing' the political twist: The Morning Rundown NBCNews.comGood morning, NBC News readers. President Donald Trump's tax returns have been subpoenaed, U.S. intelligence points the finger at Iran for the attacks on ...

Chinese takeover of Bellamy's infant formula would benefit tax-haven entities The GuardianAlmost 12% of firm's shares are held by Curaçao-registered entity linked to Kathmandu founder Jan Cameron.

Manhattan district attorney subpoenas Trump tax returns MarketWatchNew York City prosecutors reportedly seek eight years' worth of President Donald Trump's tax returns.

Tax relief to SMEs | Small businesses may be exempt from filing FY18 GST returns MoneycontrolThe Goods and Services (GST) Council may exempt small assessees from filing returns for FY18, reports BusinessLine. The Council, which will be meeting on ...

UAE's Federal Tax Authority launches campaign on expansion of Excise Tax Gulf NewsAbu Dhabi: The Federal Tax Authority (FTA) on Monday launched its comprehensive awareness campaign which seeks to introduce the objectives and ...

Trump may have committed tax fraud by fabricating a loan to avoid paying income taxes on nearly $50 million Business Insider"If he didn't actually buy the loan, this is just garden-variety fraud," a commercial-real-estate-finance expert told Mother Jones.

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 ...

Bumpy ride ahead: Tax department in rush to fight faceless regime hurdles Business StandardThe ambitious faceless tax administration project, set to start on October 8, will initially take up the limited scrutiny cases across the country. Within a year, the ...

How a Trump Tax Break to Help Poor Communities Became a Windfall for the Rich The New York TimesOpportunity zones were created as part of the Trump tax law to lure investment to distressed areas. But much of the money is fueling real-estate developments ...

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 ...

Trump rules out for now cutting capital-gains taxes CNBCPresident Donald Trump has ruled out for now slashing taxes on capital gains after a meeting with his advisers, a White House spokesman said on Wednesday.

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