Category Archives: Taxes
Johnny and Service Tax Refund [Series- II]
Part 5: “Condition relating to Time Limit of One Year“
By: -
CA. Pradeep Jain
Mayank Palgauta
Visit us at: www.capradeepjain.com
In continuation of previous articles, structuring complicatedness involved in getting the refund claim under various conditions relating to “Invoice, CHA service, Port services, and Amount of Rs. 500/-”, we in this article are unveiling the problems existing in the Service tax refund mechani......
We all know that the rate of VAT will be increased on 4th January 2011, from 17.5% to 20%.
What we don’t all know, however, is how that will affect us, which is why you are reading this article! In this article, we will explain how the VAT increase will affect UK households.
Impact on consumers: A VAT increase to 20% would, on average, cost each of the UK’s 26.2 million households an extra £1.16 per day, or £425 a year! It would also reduce spending power by an average of 1......
In computing the Alternative Minimum Tax, a taxpayer is allowed a certain “exemption amount,” similar in concept to the standard deduction and personal exemptions allowed in calculating the Regular Tax. A surprise that hits a lot of AMT payers, however, is that this exemption amount is gradually phased out as a taxpayer’s income increases. This “hidden killer” phaseout is one of the primary reasons folks get caught in the AMT.
The exemption amount
The AM......
Excerpt from FCICA Presents Tax, Insurance, and Cost Reduction Strategies for Small Businesses by Lance Wallach and Dr. Bart Basi. Published in Summer 2008.
The 1993 tax law changed the amount allowable as a deduction for business meals and entertainment expenses incurred after. In addition, some special rules were enacted into the tax law. The limitation for deducting such expenses incurred after December 31, 1993 is 50%. Accordingly, after the general rules and exceptions are applied......
When you begin contributing a 401K in the early years of your working life, you are saving for your ultimate exit from the workforce. Along the way, things happen that can put a glitch in those plans. Should that occur, and you begin to contemplate withdrawal of the hard earned money that you tucked away, look past your immediate need and look at the consequences that your decision can make on your future. The obvious, of course, is that you will have just that amount less for your gol......
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......
Eligibility for hire tax credit
Following are the rules for eligibility of this Tax Credit:
This hiring must may be made from 3 February, 2010 to 1 January, 2011. The newly employed individual must had been unemployed for more than sixty days or had not worked for more than 40 hours with previous employee before he was employed.
Employers will also going to receive a tax relief if he hires the employee for a minimum period of 52 weeks. The tax relief will be allowed lesser than or equal to......
A registered tax agent is required to follow a regulation of the IRS relating to disclosure of the tax information supplied by clients. This is one of the standards of enrolled agent ethics. Tax professionals who fail to comply with the IRS regulation may incur a $1,000 fine and one year in jail for each violation.
All tax preparers must receive a client’s permission to use tax information for any purpose other than preparing and filing a tax return. A client must sign a form for Con......
Meade Accounting and Taxation [Meade Tax Help] has earned an enviable reputation for providing outstanding accounting services in Richmond Hill. Meade Tax Help is well known for achieving total client satisfaction by delivering outstanding accounting services combined with an effective personal approach.
Timely and accurate accounting services are essential in informing the enterprise of its financial health and empower it to prepare for compliance with regulations as well effective operat......
There are many different reasons why people may not pay their taxes, but when the IRS comes after them with tax debt to be paid, many times they cannot afford to pay it. The IRS, however, does not care about the reasons you could not pay your taxes, they only care about collecting the money owed. That is why it is important to go through a tax debt relief company to work out compromises with the IRS.
Tax debt relief companies often times can get the IRS to agree to dismiss penalties, fee......
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