“Individuals having income from business or profession are not eligible to choose the tax regime every year. Upon selecting the new tax regime, they have a once-in-a lifetime option for switching back to the old tax regime. Once they switch back to the o...
Every country has its own often very different regime when it comes to how gifts and inheritances are treated By Dominic CoyleTue Jul 02 2024 - 00:01 Granny’s gift could leave both her and grandson with financial headaches Taking control of a home he does not own and any rent it yiel...
We advise companies of all sizes and from all sectors of business, helping them comply with the complex UK tax regime and also, in many cases, the tax regime of several overseas territories. On a day-to-day basis, our team helps organisations comply with the shifting requirements ...
By the way, I repeatedly criticized the Obama Administration for creating “regime uncertainty.” Well, Trump is doing the same thing (so maybe we need a new version of this cartoon). And that’s already having an impact on financial markets. Ever since election day, the U.S. stock marke...
Even without US tax increases, multinational companies should be prepared to pay a higher overall tax rate under the new global minimum tax regime created by Pillar Two. Many aspects of the OECD’s global framework became effective on January 1, 2024, but key aspects of the rules remain subje...
and these will be calculated using the new MTD method. This method calculates late-payment penalties as a percentage of outstanding tax and will apply if your payment is more than 15 days overdue (the current regime begins after 30 days). So, depending on the amount you owe, this could re...
We can call this the revenge of the Laffer Curve. By the way, it’s quite likely that there has been a resurgence of both the “extensive” and “intensive” responses to California’s punitive tax regime because the 2017 tax reform restricted the deductibility of state and local taxes. Th...
The GST regime also offers reduced tax liabilities to businesses as per the composition scheme. To get the benefit of this scheme, companies must have a supply turnover of under Rs. 50 lakh, and will also not be able to avail of input-credit. This scheme will not, however, apply to th...
In this case, there would be no point in employing inspectors at all. In this framework, we can think of changes in fiscal capacity as corresponding to alternative ways of organizing the tax-collection service to avoid this outcome. One regime would be to focus on recruiting tax inspectors ...
*The new tax regime option shall be exercised for every previous year where the individual or the HUF has no business income, and in other cases (like business) the option once exercised for a previous year shall be valid for that previous year and all subsequent years. ...