The Multistate Tax alert archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last four years. These external alerts highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summ...
Texas’ state budget for FY2024 is approximately $160 billion (it is enacted biennially, the total spending amount for 2024 and 2025 being $321.3 billion). Texas had a rolling forward $32.7 billion surplus from its previous biennial budget and an additional $23.5 billion in its rainy day (Ec...
Texas’ state budget for FY2024 is approximately $160 billion (it is enacted biennially, the total spending amount for 2024 and 2025 being $321.3 billion). Texas had a rolling forward $32.7 billion surplus from its previous biennial budget and an additional $23.5 billion in its rainy day (Ec...
(d) No audit is required if turnover is up to Rs.1 crore and taxable income is below exemption limit From the reading of provisions of the sec 44AD(5), it is concluded that there are two conditions of sec 44AD(5) of the...
Standard Rate 0% (for food staples), 5%, 12%, 18% and 28% (+cess on luxury items) GST 5% and HST varies from 0% to 15% 20 %Reduced rates- 5 %, exempt, zero rated 7% Reduced rates- Zero rated, exempt Threeshold Exemption Limit Rs.40 lakh or Rs.20 lakh, depending on the st...
Hence, the seller of goods would not be eligible for such benefit. 23.Working of Section 194Q We can explain the provisions and their applicability with help of following case studies Example: PARTICULARS Scenario 1 Scenario 2 Scenario 3 Turnover of Seller in FY 20-21 12 6 12 ...
Starting from the first day of April, taxpayers can file their ITRs for AY 2024-25, which is relevant to the FY 2023-24. View more03rd April 2024The Income-tax notification no 2/2024 is released for verification of the time limit of the income tax return after uploading on the portal....
When I’m trying to file the ITR for FY 20-21 on 02-08-2021, I’m seeing a penalty of 5000 (taxable income is greater than 500000) even though the last date for filling has been postponed to 30-09-2021. Am I supposed to see this penalty? Or is this the new ITR website issue...
The effect of this proposal might be limited if the country-by-country proposals described above are enacted. As noted, those proposals would limit the utility of cross-crediting strategies, which would make the transactions targeted by this proposal less appealing in general. For example, t...
The tax filing due date for all non-audit ITRs is 31 July of the relevant assessment year (AY), unless the government extends the date. However, there are two exceptions. Original ITR Section 139(1): A tax return filed on or before July 31 is termed as original ITR. ...