Articles for No Tax

Trump promised no tax on tips. Why few tipped restaurant workers will likely benefit
1 week ago

Trump promised no tax on tips. Why few tipped restaurant workers will likely benefit

LA Times  

While many workers hoped for tax-free tips, experts warn the proposal could disproportionately benefit higher earners and exacerbate inequalities in the service industry. “So if you already are not paying any income tax, telling you you don’t have to pay income tax doesn’t do you any good,” he said, “because you’re already at zero.” If you look at the restaurant …

Tax Congress Trump Restaurants Restaurant Income Tax Proposal
Hundreds of rescuers deployed in flood-hit Spain
1 month, 3 weeks ago

Hundreds of rescuers deployed in flood-hit Spain

ABC  

Rachel Mealey: Hello, welcome to PM. Greg Mullins: In the first few days of a disaster like this it's trying to prioritise resources trying to predict where the pressure points will be where the danger areas are and trying to get in sufficient resources and emergency workers to match up with all those priorities and thinking about where they can …

Spain Tax Trump Election Gold Companies Climate Action
Did a congressional candidate’s husband throw himself out of a moving car in her ad?
2 months, 1 week ago

Did a congressional candidate’s husband throw himself out of a moving car in her ad?

Raw Story  

State Sen. Kristen McDonald Rivet’s husband, Joseph Rivet, may serve as a Bay City commissioner by day, but could a late career pivot to performing stunts be in the works? “We felt it was really important to tell my record on the largest tax cut for working families in Michigan’s history, and I do talk about it incessantly,” said McDonald …

Tax Congress Michigan Mcdonald Working Families No Tax Michigan Advance
Inside the pivotal Michigan race that could tip the balance of power in Washington
2 months, 1 week ago

Inside the pivotal Michigan race that could tip the balance of power in Washington

Raw Story  

With U.S. Rep. Dan Kildee announcing last year that he would not seek reelection in 2024, Michigan’s 8th Congressional District is at a critical juncture, as Democrats are seeking to retain control of the seat while Republicans look to flip a battleground district. “Everybody I know, either has a personal story or a story of someone close to them that’s …

Support Russia Tax Congress Campaign Trump Ice
Donald Trump promises to abolish tax on overtime if he wins election
3 months, 1 week ago

Donald Trump promises to abolish tax on overtime if he wins election

Daily Mail  

Donald Trump unveiled another plank to his populist economic program Thursday, promising to abolish tax on overtime pay. It comes after his promises to end tax on tips and on Social Security benefits for seniors, ideas that are wildly popular but uncosted and likely to increase the national debt without tax increases elsewhere. Donald Trump delivered a speech for an …

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Experts warn Trump and Harris "no tax on tips" proposals would invite serious "gaming" of the system
4 months, 1 week ago

Experts warn Trump and Harris "no tax on tips" proposals would invite serious "gaming" of the system

Salon  

Vice President Kamala Harris and former President Donald Trump have both proposed axing taxes on tips as they ramp up their presidential bids. Harris joined Trump in boosting the policy at a campaign rally in Nevada last weekend, touting a tax elimination on tips "for service and hospitality workers" alongside a promise to raise the federal minimum wage. Not long …

Policy Tax Taxes Trump Workers Income Wages
Hindu Undivided Family: How do I accumulate capital in my HUF?
4 months, 2 weeks ago

Hindu Undivided Family: How do I accumulate capital in my HUF?

Live Mint  

Creating a HUF is a viable option for the writer, with the main concern being capital. By receiving a gift from a non-member relative like the father, the HUF can lower its taxable income by investing in Section 80C. If he gives my HUF a gift of ₹4 lakh, the HUF will invest ₹1.50 lakh under section 80C. Then net …

Tax Gift Lakh Itr No Tax Section 80C Huf
Budget 2024 is an exercise to simplify the tax regime - Revenue Secretary Sanjay Malhotra
4 months, 3 weeks ago

Budget 2024 is an exercise to simplify the tax regime - Revenue Secretary Sanjay Malhotra

Hindustan Times  

The government is making efforts to simplify the tax regime and treat all asset classes similarly for taxation, revenue secretary Sanjay Malhotra said in an interview with Hindustan Times. Edited excerpts: The budget’s proposal to remove indexation from the long-term capital gains in real estate is an effort to simply the tax regime, said Sanjay Malhotra The Economic Survey has …

Real Estate Tax Budget Capital Capital Gains Estate Real
Self-employed people need to avoid these financial mistakes
9 months, 2 weeks ago

Self-employed people need to avoid these financial mistakes

LA Times  

Becoming self-employed can be an exciting journey, but it’s also possible to make expensive mistakes. This is a common mistake self-employed people make, said Preston Cherry, a certified financial planner in Green Bay, Wis. Cherry said self-employed people have multiple retirement savings accounts to choose from, including an IRA or a solo 401. “Not only are you as a business …

Business Retirement Tax Your Business Brown Cherry No Tax
How taxes are calculated on salary above ₹7 lakh in new regime? A quick view
1 year, 10 months ago

How taxes are calculated on salary above ₹7 lakh in new regime? A quick view

Live Mint  

One of the biggest limelight of the Budget 2023 is none other than personal income tax slabs which have been modified further and are likely to boost consumption demand. - The income Tax rebate limit is increased to ₹7 lakh from ₹5 lakh - The surcharge rate is slashed to 25% from 37% under the new tax regime. The income …

Tax Budget Income Rate Lakh Regime Limit
Budget 2023: How much income tax do you pay now under new tax regime? Quick guide
1 year, 10 months ago

Budget 2023: How much income tax do you pay now under new tax regime? Quick guide

India Today  

Finance Minister Nirmala Sitharaman on Wednesday revised the existing income tax slabs to provide some relief to the salaried class by announcing that no tax would be levied on annual income of up to Rs 7 lakh under the new tax regime. As per the new tax structure, income between Rs 3-6 lakh would be taxed at 5 per cent; …

Income Tax Pay Cent Lakh Regime 5 Per Cent No Tax
No Tax Implications On Business Profits Earned On Reinsurance Business In Absence Of Fixed Place PE in India: ITAT
2 years, 1 month ago

No Tax Implications On Business Profits Earned On Reinsurance Business In Absence Of Fixed Place PE in India: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that there are no tax implications on business profits earned on account of the reinsurance business in the absence of a fixed place permanent establishment in India.The two-member bench headed by Pramod Kumar and Anikesh Banerjee has observed that the existence of the dependent. The Mumbai Bench of the …

Business India Insurance Tax Reinsurance Permanent Rga
Existence Of Dependent Agent Permanent Establishment (DAPE) Is Of No Tax Consequence, If Agent Is Paid Arm's Length Remuneration: ITAT
2 years, 1 month ago

Existence Of Dependent Agent Permanent Establishment (DAPE) Is Of No Tax Consequence, If Agent Is Paid Arm's Length Remuneration: ITAT

Live Law  

The Mumbai bench of the Income Tax Appellate Tribunal has ruled that the business profits embedded in the reinsurance premium received by a non-resident reinsurance company, is not taxable in India if the company has no permanent establishment in India which is at its disposal. The bench of Pramod Kumar and Anikesh Banerjee held that unless it is shown that …

Business India Mumbai Tax Tribunal Reinsurance Agent
Some millionaires pay no tax. Are there lessons to be learnt for the rest of us?
2 years, 4 months ago

Some millionaires pay no tax. Are there lessons to be learnt for the rest of us?

ABC  

I don't earn a million dollars in income per year. On average, the millionaires earned $3.5 million each and "managing your tax affairs" is an allowable tax deduction — it reduces the amount of income you are taxed on. "Some people earning a million dollars or more paid, on average, $80,000 each to manage their tax affairs, which reduced their …

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CBIC Issues Clarification On Applicability of GST Demand And Penalty For Transactions Involving Fake Invoices
2 years, 5 months ago

CBIC Issues Clarification On Applicability of GST Demand And Penalty For Transactions Involving Fake Invoices

Live Law  

The Central Board of Indirect Taxes and Customs has issued a clarification on the applicability of GST demand and penalty for transactions involving fake invoices. The issue raised was whether a registered person "A" has issued a tax invoice to another registered person "B" without any underlying supply of goods or services or both, and whether such a transaction will …

Board Tax Supply Services Demand Registered Person
What is Form 16? | Everything about Form-16: Decoded
3 years, 2 months ago

What is Form 16? | Everything about Form-16: Decoded

Business Standard  

We are familiar with the wait for a document called Form 16 in order to file income-tax returns. A certificate detailing tax deducted at source by your employer Issued by an employer to its employee under Section 203 of the Income Tax Act Contains all the information you need in order to file your income tax return What does Form …

Income Issue Tan Form File Account Your Employer
Union Budget 2021 | Income tax calculator
3 years, 10 months ago

Union Budget 2021 | Income tax calculator

The Hindu  

Without making any changes to the personal income tax slab, the Union Budget 2021- 22 has provided relief to senior citizens in the filing of I-T returns; reduced the time limit for I-T proceedings; announced the setting-up of a Dispute Resolution Committee and faceless Income Tax Appellate Tribunal proceedings; provided relaxations for Non-Resident Indians ; offered an increase in the …

Tax Income Surcharge Interest Fixed Deposits Provident Fund Public Provident Fund