Tag: tax

Understanding the Importance of Filing Income Tax Returns on Time by the ITR Due Date

The Significance of ITR Filing: A Civic Responsibility
Every qualified taxpayer has a duty to file income tax returns (ITRs), which is a vital civic obligation. The procedure include disclosing one’s earnings, reimbursements, and taxes paid to the government throughout the course of a fiscal year. In addition to ensuring compliance with tax regulations, ITR filing supports national government and economic growth. In this essay, we examine the relevance of submitting an ITR and the value of paying attention to the deadline.
The ITR Calendar: Key Dates to Remember
distinct kinds of taxpayers have distinct ITR due dates that are set by the Indian Income Tax Department. These dates, which are based on the fiscal year, which runs from April 1 to March 31, are normally made public well in advance. The ITR calendar is summarized in this part, with special attention paid to the different deadlines and any extensions that may have been given by the authorities.
Consequences of Missing the ITR Last Date
The repercussions for failing to submit income tax returns by the deadline may be severe. Late submission may result in fines, interest, and in serious situations, even prosecution. Missing the deadline can also result in the loss of carry-forward losses and some tax benefits, which could result in financial losses for the taxpayer. The consequences of failing to submit an ITR on time are discussed in this section of the article.
E-Filing: Simplifying the ITR Filing Process
For the benefit of taxpayers, the Income Tax Department has adopted technology to simplify the ITR filing procedure. E-filing, also known as electronic filing, enables people to file their ITRs online, which is quick, easy, and simple. The advantages of electronic filing are covered in this part, as well as the user-friendly platforms the government offers for taxpayers to file their returns.
Seeking Professional Assistance: The Role of Chartered Accountants
Even while ITR submission has become easier thanks to e-filing, certain taxpayers may still find it difficult due to the complexity of tax legislation and computations. Accurate and prompt ITR filing may be achieved by enlisting the help of skilled experts, such as Chartered Accountants. This section investigates the function of chartered accountants in assisting taxpayers with tax returns and minimizing their tax obligations.

July 30, 2023
Senate tax chief says billionaire Crow ‘stonewalling’ over perks for Clarence Thomas

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Wyden had asked for details on the gifts Crow lavished on Thomas for over two decades, as reported by ProPublica, that included trips aboard the billionaire’s superyacht to Indonesia, New Zealand and Greece and free use of his private jet.
Although Thomas neglected to report the gifts on his annual disclosure forms, Wyden argued they were substantial enough that Crow would have been obligated to report them on his annual gift tax returns to the IRS.
On Tuesday, Wyden repeated a vow he had previously made to use “any of the tools at [the committee’s] disposal” to compel answers from Crow and said he would confer with his Democratic colleagues on Finance.
In the letter to Wyden that was obtained by POLITICO, Crow’s attorney, Michael D. Bopp, argued that the Finance Committee lacks authority to compel the gift records from Crow and is “attempting to tarnish the reputation of a sitting Supreme Court Justice and his friend of many years, Mr. Crow.”
The committee’s next steps could include subpoenaing Crow for the requested records or using a section of the tax code that vests the chairs of Congress’ tax committees with the authority to obtain a private citizen’s tax returns directly from Treasury — a power that House Democrats used last year to publish the taxes of former President Donald Trump.
Attorneys for Trump had tried to derail that effort by insisting Democrats lacked a “legitimate legislative purpose” for seeking his returns, but federal courts rejected the argument in that case. Democrats had maintained throughout the litigation that obtaining Trump’s taxes was necessary to examine a program at the IRS that required the auditing of all sitting presidents.
Bopp used a similar argument in defense of withholding Crow’s information, saying the committee has jurisdiction of federal gift tax laws but is not empowered to initiate tax audits to expose the activities of private citizens.
Wyden countered that “the assertion that the Finance Committee lacks a legislative basis for an investigation of the abuse of gift taxes by the wealthy is simply preposterous.”

“I have used my Chairmanship of the committee to shine a bright light on tax schemes undertaken by the ultra-wealthy, including untaxed transfers of wealth,” he said.
Meanwhile, Sen. Mike Crapo, the top Republican on the Finance Committee, made it clear Tuesday that he would oppose any efforts to force Crow to provide the information, saying they would “undermine the independence of the Supreme Court and its individual Justices.”
Sen. Mike Lee (R-Utah) and 13 other Republican senators also wrote to Wyden on Monday to express concerns about Wyden’s request to Crow. The GOP lawmakers asserted the demands amounted to intimidation of a private citizen that had the ultimate goal of discrediting Thomas.
“We reject this manufactured ‘ethics crisis’ at the Supreme Court as a ploy to further Democrats’ efforts to undermine public confidence and change the makeup of the Court,” the Republicans wrote.
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( With inputs from : www.politico.com )

May 9, 2023
Give tax exemption to ‘The Kerala Story’: BJP to Kejriwal govt

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New Delhi: The Delhi unit of the BJP on Sunday demanded that the AAP government give tax exemption to ‘The Kerala Story’ film and hold its special screenings for girls in the 15-16 age group in the city.
In a letter to Chief Minister Arvind Kejriwal, Delhi BJP spokesperson Praveen Shankar Kapoor said the film was based on the “serious issue of love jihad”, “religious conversion” and pushing innocent girls into “terrorism”.
The Delhi chief minister should promote the film by watching it himself and exempting it from entertainment tax, he said.

“The Kerala Story has been given an ‘A’ certificate for viewing only by adults, while nowadays the danger of love jihad is gravest for the girls of 15-16 years of age. Therefore, the chief minister should contact the Film Censor Board and get it a ‘U/A’ certificate for Delhi so that more and more girls belonging to the sensitive category can be made aware by showing this film,” Kapoor said.
He said that besides girl students of classes 11 and 12, those who are pursuing graduation also become “easy victims” of “love jihad” and the movie should be shown to them through special shows as well.
The film starring Adah Sharma revolves around a group of women in Kerala who are forced to convert and join ISIS.
Recently, Prime Minister Narendra Modi credited the film for bringing out terror conspiracies and used it to attack the Congress during a rally in Karnataka.
BJP national president J P Nadda, campaigning in Karnataka, is scheduled to attend a screening of “The Kerala Story” on Sunday night.

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#Give #tax #exemption #Kerala #Story #BJP #Kejriwal #govt
( With inputs from www.siasat.com )

May 7, 2023
Mafias who demanded ‘goonda tax’ earlier now begging for their lives: Adityanath

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Maharajganj: Uttar Pradesh Chief Minister Yogi Adityanath on Saturday claimed that mafias and other criminals used to forcibly occupy the land of the poor and demand “goonda tax” under previous governments, but the state is free of anarchy under the BJP and there is rule of law.
Adityanath, who was addressing public meetings in eastern Uttar Pradesh – one of poorest regions and a hotbed of mafias and gangsters, sought to woo voters for the upcoming urban body elections by harping on the planks of law and order and development.
The chief minister asserted that security was now guaranteed in the state. “Earlier, the mafia used to demand goonda tax, but today, they are begging for their lives,” he said.

The BJP leader alleged that earlier, the SP, BSP and the Congress used to hand out pistols to the youths of the state, but the incumbent government gives youngsters tablet computers.
“SP and BSP used to spread corruption and encouraged criminalisation of politics, diversion of funds and embezzlement in welfare schemes, but today the benefits of development schemes reach every poor,” the chief minister said at an election meeting in Deoria.
He charged the previous governments with turning Deoria from a sugar bowl to a bowl of bitterness.
“These people sold the sugar mills at a throwaway price… Because of their disgusting politics, they also created an identity crisis for the youth of the state and forced the farmers to commit suicide.
‘But we will restore Deoria to its existence again. A distillery will also be set up here along with ethanol plants,” he said.

The chief minister said that the atmosphere of fear that used to be created during festivals till six years ago is no longer there.
Addressing a conference of traders in Gorakhpur earlier, Adityanath said, “Earlier, the ruling party’s goons or the mafia used to forcibly occupy the property and the lands of the poor, but now, Uttar Pradesh has become free of anarchy and there is rule of law in the state.”
The BJP government in Uttar Pradesh has maintained that it follows a zero-tolerance policy against the mafia and over 18O criminals have been killed so far in encounters with the police in the state. However, it has been accused by the Opposition and others of high-handedness and bias.
The criminals killed in encounters in the six years of Yogi Adityanath government included gangster-turned-politician Atiq Ahmad’s son Asad and his accomplice.
The UP Police data shows that more than 10,900 police encounters have taken place in the state since March 2017, when Adityanath took over as the chief minister of Uttar Pradesh for the first time.In these encounters, 23,300 alleged criminals were arrested and 5,046 were injured.
Praising the leadership of Prime Minister Narendra Modi, Chief Minister Adityanath also listed the development works of the central and state governments.
Speaking in Maharajganj later at an election meeting, the chief minister claimed, “Earlier, traders used to walk with their heads bowed while criminals and mafia used to go around fearlessly, but now that has been reversed. Cities are being made safe.”
The BJP’s ‘double-engine’ government is leading the state on the path of progress, he said and urged voters to form a “triple-engine government” by electing its candidates in the civic polls.
He spoke of medical facilities being enhanced in the state.
Those who divide the society in the name of caste are not going to succeed at all, Adityanath said, adding that the BJP government has completely checked such divisions.
There is a double-engine government in Uttar Pradesh and development work is going on at double speed, he added.
Before 2017, most of the districts of eastern Uttar Pradesh, including Maharajganj, used to suffer from encephalitis, but now, this disease has been brought under control. Vantangia villages of the district has also joined the mainstream of development, the chief minister said.
The Vantangiya community comprises people brought from Myanmar during colonial rule to plant trees for afforestation.
The chief minister also sought votes for BJP candidates in a public meeting in Kushinagar.
“Earlier infectious disease on one side and hunger on the other troubled the people. Nine years ago, when the public blessed PM Modi, he changed the picture of the country. The Kushinagar people who were stranded in Sudan were safely transported here,” the chief minister said.
He maintained that willpower is necessary to bring change.
“There was once an atmosphere of fear and panic during the festivals six years ago. Today, there is no nuisance in UP. Festivals shape the identity of the new Uttar Pradesh.”
He pointed out that under the SP-BSP regime, water was supplied by installing generators and electricity was only available for a scant 2-4 hours per day.
We are working to provide water to every household in UP. “Kushinagar is our top priority,” he asserted.
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#Mafias #demanded #goonda #tax #earlier #begging #lives #Adityanath
( With inputs from www.siasat.com )

April 29, 2023
Hyderabad: Rs 625 cr property tax collected by GHMC in 28 days

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Hyderabad: Under the Early Bird Scheme for the financial year 2023-24, the Greater Hyderabad Municipal Corporation (GHMC) has generated property tax worth Rs 625 crore in 28 days from over 6.35 lakh assessments.
The scheme offers a 5 per cent rebate (given only on the current year’s tax and not on the arrears) on property tax to building owners from April 1 to 30.
While Rs 25.43 crore were collected on Tuesday alone, the officials were expecting the revenue to cross Rs 750 crore.

Serilingampally Circle scored the highest with Rs 78.29 crore tax collected from the area followed by Jubilee Hills with Rs 63.35 crore and Khairatabad with Rs 50.14 crore.
GHMC generated Rs 742.41 crore in revenue last year with a target of Rs 750 crore set for this financial year.
Also, the corporation’s Citizen Service Centres (CSCs) were kept open on Sunday (April 23) from 10.30 am to 5 pm to facilitate the payment of property taxes while most of the property owners paid tax online this year.
Citizens interested to avail of a 5 per cent rebate under this scheme can pay the property tax online on the website or use the My GHMC App.
People may also reach out to GHMC Citizen Services Centres, MeeSeva centres or bill collectors to pay the tax.

Action against property tax defaulters and fraudulent entries in the Property Tax Self Assessment application has been initiated by the corporation this year.
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( With inputs from www.siasat.com )

April 29, 2023
UAE announces tax exemptions for public benefit entities

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Abu Dhabi: The Ministry of Finance has announced a new UAE Cabinet decision relating to ‘qualifying public benefit entities’, whereby Public benefit entities are exempted from the corporate tax.
It’s noteworthy that the Corporate Tax Law provides the legislative basis for the introduction and implementation of a Federal Corporate Tax in the UAE and is effective for financial years starting on or after 1 June 2023. The Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses was issued by the United Arab Emirates on 09 December 2022.
The exemption is designed to reflect the significant role played by public benefit entities, which often include organisations with a focus on areas of religion, charity, science, education and culture.

These entities must continue to comply with all pertinent local, state, and federal laws and notify the Ministry of Finance of any changes that may affect their status as Qualifying Public Benefit Entities in order to be eligible for UAE Corporate Tax exemption. These entities must also meet the requirements under Article (9) of the Corporate Tax Law.
On the Finance Minister’s recommendation, the Cabinet may change, add, or remove entities from the list of Qualifying Public Benefit Entities.
Any change that affects the business’s ability to continue meeting the requirements outlined in this Decision and the Corporate Tax Law must be reported by an entity that is identified in the schedule attached to the decision.
Qualifying public benefit entities are subject to a number of reporting requirements, mostly to ensure that they continue to meet the requirements for approval.
With regard to their deductible expenses under Article 33 of the Corporate Tax Law, taxpayers now have more clarity and transparency thanks to the Cabinet’s decision, as donations and gifts will be recognised as deductible expenses for corporate tax purposes if they are given to one of a qualifying public benefit entity listed in the Cabinet Decision.

(Except for the headline, the story has not been edited by Siasat staff and is published from a syndicated feed.)
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( With inputs from www.siasat.com )

April 24, 2023
German government, trade unions agree on wage deal for public workers

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The German government, local authorities and trade unions reached a deal late Saturday on higher pay scales for the country’s 2.5 million public-sector workers, staving off the possibility of indefinite strikes.
“We have accommodated the unions as far as we can responsibly do under difficult budgetary circumstances,” said Nancy Faeser, the country’s interior minister. Trade union Ver.di had called for significant raises as the country, like many others across the Continent, grapples with high inflation.
Among other things, the deal entails tax-free one-time payments totalling €3,000 in several stages, with the first €1,240 to be handed out in June, followed by €220 each month from July to February 2024. In March 2024, monthly pay for all public workers will increase by €200, followed by a 5.5 percent salary increase, with a minimum increase of €340.
The agreement runs for 24 months.
The compromise is largely based on a proposal by arbitrators who were called in after talks broke down last month. Ver.di had initially asked for a 10.5 percent raise and at least €500 more pay over a twelve-month period.
Frank Werneke, the union’s chair, said the negotiations had not been easy. “With our decision to make this compromise, we went to our pain threshold,” he said.
Municipalities in the country fear the deal may pose new financial challenges for them. Prior to the negotiations, Karin Welge, president of the Federation of Municipal Employers’ Associations, had estimated the deal could create additional costs of €17 billion for cities and municipalities.
The agreement sets an end to months of negotiations. In a string of walkouts, employee representatives in recent months had disrupted public administration and other public services. At the end of last month, Ver.di, together with the national rail and transport union, brought rail and air traffic to a halt across the country in a large-scale strike.

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#German #government #trade #unions #agree #wage #deal #public #workers
( With inputs from : www.politico.eu )

April 21, 2023
Biden, Harris release 2022 tax returns

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Washington: US President Joe Biden and Vice President Kamala Harris have released their 2022 federal income tax returns.
Biden and his wife filed their income tax return jointly and reported federal adjusted gross income of $579,514, Xinhua news agency reported, citing the White House.
The first couple paid $169,820 in combined federal, Delaware, and Virginia income taxes. And their 2022 effective federal income tax rate is 23.8 per cent.

Harris and her husband reported federal adjusted gross income of $456,918 and paid $93,570 in federal income tax.
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( With inputs from www.siasat.com )

April 19, 2023
The Bidens made $579K last year, and paid a 23.8 percent tax rate, their returns show

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The numbers closely mirrored those from last year, when the Bidens reported paying $150,439 in federal income taxes on $610,702 for an effective tax rate of 24.6 percent.
White House officials again released copies of the first family’s tax returns on Tax Day as a demonstration of transparency. Former President Donald Trump had refused to do so while in office and during the 2016 presidential campaign, claiming repeatedly that he was under government audit. With the release of their 2022 taxes, Biden has shared 25 years worth of tax returns that include his years as vice president and an earlier presidential run, according to the White House.
Much of the couple’s income was via the president’s $400,000 salary. Jill Biden was paid $82,335 for her teaching position at Northern Virginia Community College.
The Bidens, who filed their returns jointly, also reported paying $29,023 in state income tax in Delaware, where they have two homes. The first lady reported paying $3,139 in Virginia income tax.
The Bidens hit the $10,000 cap on state and local tax deductions, called SALT, a product of Trump’s tax law and derided by Democrats in high-cost states. They also paid more than $2,000 in additional federal taxes imposed by the Affordable Care Act.
Other charitable donations include $4,000 to Tragedy Assistance Program for Survivors; $2,000 to the Fraternal Order of Police Foundation; $1,680 to St. Joseph on the Brandywine (the Bidens’ home parish); $1,125 to Westminster Presbyterian Church; $1,000 each to Cranston Heights Fire Company and Ministry of Caring.
Vice President Kamala Harris and her husband, second gentleman Doug Emhoff, paid $93,570 in federal income taxes last year, with an effective tax rate of 20.5 percent.
Their combined federal earnings were $456,918, including Harris’ vice presidential salary and a reported $169,665 from Georgetown University, where Emhoff, an intellectual property and business lawyer, joined the Law Center’s teaching ranks in January 2021.

The couple paid $17,612 in California income taxes, and Emhoff paid $9,697 in District of Columbia income tax.
The couple contributed $23,000 to charity during the year. They owed $611 to the IRS.
The income figures for Harris and Emhoff were far below what they reported in prior years when Emhoff was still practicing law. When Harris campaigned for president in 2019, they released 15 years of tax returns, including earning about $2 million in 2018.
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( With inputs from : www.politico.com )

April 19, 2023
Tax refunds more scarce as filing deadline hits

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With the tax-filing deadline for most people hitting at midnight Tuesday, the total amount of money paid out is down too, by 10.6 percent. At $199 billion, that’s less than the IRS had disbursed at this point in 2013.
Analysts point to a number of reasons for the shrinking payments: The expiration of pandemic-related relief, of course, but other things too, such as bracket creep, where inflation pushes up people’s tax bills.
Taxpayers are touchy about their refunds, with many looking forward to the payments, even if financial advisers frown on them because it amounts to lending money to the government for free.
Hoping to head off people’s disgruntlement, the IRS warned early on that payments this year would inevitably be down. And the administration doesn’t appear to be taking heat over the smaller refunds, which have been overshadowed in Washington by its bid to improve IRS services.
It’s a big change from recent years when the government was handling out a range of benefits and refunds ballooned. This time last year, refunds were running 10 percent bigger — about $300 more than this year.
Companies that cater to lower-income people like Walmart and Big Lots have told investors they’ve noticed a difference.
“We’ve seen that decline,” John Rainey, Walmart’s chief financial officer said recently.
It’s not surprising though when a panoply of pandemic-related breaks expired. People saw the Child Tax Credit alone shrink by as much as $1,600 per child. Another related break for child care expenses fell from as much as $8,000 for two kids to $2,100.

“A lower refund share than last year would be consistent with the lower amount of refundable tax credits from the expiration of the 2021 tax law provisions,” said Mark Booth, a former tax forecaster for the nonpartisan Congressional Budget Office. “Last year, the larger tax credits were just enough to push some taxpayers into a refund position, which doesn’t happen as much this year.”
Payments are probably a casualty of inflation too.
The tax system is only partially indexed for inflation, and only imperfectly. The parts that change with prices didn’t climb nearly as much as incomes, thanks to time lags in how the government calculates the adjustments.
Nominal wages and salaries went up by nine percent in 2022, while things like the tax brackets and the standard deduction grew by 3.2 percent.
The administration has announced the standard deduction will grow for the 2023 tax year by seven percent, thanks to inflation, which will likely mean larger refunds assuming, as many economists do, that incomes will grow at a slower clip.
There are other factors also dinging people’s refunds.
Without much debate, lawmakers allowed to expire a temporary $600 break for charitable deductions for people who don’t itemize their deductions, which had been a popular write-off. In 2020, it was claimed by 41 million taxpayers. Without it, people who claim the standard deduction, about 90 percent of filers, can’t take a deduction for charitable contributions.
People who’ve been laid off have to pay taxes on their unemployment benefits and severance payments, which may also cut into their refunds. Some may not realize they owe tax on jobless assistance.
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( With inputs from : www.politico.com )

April 18, 2023