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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:

Nirmala Sitharaman to attend 159th Income Tax Day event on July 24, CBDT to launch taxpayer e-assistance campaign Business TodayThe CBDT will launch a country-wide taxpayer e-assistance campaign on the occasion of 159th Income Tax Day on Wednesday, and Finance Minister Nirmala ...

Liquidity very serious issue for FPIs, not taxes or surcharges: Raj Bhatt, Elara Capital Economic TimesTaxes or surcharges are not an issue for FPIs. But liquidity crises and poor confidence in the market which led to a major slowdown are worrying them, said Raj ...

Sequoia Capital's scheme to use Mauritius to avoid Indian taxes QuartzBy 2013, Sequoia Capital, one of America's most vaunted venture capital firms, had invested $1.2 billion in more than 75 Indian companies with combined ...

Reaching the zero income tax level of ₹5 lakh LivemintMUMBAI: Did you know you could pay zero taxes even if you earn more than ₹5 lakh? According to the current tax laws, there are three tax slabs depending on ...

Is your tax money well spent? MoneycontrolA major concern that citizens have is how taxpayers' money is spent. It seems like the money collected goes into a black box with no clarity on how it is being ...

Before filing your tax returns this year, calculate and pay self-assessed tax LivemintBefore filing your income tax return (ITR) this year, ensure there is no pending tax payable on your part through self-assessment. For this, you need to take into ...

The Problem with France's Plan to Tax Digital Companies Harvard Business ReviewFrance recently approved a 3% tax on revenues generated by large digital companies in its territory, a move that is now being investigated as a potentially unfair ...

Indian govt can make taxes look good – by taxing bad behaviour, like honking ThePrintWe can tax other bads too. Like air pollution, water pollution, parking on public roads and so on. We could call it the Bads and Disservices Tax.

State and Local Taxes Are Worsening Inequality The New York TimesEconomic inequality is on the rise in Illinois, and the state government is part of the problem. Illinois taxes low-income families at much higher rates than ...

Tax no more |India Today Insight India TodayThe government's challenge is to pump up falling tax revenues, fulfil its promise of lowering corporate tax rates and spur spending in a slowing down economy.

Who can claim credit for state and local taxes paid in a foreign country LivemintA taxpayer can choose to be governed either by provisions of the tax treaty or by the domestic tax law to the extent more beneficial to him.Under the tax credit ...

Higher taxes on the rich, but low returns for the Union government LivemintThe govt expects the additional revenue from the increased surcharge on individuals at just ₹2724 crore.On Friday, finance minister Nirmala Sitharaman ...

Why new tax surcharge has stunned foreign portfolio investors Economic TimesThe business entities known as Association of Persons have been stunned by new surcharge.

India faces `silent fiscal crisis' on tax gap, Modi adviser says Economic TimesIndia is facing a silent fiscal crisis owing to a shortfall in tax revenues, as per PM-EAC member Rathin Roy.

Theresa May pushes on with ‘sin tax’ plans despite ‘extraordinary’ row Financial TimesTheresa May has published various health proposals, including a ban on smoking by 2030 and a ban on the sale of energy drinks to children, despite her own ...

This is how much income tax you're paying to your state CNBCHello, New York! The Empire State is home to some of the highest income taxes in the country. It collected $2249 per capita in individual income taxes in 2017, ...

Special privileges, recognition for top tax payers, suggests Economic Survey LivemintEconomic Survey said that research across countries has highlighted that tax evasion is driven significantly by tax morale.Expedited boarding privileges at ...

ITR filing: Over 1.46 crore income tax returns filed already; here's how you can choose correct form Business TodayFiling ITRs is mandatory for all Indians, including NRIs, with a total income of over Rs 2.5 lakh. The threshold for senior citizens (above 60 years) is Rs 3 lakh ...

People angry over rising inflation, heavy taxes in PoK India TodayPeople in Pakistan occupied Kashmir (PoK) are facing immense difficulties due to the consistent increase in inflation rates and heavy pay taxes implemented by ...

Budget 2019: Surcharge rate on income tax increased for super-rich LivemintCurrent highest rate of applicable income tax rate is 35.88%.Surcharge which is charged over and above the tax amount has been increased for those earning ...

ITR Filing: All About e-Filing Income Tax Return in India MoneycontrolEfiling: Here is everything you need to know about income tax india efiling including how to file ITR Online to importance & types of efiling income tax at ...

Christian family fined after arguing taxes 'against God's will' BBC NewsA Christian family who refused to pay income tax because it went "against God's will" have been ordered to pay more than A$2m (£1.1m $1.4m) to Australia's tax ...

Verify pre-filled data carefully before filing tax LivemintPre-filled information is only available for those filing their tax on ITR-1 or ITR-4 completely online using the income tax department's e-filing website.The form ...

What the tax surcharge means for FPIs Economic TimesThe government in the recent budget proposed an increase in the tax surcharge for foreign entities which are registered as non-corporates. The move spooked ...

Changed jobs? Report all salaries and pay taxes MoneycontrolTax return filing may be relatively complex in case you have changed your job and have worked with more than one employer during a particular financial year ...

Opinion | How we could improve tax compliance behaviourally LivemintIn the 2019 Union budget, finance minister Nirmala Sitharaman increased tax rates for the super-rich. She is hoping that increasing tax rates would ...

'Milkshake' tax proposals included in green paper despite Boris Johnson's opposition to 'nanny state' policies The TelegraphMinisters have published a green paper suggesting that a milkshake tax “may” be introduced - just hours before the likely election of a Prime Minister opposed to ...

Pendency of indirect tax appeal cases down 61 per cent in 2 years: MoS Finance Anurag Thakur The Financial ExpressWith regard to direct taxes, as many as 3.41 lakh cases were pending before commissioner (appeal), while 92205 cases were pending before the Income Tax ...

Bootleg alcohol kills 23 as heavy taxes prompt Turkish home-brew ReutersMore than 20 people have died from alcohol poisoning in Turkey over the past month, according to Turkish media reports, as steep taxes on alcohol push Turks ...

Companies seek clarity on buyback tax from finance ministry LivemintSome companies have sought clarity on the applicability of the buyback tax on their offerings, which had been announced before the Budget proposal.In the past ...

Govt widens scope of direct tax code to make compliance easier for taxpayers LivemintNEW DELHI: The government on Wednesday widened the scope of a new direct tax code that is on the drawing board to make compliance easier for taxpayers, ...

Centre targets adding 1.3 crore tax filers during current fiscal year BusinessLineThe Government intends to add 1.3 crore new income tax filers during the current fiscal, the Finance Ministry informed the Lok Sabha on Monday. Minister of ...

After U.S. Tax Overhaul, Corporate Rates Fall but Unevenly The Wall Street JournalThe U.S. tax overhaul has lowered tax rates for many companies, and many others that were already toward the bottom of the scale have been able to stay there ...

Tax receipts growing but not fast enough for new government LivemintAn uptick in economic growth rate could improve tax collections.In indirect taxes, GST receipts have improved in FY19 compared to FY18.

FM Nirmala Sitharaman shrugs off pleas by FPIs on super-rich tax LivemintFinance Bill amendments propose further tax relief for startups, NBFCs.Finance minister added more safeguards against tax evasion in the amendments to ...

Budget 2019: Is it feasible to reintroduce inheritance tax in India? India TodayNoted economists feel that it would be a good idea to reintroduce such a measure in the wake of lower tax collections and need for higher spending in the social ...

France tech tax: What's being done to make internet giants pay more? BBC NewsFrance is to become the first country in Europe to introduce a tax on tech giants like Facebook, Amazon and Google. The move has upset the US. So how does it ...

CAs’ society red flags problems in filing returns, but does not want extension of deadline BusinessLineWrites to FM for a solution for timely filing of tax returns.

Stressed India Inc’s corporate tax outflows grow faster than profits The Financial ExpressSeveral factors have been behind the government raking in higher taxes from a stressed Corporate India.

America needs to see Amazon’s tax returns The VergeTax law keeps us from knowing what Amazon's tax bill really is — even as politicians like Joe Biden, Elizabeth Warren and even Donald Trump call out the ...

No More Deals: San Francisco Considers Raising Taxes on Tech WIREDAt a recent postmortem for the so-called Twitter tax break, the divisive San Francisco policy that drew tech companies to a beleaguered stretch of downtown, the ...

NHAI plans land appreciation taxes to finance projects Economic TimesNHAI is working on a mechanism to share gains in land value on account of upgradation of highways.

At 48.3% in 2018, corporate taxes in India among highest in the world Business StandardCorporate income tax in India is among the highest in the world, with the tax rate growing steadily in recent years. Of the 94 jurisdictions covered by the ...

One-Time Amnesty Scheme in Making for Old Income Tax Cases Worth at Least Rs 8 Lakh Crore News18A one-time amnesty grant for legacy income-tax disputes worth at least Rs 8 lakh crore may be in the works, according to sources. They speculate that a ...

Taxes Are Down, Down, Down Mother JonesAs long as I'm making budget charts, here's another one for you: Over the past 40 years, the total tax burden in the US has declined from about 18 percent of ...

FY19 gross tax to GDP ratio dips to 10.9% on shortfall in indirect tax revenue LivemintNew Delhi: The gross tax to GDP ratio declined to 10.9 per cent in 2018-19 as indirect tax revenues fell short of budget estimates by about 16 per cent, due to ...

No change in dividend distribution tax Economic TimesFinance Secretary Subhash Chandra Garg on Friday ruled out any change in the dividend distribution tax, but expressed flexibility that grandfathering tax on ...

Beware. Other Nations Will Follow France With Their Own Digital Tax. The New York TimesLast Thursday, the French Senate passed a digital services tax, which would impose an entirely new tax on large multinationals that provide digital services to ...

How NDA has failed to end tax terrorism, legacy problems The Financial ExpressThe NDA thanks the tax payers in the budget—never the case with the UPA—but the rest of the treatment remains almost the same.

Luxury realty braces for impact from higher taxes on ultra-rich LivemintDevelopers are concerned that the tax rate increase may lead to buyers holding back on buying luxury homes.The cocktail of tax increases, glut in supply and ...

Explainer: Will taxing the super rich affect foreign investment inflows? India TodayIndustry experts say that new tax regime for the rich could make India uncompetitive and expensive for foreign investors.

Fewer taxes, more to spend, say millennials LivemintMost 23-38-year-olds save little after paying rent, taxes and EMIs and spending on eating out, shopping.India's 440 million millennials saw little relief as prices of ...

Tax saving options under section 80C: Features explained Economic TimesYou can save tax if you understand how these tax saving options work.

Have NDA’s tax reforms been counterproductive? LivemintWith tax revenue collections falling short of budget estimates, there is a need for the govt to reconsider its ambitious targets and reform the tax system.

Foreign investors' lobby group asks India to reconsider high taxes MoneycontrolForeign investors are urging India to reconsider its decision to increase taxes on certain groups of wealthy portfolio investors, arguing the move will hit the ...

Income Tax deductions under section 80C cost Rs 75,000 crore to the government The Financial ExpressSection 80C of Income Tax Act: Deductions permitted under the section has the largest revenue implication for the government's income tax collection.

Keep your date with filing income tax returns MoneycontrolWith the Income-tax Return (ITR) filing deadline fast approaching on July 31, 2019 [for individuals not subject to tax audit provisions under the Income-tax Act, ...

BT Buzz: Government arming itself to tax Facebooks, Googles of the world Business TodayIt is said that these companies manage to pay minimum taxes as a significant part of their revenues and profits is not attributed to their Indian subsidiaries but to ...

Sending gifts to children, relatives abroad? You may have to pay tax The Financial ExpressNon-residents in India are taxed in respect of income that accrues or arises in India or is received in India or is deemed to accrue or arise in India or deemed to ...

Wealth Taxes and Medicare for All Are Popular – but Democrats Are Worried They Could Backfire Yahoo FinancePolls show that some of the Democratic Party's most progressive policy proposals – including Medicare for All, free college tuition and a new tax on wealthy ...

If you miss to file return by due date, you will be penalised, even get jailed LivemintGiven that the deadline to issue Form 16 was extended till 10 July, the last date for filing income tax return (ITR) for FY18-19 may get extended well beyond 31 ...

Budget 2019 | Wealth tax buzz is back. Is it high time to tax the super rich? Moneycontrol.comThere is a lot of talk swirling around the need to reintroduce wealth tax. Since there is an absence of a universal social security cover, taxing wealth additionally ...

As Nations Look to Tax Tech Firms, U.S. Scrambles to Broker a Deal The New York TimesThe proposed levies on firms like Facebook and Google are pitting traditional allies against one another and threatening to set off a cascade of tax increases ...

Govt working to create trust between taxpayer, I-T deptt, but due taxes must be paid: CBDT LivemintNEW DELHI: The government is working to create an environment of trust so that there is no "adversarial relationship" between taxpayers and tax department, ...

Is it viable to reintroduce estate tax in the upcoming budget? LivemintAhead of the Budget 2019, there is speculation that the govt may reintroduce estate taxes in order to enhance tax revenue.Ashwini Kumar Sharma asked 4 ...

3 tax-planning lessons from Joe Biden's tax returns CNBCFormer Vice President Joe Biden takes the stage for the second night of the first Democratic presidential debate on June 27, 2019 in Miami, Florida.

Income tax return filing: Here's your step by step guide Economic TimesJuly 31st is the last date to file your income tax return (ITR) for FY 2018-19. By filing your ITR on time, along with certain benefits such as carry forward of losses, ...

Back-to-School Sales Tax ‘Holidays’ Lure Shoppers Despite Slim Savings The New York TimesPeople who won't walk across the street to save $5 on a pair of pants will take a day off from work to take advantage of a sales-tax holiday,” a tax expert said.

Paying rent or letting out your place? Know the tax treatment on house property MoneycontrolThe annual value of a house property is the amount of rent which it is reasonably expected to earn.

No relief from super-rich tax for FPIs structured as trusts: Sitharaman Business StandardForeign portfolio investors (FPI) functioning as trusts in India will have to pay the tax surcharge proposed in Budget, said Finance Minister Nirmala Sitharaman ...

This Dem Slow-Walked Getting Trump's Taxes—Now He's Getting Primaried The Daily BeastThe powerful 70-year-old House Democrat from Massachusetts will face off against Alex Morse, the 30-year-old mayor of Holyoke.

Higher rate taxpayers see hike in Scottish tax bills Accountancy DailyThe number of higher and additional rate taxpayers in Scotland is growing at a faster rate than the rest of the UK as the tax burden has shifted to higher earners.

Govt’s new buyback tax set to hit MF investors, shareholders alike LivemintThe new buyback tax coupled with dividend tax may lower the return from various equity investments.Investors should keep a close eye on how companies and ...

PF withdrawal is tax-exempt once you complete 5 years of continuous service LivemintThere should not be any gap in contribution to PF to avail of the continuous *service* clause.If an employee finds another job and the total PF balance is ...

What are CPSE ETFs? You can soon save taxes by investing in them LivemintMumbai: You can soon save taxes by investing in Central Public Sector Enterprises (CPSE) exchange traded funds (ETF) as the government is set to introduce ...

Budget 2019 analysis: What income tax changes mean for you Economic TimesHere is a look at the tax proposals announced in both the budgets and their tax impact on your pocket.

'Inadvertent Omission' Denying Delhi Rs 6,500 Crore in Central Taxes: Kejriwal The WireIn letter to Union ministers, the Delhi CM urges a return to pre-2000 mechanism of computation of UT shares and seeks Central grants for Delhi's local bodies.

Budget 2019: Media and entertainment industry seeks uniform taxes and reduction in GST rates MoneycontrolSince the introduction of goods and services tax (GST), the film industry has been seeking uniform taxes on movie tickets, as tickets priced over Rs 100 fall in the ...

Cowboys Training Camp Costs Players Hundreds Of Thousands In Taxes ForbesThe Dallas Cowboys hold training camp in California, sticking some of their players with six figure tax bills.

You'll soon be able to pay your property taxes with Bitcoin in Richmond Hill CBC.caIf you live in Richmond Hill, you'll soon be able to pay your property taxes with Bitcoin. Earlier this month the city passed a motion to give residents and ...

Google, Facebook made Rs 10,000 crore; paid Rs 200 crore as tax in India Business StandardWith many nations across the world planning to tax digital companies that derive significant revenues from their citizens but pay taxes elsewhere, the Modi ...

Will your health plan dodge 40% tax hike? Federal News NetworkThousands of feds in some of FEHBP's best and most expensive health plans may be spared from a pending 40% tax on their favorite plans.

View: GST, the most audacious tax reform- A leap of faith and political determination Economic TimesBy: Najib Shah July 1, 2017, was a momentous day — the day India pulled off a most audacious tax reform. A reform so far reaching that it was truly worthy of a ...

View: If it moves, tax it. That's desperate, India Economic TimesBy Andy Mukherjee Desperation is creeping into India's economic policy-making. Having lost the fiscal plot, bureaucrats are trying to marshal resources by ...

Greece’s new gov't says tax cuts will boost jobs and investment Aljazeera.comEconomists say few businesses show enough profit to pay tax anyway, and more reforms are required.

What the IRS doesn’t tell you about self-employment taxes MarketWatchMany taxpayers get confused about whether they owe the 15.3% self-employment tax.

BJP accuses HD Kumaraswamy of wasting tax payers' money Economic TimesThe BJP on Tuesday accused Karnataka Chief Minister H D Kumaraswamy, battling a major political crisis threatening his government, of "wasting" the tax ...

Tax On Super-Rich Decoded: Here's Your Complete Guide To Understanding New Rules NDTV NewsIncome tax slab: "In view of rising income levels, those in the highest income brackets, need to contribute more to the nation's development," Finance Minister ...

Five provisions you must not miss in the tax return filing process MoneycontrolAs the deadline to file the tax return is fast approaching, taxpayers must take note of these provisions to avoid late filing fees and penal consequences.

22 States Considered Eliminating the ‘Tampon Tax’ This Year. Here’s What Happened. The New York TimesMenstrual products are subject to sales taxes in 35 states, and lawmakers' efforts to exempt them have foundered. Now supporters of 'menstrual equity' are ...

Young, mega-rich - and demanding to pay more tax BBC NewsLiesel Pritzker Simmons is fabulously wealthy. But this member of one of America's richest families is also uneasy about it. "It's time for us who are blessed with ...

Things You Should Know Before Filing Your Income Tax Returns (ITR) NDTV NewsITR filing: Non-filing of return of income may result in penalty and prosecution, according to the Income Tax department.

Budget 2019: Sitharaman urged to bring cigarette taxation to pre-GST level Business StandardThe Federation of All India Farmer Associations (FAIFA) has urged Finance Minister Nirmala Sitharaman to correct an error in cigarette taxation under the new ...

Sensex plunges further as super-rich tax on foreign trusts stays LivemintIndian markets on Monday fell another 1% after to hit a *fresh* two-month low as investors were disappointed after the government refused any respite to foreign ...

Selling inherited gold? Income tax rules you should know LivemintIn India, no income tax is levied on inheritance of gold but subsequent sale of the inherited gold is taxable.Taxpayers should maintain the documentation on ...

Wealthy New Yorkers are ditching city's high taxes for Miami New York Post Affluent New Yorkers, distressed by recent changes to the nation's tax laws, are bucking the New York's high costs and heading to Florida's Miami-Dade County ...

No Input Tax Credit for GST paid on expenses incurred on promotional schemes, rules AAR BusinessLineInput Tax Credit (ITC) will not be available on the Goods and Services Tax (GST) paid on expenses incurred towards promotional schemes, an order by the ...

Budget 2019: Income tax collection target too steep, say experts Business StandardThe income tax collection target was still far from realistic despite the number being revised downwards in the full Budget from the interim Budget projection, ...

Tax department tightens the noose on offenders LivemintCBDT's stiffer tax provision will ensure serious offenders can't escape prosecution.The guidelines restrict the number of times a person can file a compounding ...

How a Tax Loophole Is Helping Silicon Valley Workers Save Millions The New York TimesA little-known tax break allows some start-up employees who own company stock to avoid paying taxes on up to $10 million when they sell their shares.

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