Income tax accounts for major part of the government's revenue and salaried individuals form a significant chunk of taxpayers. While paying taxes could be hard on their bank, one can save on taxes by claiming deductions while filing ITR. Here are the deductions taxpayers can avail under Section 80C.
The Income Tax department to promote the paperless environment launched 'e-nivaran', a special electronic system in order to fast track taxpayer grievances
The revised DTAA will provide certainty in tax to the residents of both India and Korea. It aims to avoid the double taxation burden for taxpayers of both the countries in order to promote and thereby encourage flow of investment, services and technology between the two countries.
The Goods and Services Network(GSTN) has signed a Memorandum of Understanding (MoU) with Directorate General of Foreign Trade (DGFT) for sharing of foreign exchange realisation and Import Export code data, a move that is expected to strengthen processing of export transactions of taxpayers under GST, increase transparency and reduce human interface.
With Canadian taxpayers paying through their nose to host the G8 and G20 summits this month, many political leaders, including former prime minister Paul Martin, have joined in protests against the billion-plus dollar cost of the gatherings.
Individuals may get a taxpayer identification number for the first time as China shifts its taxation system toward one based more on direct taxes, according to a draft version of the Tax Collection and Administration Law.
Some points in the draft, which has been released for public comment, also suggest that China will introduce taxes on small e-commerce businesses.
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The FSB rules for Total Loss Absorbing Capacity (TLAC) will require the world's top 30 banks to issue of as much as $1.2tn by 2022 in special debt designed to cushion taxpayer bailouts of lenders and absorb losses without threatening the global economy.
Goods and Services Tax is an indirect tax applicable to the financial transactions in the Indian econ0my, which has successfully replaced many other indirect taxes. On 29th March 2017, the proposal of the application of GST was passed and approved in the parliament, and it became effective from 1st July 2017. It is a multi-stage, destination-based, value-added and comprehensive law in India, which is levied on the supply of goods and services. Previously there were many indirect taxes in India, which were equally confusing for the taxpayers. GST is the easiest way to replace the taxes that existed.
It is fast and easy to e-file your HVUT form 2290 through eForm2290.com, even for a first-time user. The IRS recommends taxpayers to e-file their 2290 form, especially when reporting for 25 or more…
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