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[6] [7] [8] The mission of the agency is to "serve the public by acting ethically and efficiently in our administration of Virginia’s tax laws." [1] The agency is currently led by Craig M. Burns, who has served as Tax Commissioner since November 2010 [9] [10]
The deadline for filing returns varies by state and type of return, but for individuals in many states is the same as the federal deadline, typically April 15. Every state, including those with no income tax, has a state taxing authority with power to examine (audit) and adjust returns filed with it. Most tax authorities have appeals procedures ...
It seeks deduction of tax at source on payment of rent exceeding Rs. 50,000 in a month by an individual or HUF to a resident landlord. TDS shall be deducted @ 5% at the time of credit of rent for the last month of the previous year or the last month of the tenancy if the property is vacated during the year, as the case may be.
Rental value is the fair market value of property while rented out in a lease. More generally, it may be the consideration paid under the lease for the right to occupy, or the royalties or return received by a lessor ( landlord ) under a license to real property . [ 1 ]
Rental utilization is divided into a number of different calculations, and not all companies work precisely the same way. In general terms however there are two key calculations: the physical utilization on the asset, which is measured based on the number of available days for rental against the number of days actually rented.
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In this way, the state is able to reduce the tax burden on its citizens. The U.S. states that do not levy a state income tax are Alaska, Tennessee, Florida, Nevada, South Dakota, Texas, [23] Washington state, and Wyoming. Additionally, New Hampshire and Tennessee levy state income taxes only on dividends and interest income. Of the above states ...
As a legal term, ground rent specifically refers to regular payments made by a holder of a leasehold property to the freeholder or a superior leaseholder, as required under a lease. In this sense, a ground rent is created when a freehold piece of land is sold on a long lease or leases. [1] The ground rent provides an income for the landowner. [2]