There was a great need and importance for introducing the provisions of section 68 under the income tax act, 1961 to safeguard and protect the interest of revenue, as assessee was engaged in harmful tax practices to evade tax in the form of Black Money,
2. In the Income-tax Rules, 1962, after rule 11UAD, the following rule shall be inserted, namely: —“11UAE.Computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income-tax Act. (1) For the purpose of clause (ii) of sub-section (2) of section ...
The Canadian Income Tax Act (ITA) was enhanced to incorporate the Foreign Account Tax Compliance Act (FATCA) in 2014 and the Common Reporting Standard (CRS) in 2017. The ITA describes the due diligence and reporting obligations that arise by virtue of t
Section 80A(c)(ii)Spirit of the lawStatutory interpretationTraditional approachSection 80A(c)(ii) of the Income Tax Act 58 of 1962, as amended (the Act), introduced a new concept to the South African income tax environment: misuse or abuse of the provisions of the Act, including Part ...
If you haven’t filed your taxes yet, don’t panic — but act fast. 4 min read Apr 19, 2022 How to file for a tax extension with the IRS Applying for more time to file your taxes is easy. Just don’t put off paying your tax bill. 3 min read Apr 15, 2022 Biden’s tax...
If your business is a C corporation, your company’s income tax rate is a flat 21% thanks to the Tax Cuts and Jobs Act of 2018 (it was 35% before that bill passed).8 But if the business is a pass-through entity, such as a sole proprietorship or a limited liability company (LLC...
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Some potential tax law changes could remove benefits that currently exist. For example, Trump and various Republican leaders have proposed to repeal the tax credits and incentives enacted as part of the Inflation Reduction Act (IRA). Businesses may considerreprioritizing or otherwi...
“annual value” has the meaning given by section 2 of the Property Tax Act 1960, and is to ...
Consider diversifying your portfolio by buying the top stocks from each of the 11 sectors. Glenn FydenkevezDec. 13, 2024 Investing in Real Estate in 2025 Real estate investors can find opportunities in up and down markets, and several destinations within and outside the U.S. are solid picks...