Wednesday, March 12

Tag: Income Tax

Income tax officers visit factory, Bengaluru office of China’s Lenovo
27Sep By adminNo Comments
Business

Income tax officers visit factory, Bengaluru office of China’s Lenovo

Indian income tax officials on Wednesday visited a factory of Chinese PC maker Lenovo in the union territory of Puducherry and one of its offices in Bengaluru city as part of an inquiry, two sources told Reuters. The officials inspected laptops of Lenovo employees during the visit, one of the sources said. They also tried to contact Lenovo's senior management during and after the visit as part of the inquiry, the person added. Lenovo, which confirmed the visit, said it was "co-operating with the authorities and will provide all possible support required". "We adhere strictly to all applicable laws, regulations, and reporting requirements in every jurisdiction in which we do business," it said. The reason for the visit was not immediately clear. Ea...
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The Moves Wealthy Families Are Making to Skirt Estate Taxes
20Aug By adminNo Comments
Money

The Moves Wealthy Families Are Making to Skirt Estate Taxes

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/personal-finance/taxes/the-moves-wealthy-families-are-making-to-skirt-estate-taxes-2f312331
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The Moves Wealthy Families Are Making to Skirt Estate Taxes
20Aug By adminNo Comments
World

The Moves Wealthy Families Are Making to Skirt Estate Taxes

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/personal-finance/taxes/the-moves-wealthy-families-are-making-to-skirt-estate-taxes-2f312331
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Take home salary to increase? I-T department notifies new rules for valuing rent-free accommodation by employers
19Aug By adminNo Comments
Business

Take home salary to increase? I-T department notifies new rules for valuing rent-free accommodation by employers

In a move that will positively impact employees with substantial salaries and employer-provided rent-free housing, the income tax department has announced revisions to the valuation norms for such accommodations. According to a PTI report, the new changes will come into effect from September 1, and will likely increase take-home salaries for eligible employees.The Central Board of Direct Taxes (CBDT) has notified the amendments to the Income Tax Rules, bringing about these changes. The modifications concern the valuation of unfurnished accommodations that are owned by employers and offered to employees outside the central or state government sector.According to the revised notification, the valuation for such accommodations will be as follows:In cities with a population exceeding 40 lakh ...
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How to Take Required Minimum Distributions | Retirement
15Aug By adminNo Comments
Money

How to Take Required Minimum Distributions | Retirement

A main benefit of 401(k) plans and individual retirement accounts is the ability to delay taxes on contributions and investment gains. However, you can’t avoid the tax man forever.“Once you reach a certain age, the IRS wants to be able to begin collecting taxes,” explains Megan Slatter, a wealth advisor with Crewe Advisors in Salt Lake City.“It’s the minimum amount you have to withdraw without incurring a penalty,” says Mark Van Drunen, regional president of Northeast Ohio for MAI Capital Management.RMDs begin at age 73, and the amount to be withdrawn is determined by a government formula. However, you can minimize your payments – and the taxes you owe – by following these tips for taking required minimum distributions. Begin planning years in advance. Convert to a Roth account. Start ...
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Why moonlighting professionals have come under Income Tax Department’s scanner
8Aug By adminNo Comments
Business

Why moonlighting professionals have come under Income Tax Department’s scanner

Have you been moonlighting? Did you earn additional income from a job apart from your regular employment but did not disclose it in your tax return? The Income-Tax Department has been sending notices to numerous professionals who failed to report additional earnings beyond their regular salaries in their tax returns, according to an ET report. A substantial volume of notifications pertained to the financial years 2019-2020 and 2020-2021, according to informed sources quoted in the report. Moonlighting gained traction during the pandemic, especially within the IT sector, as remote workers sought supplementary employment alongside their primary jobs.In various instances, income earned from supplementary employment – often referred to as moonlighting – was higher than the salary from the pri...
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Income Tax Day 2023: Why is July 24 Celebrated As Aaykar Diwas? Date, History and Significance
23Jul By adminNo Comments
Business

Income Tax Day 2023: Why is July 24 Celebrated As Aaykar Diwas? Date, History and Significance

Published By: Nibandh VinodLast Updated: July 23, 2023, 17:00 ISTIncome Tax Day is celebrated by a number of outreach programmes and events designed to promote tax payments. (Image: Shutterstock)Sir James Wilson implemented Income Tax in India on July 24, 1860. Check out history, significance and how to celebrate Income Tax Day 2023. INCOME TAX DAY 2023: July 24 was officially adopted as the Income Tax Day or Aaykar Diwas to commemorate 150 years of this tax in India. The day is celebrated by a number of outreach programmes and events designed to promote tax payments and educate future taxpayers about the importance of tax payments. We as citizens can help our country prosper by paying our taxes on time. The Income Tax department, headquartered in New Delhi, is in charge of direct tax co...
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