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By combining classic financial advice with a few unconventional strategies, you can tackle tax season head-on and make the process far less daunting. Read Next: 6 Reasons Your Tax Refund Will Be ...
General anti-avoidance rule (GAAR) is an anti-tax avoidance law under Chapter X-A of the Income Tax Act, 1961 of India. [1] It is framed by the Department of Revenue under the Ministry of Finance . GAAR was originally proposed in the Direct Tax Code 2009 and was targeted at arrangements or transactions made specifically to avoid taxes.
Tax expenditures are government revenue losses from tax exclusions, exemptions, deductions, credits, deferrals, and preferential tax rates. They are a counterpart to direct expenditures, in that they both are forms of government spending .
The system of Value Added Tax (VAT) has been implemented, in the State of Maharashtra, w.e.f. 1 April 2005. Every dealer, who becomes liable to pay tax under the provisions of MVAT, shall apply electronically for registration, within 30 days from the date of such liability. VAT is implemented by Department of Sales Tax.
Brown believes effective tax preparation helps you stay compliant with tax law and is a “puzzle.” “The pieces need to be put together, but we know what the picture [looks like] because the ...
With a new year often comes tax changes, and those who save money in tax-advantaged retirement accounts like IRAs and 401(k) plans may be wondering what is in store for these accounts in the coming...
Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
The tax is imposed based on the Entry 52 of the State List from the Schedule VII of the Constitution of India which reads; "Taxes on the entry of goods into a local area for consumption, use or sale therein." [24] The tax is to be paid by the trader to the civic bodies and the rules and regulations of these vary amongst different States in ...