Articles for Business Tax

Tax arbitrage: If you own a business, you can claim almost anything as an expense
3 weeks, 6 days ago

Tax arbitrage: If you own a business, you can claim almost anything as an expense

Live Mint  

Arbitrage is one of the most fundamental principles of economics, and that holds for the tax system as well. A peculiar problem arises when personal income tax rates are much higher than tax rates on corporate perks and benefits. Assume, for instance, that workers face marginal income tax rates of 50% to 60%. If the company served fresh high-quality sushi …

Business Workers Income Sushi Tax Rates Tax Arbitrage
What is PAN 2.0? How does it differ from the old one?
1 month, 2 weeks ago

What is PAN 2.0? How does it differ from the old one?

Firstpost  

The Centre has announced that it is all set to introduce PAN 2.0 — a revamped PAN that will come with a QR code feature, enabling quick scans and full online functionality. The project will also make permanent account number a ‘common business identifier’ for all government agencies’ digital systems The Cabinet ensures that a citizen's existing PAN remains valid, …

Business India Tax Digital Digital India Income Middle Class
Reeves accused of business ‘betrayal’ as top bank warns over tax hikes
1 month, 4 weeks ago

Reeves accused of business ‘betrayal’ as top bank warns over tax hikes

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. In a note to clients seen by The Daily Telegraph, economists at the bank said: …

Business Policy Tax Independent Labour Budget Treasury
Cut alcohol duty and ‘back Scotch whisky’, business leaders tell Chancellor
2 months, 3 weeks ago

Cut alcohol duty and ‘back Scotch whisky’, business leaders tell Chancellor

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Business leaders across Scotland are calling on the Chancellor to …

Duty Scotland Treasury Cut Scottish Chief Executive Sta
Harris pitches a ‘billionaire minimum tax’ while Trump goes the other way
4 months ago

Harris pitches a ‘billionaire minimum tax’ while Trump goes the other way

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. After taking the stage to Beyonce’s “Freedom,” Harris said small businesses like the brewery …

Trump Small Businesses Harris Plan Businesses Small Inside Washington
S.2(e) UPVAT | Plant, Machinery Sold After Closure Of Business Are Capital Goods, Excluded From Levy Of Tax: Allahabad High Court
7 months, 2 weeks ago

S.2(e) UPVAT | Plant, Machinery Sold After Closure Of Business Are Capital Goods, Excluded From Levy Of Tax: Allahabad High Court

Live Law  

The Allahabad High Court has held that plant and machinery sold after the closure of business are capital goods under Section 2 of the Uttar Pradesh Value Added Tax Act, 2008 and are excluded from levy of tax under the amended definition of 'business' under Section 2 of the Act. The definition of 'business' under Section 2 of the Uttar …

Business High Court Tax Sale Capital Capital Goods Tribunal
Murphy seek $55.9B New Jersey budget, increasing education aid, boosting biz taxes to fund transit
10 months, 1 week ago

Murphy seek $55.9B New Jersey budget, increasing education aid, boosting biz taxes to fund transit

Associated Press  

TRENTON, N.J. — New Jersey Gov. Phil Murphy on Tuesday unveiled a $55.9 billion budget, up about 5% over his previous year’s proposal, calling for nearly $1 billion more in K-12 school funding as well as about $1 billion in new taxes on high-earning businesses to fund transit. Murphy, a two-term Democrat, cast the budget as the fulfillment of campaign …

Taxes Budget Funding New Jersey State Billion Aid
Sunak praises ‘highly skilled’ immigrant business chiefs at investment summit
1 year, 1 month ago

Sunak praises ‘highly skilled’ immigrant business chiefs at investment summit

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Prime Minister Rishi Sunak said …

Sign Sunak Mr Sunak Business Tax
Hunter Biden sues the IRS over tax disclosures after agent testimony before Congress
1 year, 3 months ago

Hunter Biden sues the IRS over tax disclosures after agent testimony before Congress

Associated Press  

WASHINGTON — Hunter Biden sued the Internal Revenue Service on Monday, claiming that two agents publicly alleging tax-probe interference wrongly shared his personal information, a case that comes amid escalating legal and political struggles as the 2024 election looms. The agents “targeted and sought to embarrass Mr. Biden” with the sharing of confidential tax information in press interviews and testimony …

Investigation Tax Information Congress Washington Suit Irs
Weighment Of Goods By FCI Is Not Covered Under “Business Auxiliary Service”: CESTAT
1 year, 5 months ago

Weighment Of Goods By FCI Is Not Covered Under “Business Auxiliary Service”: CESTAT

Live Law  

The Chandigarh Bench of the Customs, Excise, and Service Tax Appellate Tribunal has held that undertaking the weighment of goods by the Food Corporation Of India is not covered under "business auxiliary service".The bench of S. S. Garg And P. Anjani Kumar has observed that weighment by the FCI is done to ensure that the declared quantity. The Chandigarh Bench …

Business Service Fci Stat Auxiliary Weighment Weighment Charges
Excavation And Raising Of Ore Classifiable Under “Business Auxiliary Service” And Not Under “Mining Service”: CESTAT
1 year, 6 months ago

Excavation And Raising Of Ore Classifiable Under “Business Auxiliary Service” And Not Under “Mining Service”: CESTAT

Live Law  

The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal has held that excavation and raising of ore are classifiable under "business auxiliary service" and not under "mining service".The bench of Justice Dilip Gupta and Hemambika R. Priya has observed that where there is excavation or raising of ore, the same would not be. The Delhi Bench of …

Transportation Tax Services Separate Ore Appellant Service Tax
Orissa High Court Allows Deduction To The Co-operative Society Involved In The Business Of Banking
1 year, 11 months ago

Orissa High Court Allows Deduction To The Co-operative Society Involved In The Business Of Banking

Live Law  

The Orissa High Court has granted the deduction to the Co-operative Society engaged in the banking business.The division bench of Chief Justice Dr. S. Muralidhar and Justice M. S. Raman has observed that the tribunal was justified in making further classification while interpreting Section 80P of the Income Tax Act by treating it to be different from the primary agriculture …

Society Tax Court Income Tax Income Deduction Itat
Income Tax: Do you need to disclose property sale in ITR even in case of no capital gain? Find out here
2 years, 2 months ago

Income Tax: Do you need to disclose property sale in ITR even in case of no capital gain? Find out here

Firstpost  

According to the provisions of the law, Section 54EC and Section 54EE are not mutually exclusive. Where capital gain arises from the transfer of a long-term capital asset, the taxpayer is able to claim deduction under Section 54EC While filing income tax returns, you have to disclose income from all sources irrespective of the amount, otherwise, at the time of …

Tax Income Capital Gain Business Income Capital Gain
Services Of Business Promotion/Support And Marketing Service Do Not Qualify As Intermediary Service: CESTAT
2 years, 2 months ago

Services Of Business Promotion/Support And Marketing Service Do Not Qualify As Intermediary Service: CESTAT

Live Law  

The Chandigarh Bench of Customs, Excise, and Service Tax Appellate Tribunal has held that the services of business promotion, support, and marketing do not qualify as intermediary services.The bench of S. S. Garg and P. Anjani Kumar has observed that the place of provision of business promotion service shall be the location of the recipient. The Chandigarh Bench of Customs, …

Business Marketing Tax Services Service Promotion Usa
Who are Rishi Sunak’s in-laws? The Indian entrepreneurs wealthier than King Charles
2 years, 2 months ago

Who are Rishi Sunak’s in-laws? The Indian entrepreneurs wealthier than King Charles

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. As chief executive and chairman of Infosys, Mr Murthy …

Business India Tax Independent Indian Company His Wife
Statutory Authorities, Professional Bodies Like ICAI Entitled To Income Tax Exemption If Amounts Charged By Them Are Nominal To Cover Costs : Supreme Court
2 years, 2 months ago

Statutory Authorities, Professional Bodies Like ICAI Entitled To Income Tax Exemption If Amounts Charged By Them Are Nominal To Cover Costs : Supreme Court

Live Law  

The Supreme Court has pronounced a significant judgment on the scope of exemption for "charitable purposes" under Section 2 of the Income Tax Act 1961 in relation to statutory authorities and professional bodies.With effect from 01.04.2009, after the Finance Act 2009, a proviso was added to the section to state : "Provided that the advancement of any other object of …

Business Activities Trade Tax Commerce Commercial Income
ITAT Allows Deduction On Penalty Levied By SEBI For Shortfall In Margin Money
2 years, 4 months ago

ITAT Allows Deduction On Penalty Levied By SEBI For Shortfall In Margin Money

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has allowed the deduction of the penalty levied by the Securities and Exchange Board of India for a shortfall in margin money. Baskaran has observed that the penalty levied by SEBI for shortfall in margin money cannot be considered as a penalty for violation of any law falling within the ambit …

Penalty Stock Sebi Exchange Itat Assessee Margin Money
Income Tax Deduction Available On Distribution Of Gifts For Sales Promotion Even If Assessee Refuses To Share List Of Recipients: ITAT
2 years, 9 months ago

Income Tax Deduction Available On Distribution Of Gifts For Sales Promotion Even If Assessee Refuses To Share List Of Recipients: ITAT

Live Law  

The Ahmedabad Bench of the Income Tax Appellate Tribunal headed by Rajpal Yadav and Waseem Ahmed has held that the assessee was eligible for an income tax deduction on the distribution of gifts for sales promotion even if the assessee refused to share the list of recipients. The reason assigned by the AO was that the assessee failed to provide …

Business Gifts Promotion Itat Assessee Cit Disallowance
How billionaires use hobbies to slash their tax bills
3 years, 1 month ago

How billionaires use hobbies to slash their tax bills

Salon  

When the Kentucky Derby allowed spectators to return this spring, after the pandemic had curtailed attendance in 2020, the mood was euphoric. Six of the 20 thoroughbreds selected to run in this year's Derby were owned by ultrawealthy Americans whose horse-racing operations have produced a combined $600 million in losses that they could use to offset their federal taxable income, …

Business Horse Racing Tax Taxes Congress Income Million
Government faces calls to cut business rates to keep Red Wall voters on side
3 years, 2 months ago

Government faces calls to cut business rates to keep Red Wall voters on side

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Business rates should be slashed …

Business Government Tax Cut Rates Business Rates Red Wall
Four Years On, India's GST Has Not Met Its Fundamental Purpose
3 years, 6 months ago

Four Years On, India's GST Has Not Met Its Fundamental Purpose

The Quint  

One reason for this lies in the overall complicatedness of the system. But that’s not the point, given that one of the aims of any new tax should be to expand the tax base and for that to happen, the tax system needs to be simple, which GST is not. It can take the GST that has been paid on …

Tax System Gst Input
The demise of Philip Green’s empire is a lesson: when a billionaire buys a yacht, expect business to go downhill
4 years, 1 month ago

The demise of Philip Green’s empire is a lesson: when a billionaire buys a yacht, expect business to go downhill

The Independent  

There are at least six stories in the collapse of Arcadia, the core of the retail empire run by Sir Philip Green and owned by his wife Tina, who is resident in Monaco and who in 2005 received the then largest-ever dividend of £1.2bn. While we don’t know the final outcome of a miserable tale, buyers may well pick up …

Business Pension Philip
Federal Budget business boost tops $30 billion with immediate expensing
4 years, 3 months ago

Federal Budget business boost tops $30 billion with immediate expensing

ABC  

Businesses are the big winners from the Federal Government's COVID-19 recovery Budget, receiving almost twice as much in tax breaks as households. Key points: Businesses are set to receive $31.6 billion in tax breaks announced in the Budget, almost double the $17.8 billion of personal tax cuts brought forward Businesses are set to receive $31.6 billion in tax breaks announced …

Budget Billion Million Businesses Able Paid Tax Breaks
Policies to support micro and small enterprises and self-employed businesses
4 years, 5 months ago

Policies to support micro and small enterprises and self-employed businesses

China Daily  

During the first half of this year, a slew of policies were rolled out by the State Council to aid micro and small enterprises and self-employed businesses affected by the epidemic. Cost reduction Platform companies are encouraged to reduce service fees charged to small and micro enterprises, and unfairly charged high service fees based on the platform’s dominant position in …

Business Support Tax Financial Institutions Loans Fees This Year