A prudent guideline for self-employed individuals is to target at least 10 to 15 times their actual annual income when determining life insurance coverage.
Trump appeared to be unperturbed by the latest revelation that he might not have had paid income taxes for as many as 18 years.
The challenge is to enhance opportunities for people to generate livelihoods through entrepreneurship, both big and small, argues R Jagannathan.
'GST gives a huge relief to small businesses of India and West Bengal.'
Senior citizens should avoid putting their entire retirement corpus in SCSS.
India will reduce tax on businesses to 25 percent over four years.
Soccer's five-times World Player of the Year Lionel Messi said on Thursday he knew nothing about an alleged tax evasion scheme when he signed contracts related to image rights.
The question on who should borrow from the market and whether the borrowing will be under two buckets should be decided by the GST Council, and not by the Centre. If there is no consensus, there has to be a vote, says A K Bhattacharya.
rediffGURU Kanchan Rai, founder, Let Us Talk, offers advice on how to navigate problems in a relationship.
It's better to inform your new employer about income earned and deduction availed with the previous one.
We asked our readers How to avoid trouble in the UK in the wake of the murder of Indian student Anuj Bidve in Salford, Greater Manchester on December 26. Here's Aruni Mukherjee's response.
India and Myanmar have signed a Double Taxation Avoidance Agreement (DTAA), which provides that business profits will be taxable in the source state. In the case of India, the DTAA will cover income tax and surcharge and in the case of Myanmar, income tax and profit tax. However the maximum rate of tax to be charged in the country of source will not exceed 5 per cent in the case of dividends & 10% in the case of interest and royalties. The deal also has anti-abuse provisions.
The government has decided to provide the tax defaulters another chance to prove their loyalty to the IT department, by implementing a single time amnesty scheme.
Switzerland only provided information on tax fraud that led to criminal activity. But the Swiss definition of tax fraud is quite narrow, which means that a false invoice is not a crime. Now, any tax abuse will be covered.
Because they can easily find them out by analysing your financial transactions.
One of Apple's Irish affiliates reported profits of $30 billion between 2009 and 2012, but because it did not technically belong to any country, it paid no taxes to any government.
As per norms, the returns have to be filed online on www.aces.gov.in.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Accountability must be linked to minimising infructuous demands and tracking recovery
In order to avoid late payment, interest and penalty know these things before filing income tax returns...
Besides higher tax outgo, P-note issuers are worried about operational difficulties
Prime Minister Anerood Jugnauth has termed the issue as an aberration in the "very special" ties with India and hoped that revision of their tax treaty won't harm its interests.
Could it have been more reformist? Of course, but this is an election year Budget, observes Akash Prakash.
Certain provisions of the code would delay the negotiation process, increase the tax liabilities and introduce uncertainties due to the General Anti-Avoidance rules.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Ten airport projects cost taxpayers Rs. 1.097 billion in false accounting and tax avoidance.
Unlike Income Tax, service tax is not charged automatically.
In a major relief to Indian information technology (IT) companies operating in Australia, Canberra has agreed to amend its domestic laws to stop taxing offshore income of such Indian companies, as part of the free trade deal inked. This may lead to savings up to $200 million each year for over 100 Indian IT companies operating in Australia. "The Government of Australia has agreed to amend the domestic taxation law to stop the taxation of offshore income of Indian firms providing technical services to Australia. "This will resolve the issue that the Indian government has raised about the double taxation avoidance agreement (DTAA) between the two governments for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income," said a commerce ministry official.
A court in New Delhi on Friday extended by three days the ED custody of four people arrested in a money laundering case against Chinese smart phone maker Vivo, including the managing director of Lava International mobile company and a Chinese national. The four accused were produced before Additional Sessions Judge Devender Kumar Jangala on completion of their three-day ED custody. On Friday, the agency moved four separate applications seeking extension of their custody by 10 days but the court granted it only three more days for custodial interrogation of the accused.
Prime Minister Narendra Modi will push for stepping up global cooperation against the key issue of cross border tax avoidance and evasion at the G20 summit
India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST at the same time as a general election. This makes 2019 an exciting and challenging year, note Maulik Doshi and Jigar Doshi.
The Centre is in talks with Mauritius with regard to the long-pending revision of the bilateral tax treaty.
The adjustment orders for AY2012, are expected between January and March 2016.
In this article we shall discuss four preliminary steps to be taken for filing your income tax return accurately and correctly.
'Non-par plans returns are not market-linked. Hence, they can offer guaranteed returns.'
In a relief to Indian companies, the Income-Tax Department has decided to suspend collection of taxes if the Mutual Agreement Procedure is invoked by a US-based entity under the Indo-US Double Taxation Avoidance Convention. To avoid hardship to taxpayers, the competent authorities of India and the US had entered into a memorandum of understanding regarding suspension of collection during the pendency of MAP in 2003.
The previous United Progressive Alliance government had undertaken some decisions, like introduction of retrospective tax amendments and GAAR, which had dented investor sentiments.
These schemes are a good choice for investors contemplating a large investment in equity funds. Instead of investing all the money in one go, they can do so in a staggered manner by parking it in these schemes and then transferring it to equity mutual funds through a systematic transfer plan.
