Tag Archives: Tax

No tax exemption if LTCG from sale of residential property is used to buy farm land

Is LTCG exempt if I buy agricultural land by selling a residential property? A portion of this amount was withdrawn from an LTCG deposit account towards partial payment of a housing board property. But the authority is yet to announce allotment. The LTCG deposit scheme is valid only for 2 years. Can it be extended since the allotment procedure has ... Read More »

Latest Interest Rate On PPF, Income Tax Benefits, Withdrawal, Loan Facilities And Other Details

The rate of interest on PPF is compounded annually (Representational image) HIGHLIGHTS PPF, other small savings schemes interest rates are set every quarter Deposits in PPF account are eligible for tax deductions under Section 80C Up to Rs. 1.5 lakh can be claimed for a financial year under Section 80C COMMENTSPPF or Public Provident Fund is one of the most ... Read More »

GST Council cuts tax rates on 29 items, discusses simpler return-filing process

The Goods and Services Tax Council (GST Council) on Thursday cut tax rates on 29 products and 54 services at its 25th meeting and agreed to make the process of filing tax returns simpler. At the meeting chaired by finance minister Arun Jaitley, the federal indirect tax body cut rates on products including pre-owned vehicles, household cooking gas cylinders from ... Read More »

Running a Sideline Business? 5 Tax Issues You MUST Consider

Today, many people have a sideline business to make extra money, to test a business concept, or to just enjoy a different type of work. The gig economy, where self-employed individuals find freelance and other business opportunities through such online platforms as Uber, TaskRabbit and Upwork, is proving to be a good avenue for sideline businesses. But sideline businesses can be independent ... Read More »

Fearing tax raids, Agra jewellers shifting their excess stocks to bank lockers

With Goods and Services Tax (GST) becoming effective in July 2017, the gold jewellery business is one of the biggest sufferers as most of this business used to be transacted without any paperwork in the past. Jewellers were not in a habit of keeping a stock register and often, the stock available with them was significantly more than what they ... Read More »

‘Less tax, no input credit’ plan for small businesses may return soon

The composition scheme, which is applicable to specific categories of small businesses whose turnover is Rs 75 lakh and below and had been closed on August 16, may return soon. With just about a million taxpayers opting for the scheme, the goods and services tax (GST) Council will consider reopening the window in its meeting on Saturday in Hyderabad, giving another opportunity ... Read More »

Demonetisation benefits visible in IT enforcements, tax filings: Finance ministry

A day after the RBI’s report revealed that 99% of demonetised currency had come back into the banking system, the finance ministry on Thursday claimed that the note ban’s benefits were clearly visible in terms of a quantum jump in enforcement actions and growth in direct tax collections. “The government launched a concerted drive against black money with demonetisation being ... Read More »

95 Percent of Small Businesses Are Focused on Tax Relief, Survey Says

Tax relief is on top of U.S. small business owners’ wish lists. NWYC Q2 2017 Small Business Sentiment Index That’s according to the Q2 2017 Small Business Sentiment Index from National Write Your Congressman (NYWC). The survey found an overwhelming majority of small businesses (95 percent) saying they would like Congress to act on tax relief and simplification. Small Businesses Want the Government ... Read More »

How Trump’s tax proposal could impact his own business empire

The Trump administration unveiled their proposal to overhaul the tax code on April 26, outlining sharply lower tax rates but fewer tax breaks. (Video: Jenny Starrs/Photo: Jabin Botsford/The Washington Post) President Trump’s massive tax-cut proposal would slash taxes on hundreds of businesses he and his family own. The White House on Wednesday unveiled a proposal that would cut the top ... Read More »

Apple to appeal EU tax ruling this week, says it was a ‘convenient target’

Apple (AAPL.O) will launch a legal challenge this week to a record $14 billion EU tax demand, arguing that EU regulators ignored tax experts and corporate law and deliberately picked a method to maximize the penalty, senior executives said. Apple’s combative stand underlines its anger with the European Commission, which said on Aug. 30 the company’s Irish tax deal was ... Read More »