By John Beaty. Current events seem to be pushing us toward a future fueled by something other than traditional petroleum-based hydrocarbons. A major UN report released earlier this month says humanity still has a chance to avoid the worst impacts of global warming if we act quickly to start implementingRead More →

MSMEs in Karnataka burdened by double taxation; The Minister of Industry assures the resolution Bangalore, 5 Feb. (KNN) Local Micro, Small and Medium Enterprises (MSMEs) with units in Nanjangud, Mysuru district of Karnataka face the burden of double property taxation and continue to lack proper service and poor civic facilitiesRead More →

Proceeds from high-premium unit-linked insurance schemes (ULIPs) have been made taxable to create a “level playing field” with mutual funds, official sources said on Monday. The Central Board of Direct Taxes (CBDT), which formulates policy for the Income Tax Department, had notified on January 18 the rules indicating the methodRead More →

Although the US economy is “dominated by service-oriented businesses”, most states currently only tax certain services, if any. That could change in 2022: legislation to tax services has been introduced in Indiana and Nebraska, and other states could follow suit. [From the Avalara blog.] Indiana sales tax would apply toRead More →

(The Center Square) — As more Americans move to lower-taxed Republican-led states, a new report from the Tax Foundation indicates that tax levels play a direct and indirect role as factors contributing to migration patterns. Taxes “often play an indirect role in contributing to an overall favorable economic environment. AndRead More →

By Phillippe Benoit and David R. Hill Recently, much attention has been focused on the inequalities in our tax system that allow some of the wealthiest in the United States to pay very little tax. Energy costs are another area that may raise similar concerns, as poor households sometimes payRead More →

Nirmala Sitharaman The Ministry of Finance has asked for suggestions on the taxation of industries and commercial organizations for the 2022-2023 budget, which will set the tone for the growth of the Indian economy affected by the COVID-19 pandemic. In a communication to professional and industry associations, the ministry invitedRead More →

Good tax policy and efficient administration have been a cornerstone of advocacy for the American Institute of CPA (AICPA) since its inception. In a letter sent to Congressional leaders by the Senate Finance Committee and the House Ways and Means Committee, AICPA expressed deep concern about recent proposals for theRead More →

Given the accounting differences for global insurance companies in different jurisdictions, a new global minimum tax on some multinational companies creates the potential for double taxation for some insurance companies, according to a comment from AM Best. The Organization for Economic Co-operation and Development (OECD) announced on October 8, 2021Read More →

Through Express news service PUDUCHERRY: Puducherry opposed any plans to initiate talks aimed at taxing diesel, gasoline and petroleum products under the Goods and Services Tax (GST). At the GST council meeting, Pondicherry, represented by Minister PWD, K Lakshminarayanan, said states derive considerable revenue from gasoline VAT and GST. IfRead More →

Confidence between government and industry has strengthened following the removal of the retrospective tax regime, Defense Minister Rajnath Singh said on Wednesday. In a virtual address to the Indo-American Economic Summit hosted by a leading industrial chamber, Singh listed a series of measures initiated by the NDA government to boostRead More →

New Delhi, September 8 (IANS): From cautiousness to optimism, India Inc’s business sentiment is approaching pre-pandemic levels, pointing to more robust performance in the next quarter, a Grant Thornton Bharat survey said on Wednesday. The government’s decision to make taxation transparent was seen as its most impactful initiative (40%), followedRead More →

Separate accounts will be maintained within the provident funds, including the employee provident fund (EPF), where interest is taxable above a threshold from the current financial year. The 2021-2022 budget announced an income tax on interest accrued on annual provident contributions exceeding Rs 2,50,000 for non-government employees and Rs 5,000,000Read More →

NH to challenge taxation of NH teleworkers in US Supreme Court Concord, NH (STL.News) Today, Governor Chris Sununu released the following statement after the Massachusetts Department of Revenue issued and approved a final rule that imposes Massachusetts income tax on residents of New Hampshire who work from home for businessesRead More →

NEW DELHI: RSS affiliate national co-organizer Swadeshi Jagaran Manch (SJM) Ashwini Mahajan and BJP leader Vijay Chauthaiwale had heated discussions on Friday over the government’s bill to withdraw retroactive taxation after the the first made strong remarks against the legislation. “So are you demanding a total ban on FDI? “AskedRead More →

The High Court of Kerala recently ruled that salaries paid to nuns and priests of religious congregations, working as teachers in educational institutions, are subject to withholding tax while dismissing a batch of nearly 50 court cases. A divisional bench of Judge SV Bhatti and Judge Bechu Kurian Thomas confirmedRead More →

Home ” General ” Business ” The government presents a bill to cancel the contentious retrospective taxation New Delhi, August 5 (SocialNews.XYZ) The government has initiated a new round of tax law amendments that will override retrospective tax amendment provisions introduced in 2012 that provided for taxing all gains onRead More →

Over the past decade, many American cities have attempted to fill budget holes by increasing revenues through enforcing their city codes. Dick M. Carpenter II survey of three cities in Georgia that practice “citation tax”. He finds that the budget share of fines and fees was three times higher inRead More →

Through Express news service VIJAYAWADA: The second board meeting of the Vijayawada Municipal Corporation (VMC) was the scene of stormy scenes over the proposed tax policy on Thursday. Visibly frustrated mayor Rayana Bhagyalakshmi sent a notice of suspension to TDP leaders and CPI (M) B leader Satya Babu. Condemning theRead More →

Through PTI NEW DELHI: The GST Council has decided to maintain the status quo on states taxing extra-neutral alcohol (ENA), which is used in the manufacture of alcohol for human consumption, a senior official said on Thursday . The Council, chaired by Union Finance Minister Nirmala Sitharaman and composed ofRead More →

Comparing the fuel price control mechanism that was in place during the PAU under Prime Minister Manmohan Singh with the current “chaotic” situation under Narendra Modi, Congress leader and former Minister Basavaraj Rayaraddi said the price spike of petroleum products was neither the result of crude oil price fluctuations inRead More →

With an overwhelming two-party majority, the Kansas legislature recently passed a Comprehensive Property Tax Transparency Bill (SB 18) modeled specifically on Utah’s long-standing “Truth About Taxation” Act. , Paving the way for major tax relief for Kansas taxpayers in the future. Utah’s number 1 in nation status on property taxRead More →

There is often confusion among taxpayers regarding Tennessee’s “truthful tax” and “certified tax rate” laws. Laws require appraisers to certify the “full assessed value” of taxable property, new construction and improvements not shown on the previous tax roll and removals from the tax roll in jurisdiction to the governing bodyRead More →