Taxes

• Different Taxable Things
  
  We all know that we must pay both income and social security taxes on employment income as well as any contract labor. In general, most income you receive is going to be taxable. However, there are some situations where it is only partially taxable and some that are not taxable at all. Some income that is not taxable includes: child support payments, gifts, bequests and inheritances; workers’ compensation benefits; welfare benefits; and cash rebates from a dealer. In this article I will discuss... Read
  By: Farrukh Baig | 09/09/2010 | Taxes
• Tax Settlement Advice
  
  To settle tax debt owed to the IRS, you have many solutions and options. The IRS has different settlement options to taxpayers who struggle with their back-taxes. For individual tax debt can be overwhelming burden. But under playing tax liability is not the answer as it can lead to hefty penalties. The IRS specifies some ways to settle back taxes for every type of financial situation that person face. These methods depend upon the unique financial situation. Here are some of the ways to settle... Read
  By: Farrukh Baig | 10/12/2010 | Taxes
• Who is Tax Attorney
  
  Whenever taxpayer has problems with IRS (Internal Revenue Service), or with state revenue department, he may be able to solve it himself or according to US tax law he can hire a tax attorney. Who can give advice on tax problem? A tax attorney specializes in tax solving problems of taxpayer. Tax attorney prime focus is on tax issues and relief. These peoples can help taxpayer in troubles like audit, fines reduced, liens removed, and small business and self-employment tax issues.... Read
  By: Farrukh Baig | 12/07/2010 | Taxes
• Income Tax applicable for NRIs
  
  Most of the NRIs (Non Resident Indian) enjoy tax free income in India, but what if you want to come back to your country for permanent residency? According to tax laws governed by Govt. of India, you’re supposed to pay the taxes as per as NRIs rule. As India is member of double taxation treaty, under which you can enjoy the credit for tax that you have already paid in your resident country or you may be exempted from paying tax or reduced tax liability.... Read
  By: Vijay K Shetty | 01/07/2011 | Taxes
• Income Tax payable by NRIs
  
  According to the Income Tax Act of 1961, an annual tax is levied on income by the Central Government of India. This is known as Income Tax. According to the rules applicable to the NRIs under the tax laws of the Indian Government, an NRI is not exempted from paying income tax. Although a majority of the NRIs continue to take the benefit of income without paying income tax, this is illegal in the eyes of Indian tax laws. This tax is however held valid, only if your source of income is India, if n... Read
  By: Vijay K Shetty | 02/11/2011 | Taxes
• NRI Income Tax - Enjoy a Host of Privileges
  
  Non resident Indians or NRIs enjoy a host of privileges. Banking for NRIs has often been a subject of much concern among them. Most NRIs have their families back in India. This not only meant that the NRIs had to deal with problems in transferring money through traditional banking techniques but they also faced a certain degree of discomfort in personal banking methodologies and most importantly for taxation purposes. But more recently, major Indian banks have flexed their offerings enough to ea... Read
  By: Vijay K Shetty | 04/18/2011 | Taxes
• Income Tax Raids - No Reason to Panic
  
  The term “Raid in Indian Income Tax Law” is incredulous and any unexpected encounter with IT sleuths generally leads to chaos and vacuity. If you are likely to experience such action it is better to familiarise with the subject, so that, the situation can be faced with confidence and serenity. Income Tax Raid is conducted with the sole objective to unearth tax avoidance. It is the process which authorizes IT department to search any residential / business premises, vehicles and bank lockers etc.... Read
  By: CA A. K. Jain | 01/10/2011 | Taxes
• New Fiscal Approach For Govt. Revenue Collection
  
  Through the proposed DTC / GST legislations, the Government has acknowledged the need of revamping existing revenue system but the proposed new laws appear to be even more intricate and complex then the present one. To move forward the economic reforms programme of the Government, we need to shred the unwanted weight in the revenue legislation and provide for a very simple well crafted Consolidated Revenue Act. The simplicity will improve the understanding, compliance and also enhance the..... Read
  By: CA A. K. Jain | 01/10/2011 | Taxes
• Ombudsman Can Resolve Your Income Tax Issues
  
  To resolve Income Tax related tax issues of the taxpayers, the Government has created office of “Income-Tax Ombudsman”. The officer designated as “Ombudsman” hold independent jurisdiction and work as autonomous authority. The Government has so far set up twelve offices of Ombudsmen. They are stationed in Mumbai, Pune, New Delhi, Ahmedabad, Chennai, Bangalore, Kolkata, Hyderabad, Kanpur, Chandigarh, Bhopal and Kochi.... Read
  By: CA A. K. Jain | 01/20/2011 | Taxes
• HUF & Tax Implications
  
  Hindu Undivided Family is defined as consisting of a common ancestor and all his lineal male descendants together with their wives and unmarried daughters. Therefore, a HUF consists of all males & females in the family. Daughters born in the family are its members till their marriage and women married into the family are also members of the HUF.... Read
  By: CA A. K. Jain | 02/09/2011 | Taxes
• New Government Authority to Investigate Financial Frauds
  
  Taking clue from the developed nations Indian Government has also established a multi-disciplinary organization under Ministry of Corporate Affairs to investigate serious financial frauds committed in India. This office known as “SFIO” is working with the help of experts in the filed of accountancy, forensic science, auditing, law, information technology, investigation, company law, capital market and taxation.... Read
  By: CA A. K. Jain | 02/20/2011 | Taxes
• An Overview of Indian Budget 2011
  
  The Budget for 2011-12 is widely seen as cautious approach of the Finance Minister, Dr. Pranab Mukherjee towards balancing this critical phase of Indian economy. We are facing complex issues relating to soaring inflation, high growth rate, employment problems, rising oil prices, increasing deficit on current and capital account, corruption, black money, internal law and order disturbances and many more.... Read
  By: CA A. K. Jain | 03/08/2011 | Taxes
• Decrease Tax Burdens with help of Taxation Services by the Expert Auditors and Advisors in India
  
  International Tax Service Providers offer a range of specialized services to people seeking help regarding taxation issues. Know more inside the article as to how you can avail these services.... Read
  By: tradeportindia | 07/12/2011 | Taxes
• Tax Reduction Affected by Cost Segregation
  
  Tax reduction is just one of the benefits of cost segregation. Many real estate owners and tax preparers believe cost segregation simply defers payment of taxes.... Read
  By: Patrick O Connor | 06/29/2011 | Taxes
• Disabled Veteran Tax Exemptions in Texas
  
  In Texas, a disabled veteran's exemption is not the same as the tax exemption for a disabled person.... Read
  By: Patrick O Connor | 07/08/2011 | Taxes
• Low Income Housing Tax Credit Market Studies and Appraisal
  
  Low Income Housing Tax Credit (LIHTC or Housing Tax Credit) program has been made a permanent element of chapter 42 of the Federal Income Tax Code.... Read
  By: Patrick O Connor | 07/18/2011 | Taxes
• Tax Reductions through Cost Segregation
  
  Tax reductions and tax deductions are both benefits of cost segregation. However, it would be inaccurate to term cost segregation a tax shelter. The IRS has written a manual titled Audit Techniques Guide that delineates methods to establish depreciation schedules and increase tax reductions.... Read
  By: Patrick O Connor | 07/26/2011 | Taxes
• History of Cost Segregation
  
  Cost segregation evolved as the result of multiple court cases and IRS rulings. The body of knowledge is summarized in the Audit Techniques Guide (ATG), published by the IRS.... Read
  By: Patrick O Connor | 08/04/2011 | Taxes
• Cost Segregation - Tax Deductions
  
  Taxes are your enemy, but tax deductions are your friends. Taxes are the great bane of most businesses. Unfortunately, business deductions act as a salve to cool the burning and itching of your bank account.... Read
  By: Patrick O Connor | 09/28/2011 | Taxes
• Business Valuation and Business Enterprise Appraisals
  
  Business valuations are performed using methodology similar to the process for real estate appraisals. However in business valuation, the data sources are different. Further, there are nuances in the form of analysis.... Read
  By: Patrick O Connor | 11/16/2011 | Taxes