Accounting And Taxation Quotes

The story of political development from this point in European history is the story of the interaction between these centralizing states and the social groups resisting them. Absolutist governments arose where the resisting groups were either weak and poorly organized, or else were co-opted by the state to help in extracting resources from other social groups that weren’t co-opted. Weak absolutist governments arose where the resisting groups were so strongly organized that the central government couldn’t dominate them. And accountable government arose when the state and the resisting groups were better balanced. The resisting groups were able to impose on the state the principle of “no taxation without representation”: they would supply it with substantial resources, but only if they had a say in how those resources were used.

McCain said the lower gas prices were sitting somewhere under the Gulf of Mexico. Obama said they were sitting in the bank accounts of companies like Exxon in the form of windfall profits to be taxed. The formula was the same formula we see in every election: Republicans demonize government, sixties-style activism, and foreigners. Democrats demonize corporations, greed, and the right-wing rabble. Both candidates were selling the public a storyline that had nothing to do with the truth. Gas prices were going up for reasons completely unconnected to the causes these candidates were talking about. What really happened was that Wall Street had opened a new table in its casino. The new gaming table was called commodity index investing. And when it became the hottest new game in town, America suddenly got a very painful lesson in the glorious possibilities of taxation without representation. Wall Street turned gas prices into a gaming table, and when they hit a hot streak we ended up making exorbitant involuntary payments for a commodity that one simply cannot live without.

Here’s a simple definition of ideology: “A set of beliefs about the proper order of society and how it can be achieved.”8 And here’s the most basic of all ideological questions: Preserve the present order, or change it? At the French Assembly of 1789, the delegates who favored preservation sat on the right side of the chamber, while those who favored change sat on the left. The terms right and left have stood for conservatism and liberalism ever since. Political theorists since Marx had long assumed that people chose ideologies to further their self-interest. The rich and powerful want to preserve and conserve; the peasants and workers want to change things (or at least they would if their consciousness could be raised and they could see their self-interest properly, said the Marxists). But even though social class may once have been a good predictor of ideology, that link has been largely broken in modern times, when the rich go both ways (industrialists mostly right, tech billionaires mostly left) and so do the poor (rural poor mostly right, urban poor mostly left). And when political scientists looked into it, they found that self-interest does a remarkably poor job of predicting political attitudes.9 So for most of the late twentieth century, political scientists embraced blank-slate theories in which people soaked up the ideology of their parents or the TV programs they watched.10 Some political scientists even said that most people were so confused about political issues that they had no real ideology at all.11 But then came the studies of twins. In the 1980s, when scientists began analyzing large databases that allowed them to compare identical twins (who share all of their genes, plus, usually, their prenatal and childhood environments) to same-sex fraternal twins (who share half of their genes, plus their prenatal and childhood environments), they found that the identical twins were more similar on just about everything.12 And what’s more, identical twins reared in separate households (because of adoption) usually turn out to be very similar, whereas unrelated children reared together (because of adoption) rarely turn out similar to each other, or to their adoptive parents; they tend to be more similar to their genetic parents. Genes contribute, somehow, to just about every aspect of our personalities.13 We’re not just talking about IQ, mental illness, and basic personality traits such as shyness. We’re talking about the degree to which you like jazz, spicy foods, and abstract art; your likelihood of getting a divorce or dying in a car crash; your degree of religiosity, and your political orientation as an adult. Whether you end up on the right or the left of the political spectrum turns out to be just as heritable as most other traits: genetics explains between a third and a half of the variability among people on their political attitudes.14 Being raised in a liberal or conservative household accounts for much less. How can that be? How can there be a genetic basis for attitudes about nuclear power, progressive taxation, and foreign aid when these issues only emerged in the last century or two? And how can there be a genetic basis for ideology when people sometimes change their political parties as adults? To answer these questions it helps to return to the definition of innate that I gave in chapter 7. Innate does not mean unmalleable; it means organized in advance of experience. The genes guide the construction of the brain in the uterus, but that’s only the first draft, so to speak. The draft gets revised by childhood experiences. To understand the origins of ideology you have to take a developmental perspective, starting with the genes and ending with an adult voting for a particular candidate or joining a political protest. There are three major steps in the process. Step

The advantages of using account of the legal defense DUI professional According to a DUI or DWI they have very high values, and can be much more difficult, if not able to qualified lawyer in these types of services. It important to get the services of professionals who are familiar with the course of DUI criminal record because the team is almost certainly best, highest paid on the common law also working for many years in a row, and he is almost certain that the officials involved to enforce the law and choose the most effective way. The consumption can peak at promoting the method of blood flow to help ease and the minimum number of punches than likely. Even if you do not want the removal of a fence of a demo, it is deliberately allowed to produce only for the ingredients so suddenly that the interest will be at least in his imprisonment and the decision of the necessary business expense. Education Lawyer, worth DUI, because they understand the rules on the details of the DUI. Great leadership only recognizes attorneys who offer surgery that seemed to bend the lowest possible cost. Field sobriety tests are defense without success, and when the lawyer to provide classroom-oriented, to the surprise of identifying the brain decides what industry breathalyzer sobriety vote or still under investigation. Trying to fight against DUI private value, it may be impossible for the layman is that much of the Berufsrecht did. DUI lawyer can be a file with the management consultants can be used or deny the accuracy of the successful management of blood or urine witnesses. Almost always one day, you can not help learning tool. If there is a case where the amount, solid, is the legal adviser to shock and other consultants witnesses are willing to cut portions and finds out she has some tire testing and influence. Being part of the time, problems with eating problems and more experience DUI attorney in looks secrets and created. The idea that the lawyer is suddenly more than the end result of controlling historical significance of countless people do not share the court made. It very appropriate, qualified, but two at the end of every little thing that you do not agree even repentance and uses for what was happening right opportunity. It can not be argued, perhaps, costs, what seems to be one that includes many just go to the airport to record driving under the influence, but their professional experience and meetings, both issues related to diversity, Lange random taxation measures. Many people today claim that the market is in DUI cases, of course, exhausted, and are a lawyer, go to their rights in the region.

The new GST: A halfway house In spite of all the favourable features of the GST, it introduces the anomaly of having an origin-based tax on interstate trade he proposed GST would be a single levy. 1141 words From a roadblock during the UPA regime, the incessant efforts of the BJP government have finally paved way for the introduction of the goods and services tax (GST). This would, no doubt, be a major reform in the existing indirect tax system of the country. With a view to introducing the GST, Union finance minister Arun Jaitley has introduced the Constitution (122nd Amendment) Bill 2014 in Parliament. The new tax would be implemented from April 1, 2016. Both the government and the taxpayers will have enough time to understand the implications of the new tax and its administrative nuances. Unlike the 119th Amendment Bill, which lapsed with the dissolution of the previous Lok Sabha, the new Bill will hopefully see the light of the day as it takes into account the objections of the state governments regarding buoyancy of the tax and the autonomy of the states. It proposes setting up of the GST Council, which will be a joint forum of the Centre and the states. This council would function under the chairmanship of the Union finance minister with all the state finance ministers as its members. It will make recommendations to the Union and the states on the taxes, cesses and surcharges levied by the Union, the states and the local bodies, which may be subsumed in the GST; the rates including floor rates with bands of goods and services tax; any special rate or rates for a specified period to raise additional resources during any natural calamity or disaster etc. However, all the recommendations will have to be supported by not less than three-fourth of the weighted votes—the Centre having one-third votes and the states having two-third votes. Thus, no change can be implemented without the consent of both the Centre and the states. The proposed GST would be a single levy. It would aim at creating an integrated national market for goods and services by replacing the plethora of indirect taxes levied by the Centre and the states. While central taxes to be subsumed include central excise duty (CenVAT), additional excise duties, service tax, additional customs duty (CVD) and special additional duty of customs (SAD), the state taxes that fall in this category include VAT/sales tax, entertainment tax, octroi, entry tax, purchase tax and luxury tax. Therefore, all taxes on goods and services, except alcoholic liquor for human consumption, will be brought under the purview of the GST. Irrespective of whether we currently levy GST on these items or not, it is important to bring these items under the Constitution Amendment Bill because the exclusion of these items from the GST does not provide any flexibility to levy GST on these items in the future. Any change in the future would then require another Constitutional Amendment. From a futuristic approach, it is prudent not to confine the scope of the tax under the bindings of the Constitution. The Constitution should demarcate the broad areas of taxing powers as has been the case with sales tax and Union excise duty in the past. Currently, the rationale of exclusion of these commodities from the purview of the GST is solely based on revenue considerations. No other considerations of tax policy or tax administration have gone into excluding petroleum products from the purview of the GST. However, the long-term perspective of a rational tax policy for the GST shows that, at present, these taxes constitute more than half of the retail prices of motor fuel. In a scenario where motor fuel prices are deregulated, the taxation policy would have to be flexible and linked to the global crude oil prices to ensure that prices are held stable and less pressure exerted on the economy during the increasing price trends. The trend of taxation of motor fuel all over the world suggests that these items

Representation is Degradation (The Sonnet) Nationalism is but a precursor to fascism, Representation is but a precursor to corruption. Delegation is but a precursor to destitution, Law-abidance is but a precursor to degradation. Representation without accountability is just, As undemocratic as taxation without representation. Trading in one party for another is not change, But merely the re-initiation of prehistoric division. Democracy that shows no sign of nonpartisanism, Is but a petri dish of prejudice most blinding. Such a democracy stuck on representation, Is but a silent dictatorship in the making. Neither law nor party loyalty will elevate the society. All my hope, therefore, lies upon civilian responsibility.

Representation without accountability is just as undemocratic as taxation without representation.

First, reframe the purpose of taxes to help build social consensus for the kind of higher-tax, higher-returns public sector that has been a proven success in many Scandinavian countries. And remember, the verbal framing expert George Lakoff advises to choose your words wisely: don’t oppose tax relief—talk about tax justice. Likewise, the notion of public spending is often used by those who oppose it to evoke a never-ending outlay. Public investment, on the other hand, focuses on the public goods—such as high-quality schools and effective public transport—that underpin collective well-being.57 Second, end the extraordinary injustice of tax loopholes, offshore havens, profit shifting and special exemptions that allow many of the world’s richest people and largest corporations—from Amazon to Zara—to pay negligible tax in the countries in which they live and do business. At least $18.5 trillion is hidden by wealthy individuals in tax havens worldwide, representing an annual loss of more than $156 billion in tax revenue, a sum that could end extreme income poverty twice over.58 At the same time, transnational corporations shift around $660 billion of their profits each year to near-zero tax jurisdictions such as the Netherlands, Ireland, Bermuda and Luxembourg.59 The Global Alliance for Tax Justice is among those focused on tackling this, campaigning worldwide for greater corporate transparency and accountability, fair international tax rules, and progressive national tax systems.60 Third, shifting both personal and corporate taxation away from taxing income streams and towards taxing accumulated wealth—such as real estate and financial assets—will diminish the role played by a growing GDP in ensuring sufficient tax revenue. Of course progressive tax reforms such as these can quickly encounter pushback from the corporate lobby, along with claims of state incompetence and corruption. This only reinforces the importance of strong civic engagement in promoting and defending political democracies that can hold the state to account.

Consider the following example: If you have $100,000 in a CD and it grows 2%, you have a taxable event. You will have $102,000 in your account at the end of the year, but you will have to pay federal and state tax on every last bit of that 2% growth. So, $2,000 gets thrown right on top of all your other income and is taxed at your highest marginal tax rate. Assuming marginal tax rates of 30% (24% federal, 6% state), you would owe the IRS $600. So you didn’t really experience $2,000 of growth, you only experienced $1,400. Thus, your after-tax rate of return on that $100,000 is only 1.4%. This annual taxation is one of the perils of the taxable bucket.

All this unfettered taxation, of course, raises the question, “If these investments are 100% taxable, why have them at all?” The answer is liquidity. Generally speaking, it’s easy to get your hands on these investments, which means that they make for great emergency funds. Financial experts generally agree that we should have roughly six months’ worth of income in these accounts as a buffer against life’s unexpected emergencies. Having too little means that we can be forced to withdraw money from illiquid investments, incurring unwanted taxes or penalties. Having too much, on the other hand, means that we can be disproportionately affected by the rise of taxes over time. From a tax-efficiency perspective, therefore, investments in this bucket should be just the right amount: about six months’ worth of income.

unlike a corporation, real estate, intellectual property as well as stocks and bonds in a brokerage account can be transferred in and out of an LLC at their basis, thus incurring no taxation.

Be sure to have a good CPA on your team. Many traps deal with taxation, and can be avoided with proper accounting advice.

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I'm paying taxes and have a retirement account on a prostitute's salary?" Dallin just had to ask, because this was a Twilight Zone level of strange, and that was even taking into account that he'd grown fairly used to William's eccentricities.

Advocate for Progressive Taxation: Support policies that promote progressive taxation, where the wealthy pay their fair share. Engage with advocacy groups and contact your representatives to push for tax reforms that reduce inequality. Support Regulatory Frameworks: Advocate for robust regulatory frameworks that protect consumers, workers, and the environment. Join organizations that work towards strengthening regulations and hold policymakers accountable. Defend Public Services: Stand against the privatization of essential public services. Support initiatives that prioritize the public good over profit and work to ensure that services like healthcare, education, and infrastructure remain accessible to all. Promote Economic Justice: Engage in efforts to reduce economic inequality by supporting policies that increase the minimum wage, expand access to affordable healthcare, and provide opportunities for education and training. Join movements that fight for economic justice and social equity. Educate and Mobilize: Spread awareness about the risks of Project 2025’s economic policies. Host discussions, share information on social media, and participate in grassroots movements to mobilize others in the fight for a fairer economic system.

As Strauss demonstrated with inescapable lucidity many decades ago, the two nativity stories of Matthew and Luke disagree at almost every point, one exception being the location of Jesus' birth in Bethlehem. [...] Matthew assumes Jesus was born in the home of Mary and Joseph in Bethlehem, and that they only relocated to Nazareth in Galilee after taking off for Egypt to avoid Herod the Great's persecution. Luke knows nothing of this but instead presupposes that Mary and Joseph lived in Galilee and "happened" to be in Bethlehem when the hour struck for Jesus' birth because the Holy Couple had to be there to register for a Roman taxation census. [...] For the moment, my point is to suggest that Luke and Matthew both seem to have been winging it, just as they did with their genealogies. They began with an assumption and tried to connect the dots. This time, their common assumption was that Jesus was born in Bethlehem. Whence this assumption? Was there historical memory that Jesus was born there? Hardly; if there had been, we cannot account for Mark's utter lack of knowledge of the fact. No, it seems much more natural, much less contrived, to suggest that Matthew and Luke alike simply inferred from their belief in Jesus' Davidic lineage that he must have been born in Bethlehem. [...] Matthew and Luke both placed the birth of Jesus in Bethlehem because they mistakenly thought prophecy demanded it. They went to work trying to connect the dots with narrative or historical verisimilitude, but with limited success.

The account book compiled to establish the value of lands for royal taxation could be challenged no more than Judgment Day itself, and was named in the twelfth century as the Domesday Book.

We expect the cybereconomy to evolve through several stages. 1. The most primitive manifestations of the Information Age involve the Net simply as an information medium to facilitate what are otherwise ordinary industrial-era transactions. At this point, the Net is no more than an exotic delivery system for catalogues. Virtual Vineyards, for example, one of the first cybermerchants, simply sells wine from a page on the World Wide Web. Such transactions are not yet directly subversive of the old institutions. They employ industrial currency, and take place within identifiable jurisdictions. These uses of the Internet have little such megapolitical impact. 2. An intermediate stage of Internet commerce will employ information technology in ways that would have been impossible in the industrial era, such as in long-distance accounting or medical diagnosis. More examples of these new applications of advanced computational power are spelled out below. The second stage of Net commerce will still function within the old institutional framework, employing national currencies and submitting to the jurisdiction of nation-states. The merchants who employ the Net for sales will not yet employ it to bank their profits, only to earn revenues. These profits made on Internet transactions will still be subject to taxation. 3. A more advanced stage will mark the transition to true cybercommerce. Not only will transactions occur over the Net, but they will migrate outside the jurisdiction of nation-states. Payment will be rendered in cybercurrency. Profits will be booked in cyberbanks. Investments will be made in cyberbrokerages. Many transactions will not be subject to taxation. At this stage, cybercommerce will begin to have significant megapolitical consequences of the kind we have already outlined. The powers of governments over traditional areas of the economy will be transformed by the new logic of the Net. Extraterritorial regulatory power will collapse. Jurisdictions will devolve. The structure of firms will change, and so will the nature of work and employment.

the drawing up of false accounts by capitalist enterprises coupled with the corruption of state officials makes it possible for monopolists to conceal the real amount of their profits and to evade payment of a considerable part of taxes. That which they must pay, they recover from the mass of people by various means (for instance, by increasing prices, rents, etc.). Finally the mechanism of taxation is used also for the extraction of a considerable part of the profits of the small and medium capitalists

A PPF account generates interest as income. The

know certain cases where interest on the PPF account is not paid to NRIs for the very same reason.

Interest on the PPF account is exempt from income tax in India. Not only does an investment in a PPF account give the highest tax free income to residents, it is also allowed as a deduction u/s. 80C of the income tax act, thereby reducing the taxable income. Thus,

simultaneously by investing Rs. 150,000 in a PPF account, thereby significantly increasing the return on investment.

NRE, FCNR, NRO or inward remittances, the amount can only be credited to the NRO account. The company may accept deposits under a private arrangement or public deposit scheme. A non-banking finance company (NBFC) is required to get registered with RBI and follow the RBI guidelines. Any firm or company accepting deposits are not allowed to use the funds for agricultural/plantation activities, real estate business or investing in other concerns engaged in these activities. Also, the funds cannot be used for re-lending (except NBFC) or repatriated outside India.

Loans NRIs can give loans to resident Indians on a repatriable or non-repatriable basis. NRIs can also receive loans from residents. Loan from NRIs in foreign currency or on a repatriable basis A resident Indian can borrow up to US dollars 250,000 from NRI close relatives on a repatriation basis i.e. on repayment, the NRI can credit the funds in an NRE account and take this money back without any restrictions. The NRI should be a close relative of the borrower. Please check ‘Who is your relative’ for details. The amount of loan should be received by an inward remittance or by debit to the NRE/FCNR account. The loan should be a minimum of 1 year and without any interest. The funds cannot be used for agricultural/plantation/real estate business or for relending. Income: As the loan should be interest-free, no income can be generated. Taxability: As there is no income, there is no tax. Loan from NRIs in Indian rupees or on a non-repatriable basis A resident, not being a company incorporated in India, may borrow in rupees from an NRI on a non- repatriation basis. The period of loan should be 3 years or less and the rate of interest should not exceed 2% over the prevailing bank rate at the time of the loan. The loan has to be utilized for meeting the borrower’s personal requirement or for his business purposes. The funds cannot be used for agricultural/plantation/real estate business or for relending or for investment in shares, securities or immovable property. For example, Ms. Isumati has given an unsecured loan to her father’s firm earning 15% interest. If she goes to the UK for further studies and becomes an NRI, while she may continue with the loan, RBI rules would apply. The funds cannot be used for real estate business and if the bank rate is 10%, she cannot be paid more than 12% interest on her loan. Her father would also need to deduct TDS @ 30.9% on the interest. Income: Income from loans given to residents is interest. Taxability: The interest income on loans given is taxable for NRIs. Loans to NRIs NRIs are allowed to borrow from a bank/authorized

Ms. Neha has a commodity trading account in India. If she goes to Australia and becomes an NRI, she is not allowed to invest in commodities. She must stop trading in commodities and close the account.

FBAR requires filing of form TD 90-22.1 by June 30 of the next year with the Department of Treasury reporting all your foreign financial accounts and no extension is allowed. The penalty for non-submission of FBAR is severe - 50% of balance or $100,000, whichever is higher and criminal prosecution. However, it failed to increase awareness and/or compliance.

Both the banks paid huge fines, promised not to solicit US residents’ investments abroad AND declared information about the account holders to the IRS. The

For transferring funds out of an NRE account, there is no limit, conditions or restrictions and the transfer can be completed very easily by submitting a request form.

Deductors and Tax Payers are required to register on TRACES to create their account and view functionalities enabled for each user. TRACES

Also, the Tax Deduction Account Number (TAN) of the payer is required for deducting, depositing and paying TDS to the government.

If you still have NRO deposits, inquire why your advisor or the bank relationship manager did not tell you about the transfer to NRE account, seek proper guidance and immediately initiate the steps to transfer funds from NRO to NRE.

For example, if Mr. Ashwin from Hong Kong transfers $100,000 to India and credits his NRE bank account in India, he has remitted the funds. Later, if he transfers the same funds back to Hong Kong, he is said to have repatriated the funds.

US person is to disclose all the foreign financial accounts and related incomes, revise all previous years’ tax returns, pay tax, interest, penalty as well as pay the FBAR penalty based on the highest balance in the foreign financial accounts. While

Manmohan Singh’s lost opportunity The anti-corruption agitations of 2011 provided a wonderful opportunity for the prime minister and his government to start the process of purging the system of corruption and retrieving black money illegally stashed away in foreign banks. The government had two options to get our money back. The first, to behave like a responsible, honourable and strong nation and demonstrate political will to fight corruption using the ample machinery available through international and bilateral legal instruments, the Tax Information Exchange Treaties (TIEAs), Double Taxation Avoidance Agreements (DTAAs) and the Organisation for Economic Co-operation and Development (OECD) automatic exchange route. The Swiss have volunteered cooperation; and India can follow the example of the US and UK, and get India’s stolen money back to the country. Or, the government can take the other option and behave like a banana republic and a failed state, plunder capital from their own country through a UPA-sponsored version of imperialism, perpetuate poverty and backwardness by denying the people of this country their rightful development dividend while repeatedly rewarding and incentivizing the looters with amnesty schemes. Mr Singh’s government has continuously concealed information on black money by fooling the people of our country, shielding the corrupt and guilty who have illegal bank accounts in foreign banks, and by creating obstacles for any progress in the matter instead of taking proactive measures to obtain the information from the foreign governments concerned. Prime Minister Manmohan Singh could have chosen the former option and gone down in history as a great patriot and leader of our country, a pioneer against corruption. But sadly, he has lost the opportunity and chosen such, that history will remember him as having presided over the greatest frauds practised on this poor and gullible nation.

While the administration is the expending agency of governmental resources, audit is merely the validation agency providing comfort not only to the government but also to the common man that the money extracted from him (as taxation) has been efficiently spent.

The variables which were apt for management by central authorities were interest rates and taxation, which he proposed that governments should adjust in order to stimulate investment and to seek full employment. However, he said little of emergency public works, and nothing about fiscal methods of demand management. He did not recommend increasing the government’s current expenditure by running a budget deficit to meet a deficiency of demand. He gave no encouragement to profligate finance ministers. He urged that additional government expenditure should be on capital account and financed from a separate capital budget while so far as possible the regular budget should be kept in balance. He suggested that full employment might be maintained by redistribution of income. If wealth was more equitably dispersed in the population, effective demand would be stimulated and would thus help capital growth. As the scarcity of capital diminished, investors would be rewarded less. He never believed that state planning would eliminate economic instability. He saw national economies as inherently wobbling: they were susceptible to rational management, but with irrational elements.73

Someone steered them to Myron Sugarman, a San Francisco attorney who specializes in estate and taxation issues. “Myron has got clients who are worth far more than me,” Fiddler says. “He’s seen this movie over and over again.” Sugarman led the couple to the conclusion that help would be essential. You don’t just stick this kind of money in your savings account. “I realized there was going to be a lot of work involved in managing this that I had no interest in and no aptitude for,” Fiddler says. “It’s real work.” The Fiddlers needed an entourage. Enter Dennis Covington, the founder of a boutique wealth firm called Ohana Advisors.

This breadth of constitutional law in barring extralegal legislation is revealing about more than the past. The reader will have to wait patiently until chapter 7 for details of the current regime of extralegal lawmaking, but the significance of the history can already be anticipated. In an era of administrative legislation, it often is assumed that when the U.S. Constitution grants legislative power to Congress, it does not bar the executive from issuing binding rules, making interpretations, or setting taxes—as long as the executive has legislative authorization or at least acquiescence. The history of constitutional law, however, reveals that constitutions developed to bar all extralegal lawmaking—the point being to confine government to ruling through the law. Thus, administrative legislation—whether by proclamation, rulemaking, interpretation, or taxation—is not a novel form of lawmaking, and it cannot, on account of its alleged novelty, escape constitutional restrictions. On the contrary, it is a return to the extralegal legislation that constitutions were established to prohibit.

While the payment in foreign currency can be credited in an EEFC account, it should be converted into INR on or before the last day of the next month after adjusting for approved purposes and forward commitments.

The maximum deposit (investment) a person can make in the PPF account is regulated and is recently increased from Rs.100,000 in 2013-14 to Rs. 150,000 from financial year 2014-15.

Sec. Particulars Amount 80C Tax saving investments1 Maximum up to Rs. 1,50,000 (from FY 2014-15) 80D Medical insurance premium-self, family Individual: Rs. 15,000 Senior Citizen: Rs. 20,000 Preventive Health Check-up Rs. 5,000 80E Interest on Loan for Higher Education Interest amount (8 years) 80EE Deduction of Interest of Housing Loan2 Up to Rs.1,00,000 total 80G Charitable Donation 100%/ 50% of donation or 10% of adjusted total income, whichever is less 80GGC Donation to political parties Any sum contributed (Other than Cash) 80TTA Interest on savings account Rs. 10,000 1              Tax saving investments includes life insurance premium including ULIPs, PPF, 5 year tax saving FD, tuition fees, repayment of housing loan, mutual fund (ELSS) (Sec. 80CCB), NSC, employee provident fund, pension fund (Sec. 80CCC) or pension scheme (Sec. 80CCD), etc. NRIs are not allowed to invest in certain investments, such as PPF, NSC, 5 year bank FD, etc. 2              Only to the first time buyer of a self-occupied residential flat costing less than Rs. 40 lakhs and loan amount of less than 25 lakhs sanctioned in financial year 2013-14 Clubbing of other’s income Generally, the taxpayer is taxed on his own income. However, in certain cases, he may have to pay tax on another person’s income.  Taxpayers in the higher tax bracket (e.g. 30%) may divert some portion

also advisable to keep two separate accounts for the husband and wife, not to make internal transfers and invest in the name of the person whose funds are used for investments.

for an individual/HUF having income as a proprietor or a working partner from a business or profession whose accounts are required to be audited, the due date of filing the return is September 30.

Any profit on the sale of these properties can only be credited to an NRO account and can be remitted abroad up to the overall ceiling of US$ 1 million per financial year. The

Mr. Bhagwat, an NRI from France, bought a residential property in 2009-10 for Rs. 10,000,000 out of NRE account. If he sells the property in 2013-14 for Rs. 17,500,000, he is allowed to credit Rs. 10,000,000 to an NRE account up to a maximum of 2 properties. The gain amount of Rs. 7,500,000 will be credited to the NRO account and only after payment of the long term capital gain tax he may remit the funds abroad or transfer it to an NRE account.

Mr. Vishal, an NRI from Malaysia, booked a residential property in India. However, he decided to cancel the booking for any reasons, such as he found another property,  he is not satisfied with the construction progress, decided not to invest in India or for any other reason. If he has paid for the booking amount and any installments from his NRE account, he can credit the refund amount to the NRE account.

NRIs are not allowed to open a PPF account or renew an existing account after maturity. However,

However, if a PPF account was opened or extended while the investor was a resident, he may continue maintaining the account until maturity but no further. On maturity,

Interest on NRE and FCNR deposits are exempt from income tax in India. However, while explanation 2 of section 10 (15)(iv) mentions that “interest” includes hedging transaction charges on account of currency fluctuation, taxation of gain due to entering into forward contract may not be straight forward.

The interest rate on RFC and FCNR deposits for corresponding currency and maturity are usually the same. While the minimum term of an FCNR deposit is 1 year, there is no such limitation for RFC deposits. An account holder can open an RFC deposit for one month or even less.

The five major sources of income which are exempt for NRIs are: Proceeds from Life Insurance Policy - provided the policy complies with the exemption criteria/conditions Dividend from a domestic company or mutual fund scheme - provided the company or mutual fund scheme has paid the Dividend Distribution Tax (DDT), if applicable Interest on an NRE account – provided the NRE account is maintained as per the FEMA rules Interest on FCNR or RFC accounts – provided the account owner is a non-resident or RBNOR under the Income Tax Act Long Term Capital Gain on equity and equity based mutual fund – provided the Security Transaction Tax (STT) has been paid

Now, if the same SBI bank’s 5 year FD in INR in NRE account yields 9% p.a., it is due to the currency risk only. It

Investment managers cannot invest in any security that is against its investment objective. While the investment could result in a loss, every rupee is accounted for. An

University of California professor Emmanuel Saez, Thomas Piketty of the Paris School of Economics, and Stefanie Stantcheva of the MIT Department of Economics, carefully taking into account the incentive effects of higher taxation and the societal benefits of reducing inequality, have estimated that the tax rate at the top should be around 70 percent—what it was before President Reagan started his campaign for the rich.68 But

U.S. Appeals Court Judge Learned Hand once observed, “There are two systems of taxation in our country—one for the informed and one for the uninformed.” I agree. When it comes to taxes, there are two kinds of people: consumers and investors. One group avoids planning for taxes, and the other plans for avoiding taxes. One sees doing their taxes as a painful chore that costs them money, and the other views their tax work as a necessary task that saves them money. Consumers think of tax refunds as found money they didn’t have. Investors see tax refunds as evidence of money they overpaid. When you connect tax work to the money you save versus the money you pay, thinking about and working on your taxes cease being so painful. It’s still work, but it doesn’t have to be your work. Accountants will do it for you, because they’re the only ones who think tax work is fun. In

Chasing tax cheats using normal procedures was not an option. It would take decades just to identify anything like the majority of them and centuries to prosecute them successfully; the more we caught, the more clogged up the judicial system would become. We needed a different approach. Once Danis was on board a couple of days later, together we thought of one: we would extract historical and real-time data from the banks on all transfers taking place within Greece as well as in and out of the country and commission software to compare the money flows associated with each tax file number with the tax returns of that same file number. The algorithm would be designed to flag up any instance where declared income seemed to be substantially lower than actual income. Having identified the most likely offenders in this way, we would make them an offer they could not refuse. The plan was to convene a press conference at which I would make it clear that anyone caught by the new system would be subject to 45 per cent tax, large penalties on 100 per cent of their undeclared income and criminal prosecution. But as our government sought to establish a new relationship of trust between state and citizenry, there would be an opportunity to make amends anonymously and at minimum cost. I would announce that for the next fortnight a new portal would be open on the ministry’s website on which anyone could register any previously undeclared income for the period 2000–14. Only 15 per cent of this sum would be required in tax arrears, payable via web banking or debit card. In return for payment, the taxpayer would receive an electronic receipt guaranteeing immunity from prosecution for previous non-disclosure.17 Alongside this I resolved to propose a simple deal to the finance minister of Switzerland, where so many of Greece’s tax cheats kept their untaxed money.18 In a rare example of the raw power of the European Union being used as a force for good, Switzerland had recently been forced to disclose all banking information pertaining to EU citizens by 2017. Naturally, the Swiss feared that large EU-domiciled depositors who did not want their bank balances to be reported to their country’s tax authorities might shift their money before the revelation deadline to some other jurisdiction, such as the Cayman Islands, Singapore or Panama. My proposals were thus very much in the Swiss finance minister’s interests: a 15 per cent tax rate was a relatively small price to pay for legalizing a stash and allowing it to remain in safe, conveniently located Switzerland. I would pass a law through Greece’s parliament that would allow for the taxation of money in Swiss bank accounts at this exceptionally low rate, and in return the Swiss finance minister would require all his country’s banks to send their Greek customers a friendly letter informing them that, unless they produced the electronic receipt and immunity certificate provided by my ministry’s web page, their bank account would be closed within weeks. To my great surprise and delight, my Swiss counterpart agreed to the proposal.19

When he puts it like this, it sounds surprisingly sensible. Danes have a collective sense of responsibility – of belonging, even. They pay into the system because they believe it to be worthwhile. The insanely high taxation also has some happy side effects. It means that Denmark has the lowest income inequality among all the OECD countries, so the difference in take-home wages between, for instance, Lego’s CEO and its lowliest cleaner, isn’t as vast as it might be elsewhere. Studies show that people who live in neighbourhoods where most people earn about the same amount are happier, according to research from San Francisco State University and the University of California Berkeley. In Denmark, even people working in wildly different fields will probably have a similar amount left in the bank each month after tax. I’m interested in the idea that income equality makes for better neighbours and want to put it to the test. But since I live in what is essentially a retirement village, where no one apart from Friendly Neighbour works, there isn’t much of an opportunity in Sticksville. So I ask Helena C about hers. She tells me that the street she lives in is populated by shop assistants, supermarket workers, accountants, lawyers, marketers and a landscape gardener. ‘Everyone has a nice home and a good quality of life,’ she says, ‘it doesn’t matter so much what you do for work here.’ Regardless of their various careers and the earning potential that this might afford them in other countries with lower taxes, professionals and non-professionals live harmoniously side by side in Denmark. This also makes social mobility easier, according to studies from The Equality Trust on the impact of income equality. So you’re more likely to be able to get on in life, get educated and get a good job, regardless of who your parents are and what they do in Denmark than anywhere else. It turns out that it’s easier to live ‘The American Dream’ here than it’s ever likely to be in the US.

What Is CA - A Chartered Accountant (CA) is a highly respected professional in the fields of accounting, finance, and business. Chartered Accountants are equipped with comprehensive knowledge and skills, making them essential for the financial health and growth of businesses, governments, and individuals. Their expertise spans a broad range of services, including financial reporting, auditing, taxation, management accounting, and advisory services. The designation of Chartered Accountant signifies a commitment to the highest standards of professionalism, ethics, and continuous learning.