Income tax

Can the state really afford an income tax cut? | Columnists

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Annual profits

Majority of listed SOEs post annual profits

About 61% of listed public sector companies posted profits while the rest were in the red over the past fiscal year. The Bangladesh Shipping Corporation topped the list with a 213% increase in profit, driven mainly by soaring freight rates. But the Power Grid Company of Bangladesh (PGCB) Ltd – the country’s only public power […]

Income tax

Income Tax Department detects Rs 1300 cr of black money after raids in Karnataka

The Income Tax (IT) department said on Thursday that it had detected unrecorded income of Rs 1,300 crore after raids in Karnataka. The department conducted search operations on October 20, 2022 and November 2 on certain individuals who had signed Joint Development Agreements (JDAs) with various property developers. The raids covered more than 50 premises […]

Income tax

Employee tax return: 5 common problems and their solutions explained

Filing of income tax return (ITR) is a must for salaried employees with an annual income above Rs 2.5 lakh. The income tax rules contain several provisions through which employees can reduce their overall tax expenditures. However, we see that many employees do not take full advantage of these tax-saving measures. This article explains five […]

Foreign investments

Avoid Penalties for Failing to Disclose Foreign Investments When Filing an ITR

Indian investors invested in US equities to maintain diversification of their portfolios across geographies. These investors should be aware of tax laws when investing overseas. As an Indian taxpayer, it is important not only to pay taxes on gains and dividends earned, but also to properly disclose foreign investments. Taxpayers may end up paying a […]

Income tax

Common income tax return form (RTI): will the CBDT proposal simplify the work of taxpayers?

Income tax declaration: In order to facilitate the task of taxpayers, the Central Direct Tax Board (DBDT) has proposed an income declaration form (RTI) common to all taxpayers. The CBDT proposed to merge all ITR forms except Form-7. Currently, taxpayers are required to file their tax returns in ITR-1 to ITR-7 depending on the type […]

Income tax

Massachusetts Voters Approve ‘Millionaire Tax’ as Californians Reject High Income Tax Hike

In the 2022 midterm elections, voters in Massachusetts approved the first question, a … [+] amendment that will create a new tax rate of 9% applicable to income over $1 million. Getty In the 2022 midterm elections, Californians, like those in Massachusetts, voted to give Democrats control of their state’s government. Yet these two left-leaning […]

Annual profits

Primark bolsters AB Foods as annual profits soar

Related British Foods reported an increase in full-year sales and profits on Tuesday, despite soaring input cost inflation, after a stellar performance by its economy fashion brand Primark. Group revenue for the year to September 17 rose 22% in constant and real currency to £17bn, while adjusted operating profit rose 42% to £1.44bn . Pre-tax […]

Income tax

Husband, wife, brother arrested after preparing false tax returns for clients – FOX13 News Memphis

MEMPHIS, Tenn. — A husband, wife and brother are convicted after preparing false tax returns for clients and themselves, according to court documents. Robert L. Pryor, 46, Elaine Pryor, 43, and Joshua L. Pryor, 44, were convicted of preparing and filing false tax returns under the business name Better Dayz Tax Services, LLC, according to […]

Corporate profits

As prices of essential goods soar, corporate profits rise

As complex factors ranging from inflation to the Russian invasion of Ukraine drove up the cost of raw materials, companies in the food, energy, healthcare and real estate sectors increased their prices far beyond covering their own increased costs, according to a new report analyzing business earnings from Accountable.US. Rising prices for consumer staples have […]

Income tax

Undeclared work for additional income? Know the income tax rules

Major IT companies like Wipro, Infosys and TCS have recently raised concerns about moonlighting. The debate around moonlighting has been making headlines in the IT industry ever since Wipro chairman Rishad Premji flagged the issue on Twitter, calling it “cheating”. Moonlighting has experienced a surge following the covid-19 pandemic. What is moonlight Simply put, in […]

Corporate profits

This chart shows where more and more corporate profits are going: tax havens

Unpublished analysis released on Thursday shows how the amount of corporate profits diverted to tax havens has skyrocketed in recent years, with nearly $1 trillion in global profits being stored in places where corporate giants have not to pay taxes. The United Nations University World Institute for Development Economics Research (UNU-WIDER) studied corporate profits and […]

Income tax

EXCLUSIVE: After GST, income tax probes online gambling companies

The net is closing in on offshore online gaming platforms that could escape the long arms of the Indian tax authorities. Sources told Business Today TV that the Central Board of Direct Taxes (CBDT) is consolidating its plans to tackle the issue. “We have observed that many offshore applications generate huge business, but the corresponding […]

Income tax

Elimination of income tax sparks more debate in Louisiana

Texas, Florida and Tennessee — states with no personal income taxes and strong economies — are attracting the attention of Louisiana lawmakers who are considering whether they should follow suit. At a meeting of the House Ways and Means Committee in September, lawmakers began studying Louisiana taxes as part of a House resolution passed earlier […]