The meaning of INCOME SPLITTING is an assigning of income for purposes of taxation in equal shares to two or more persons (as husband and wife) irrespective of which one actually received the income.
What are collateral, credit enhancements, and taxation fo bond income ? Unsecured bonds claim assets and cash flow of issuer and secured bonds, backed by specific assets which reduce yield (collateral). Thus, secured bonds senior to unsecured bonds. Among unsecured bonds, tranches (senior unsecured...
1 Self-charged interest When money is lent to a partnership or an S corporation acting as a pass-through entity (essentially, a business designed to reduce the effects of double taxation) by the corporation's owner, the interest income on that can qualify as passive income.11 Can I ...
Calendar year starts on January 1 and ends on December 31 but aFinancial year (FY)is from April 1 to March 31. As per the Income Tax Act, income earned in a financial year (FY) is taxed in the next Financial Year. FY to which the income belongs is called thePrevious year (PY)and...
Yes, income from a side hustle will very likely be subject to taxation. First, yearly earnings exceeding $600 fromgig work are taxable. Additionally, operations that aim to make a profit are considered to be businesses, while operations that exist simply for pleasure are considered hobbies. Busi...
governments may do more than simply consume the tax income. While distortions occur, consumption taxes like VAT are often considered superior because they distort incentives to invest, save and work less than most other types of taxation – in other words, a VAT discourages consumption rather than...
Section 80TTA is shown inDeductions under Chapter VI-Aalong with 80C, 80D. Our articleInterest on Saving Bank Account : Tax, 80TTAdiscusses it in detail.You need to add interest from all your saving accounts to Income from other sources and then claim deduction under section 80TTA.If your...