By Rakesh Nangia & Rahul Jain There has been tremendous growth in the number of foreign enterprises which work on short-term projects in India. As per the prevailing tax deducted at source (TDS) provisions, their entire income is subject to TDS at the applicable rates which fully covers their Indian tax liability. The question then arises as to whether filing of a tax return is necessary in India. Enterprises not well versed with the Indian tax laws generally believe (on the basis of their experience in other countries) that once income has been subjected to TDS, there should be no requirement to file a tax return in India. The concerns raised are not without reason. Filing of a tax return in India involves compliance fee to be paid to the tax consultant while the possibility of an audit by the tax authorities is omnipresent once a return is filed. While there was previously a sound legal basis which enabled one to take an aggressive position that filing of a tax return is not … [Read more...] about Paid TDS? Now don’t forget to file your income tax return
Amending prior year tax returns
On Dec. 19, 2017, President Rodrigo R. Duterte signed into law Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) Act. In a speech made after the signing, the President said the TRAIN Act “is the administration’s biggest Christmas gift to the Filipino people, as 99% of the taxpayers will benefit from the simpler, fairer and more effective tax system.” One of the things that the TRAIN law sought to simplify and update is the imposition of interest on unpaid tax liabilities. Prior to the TRAIN Act, the interest penalty rate was at 20% per annum on any amount of unpaid tax. Now, Section 249 of the National Internal Revenue Code (NIRC), as amended by the TRAIN Act, provides that the interest rate to be assessed and collected on any unpaid amount of tax shall be “double the legal interest rate for loans or forbearance of any money in the absence of an express stipulation as set by the Bangko Sentral ng Pilipinas.” The legal … [Read more...] about Clarifying the cost of filing an amended tax return
Get assistance amending your prior year taxes or submit this year’s taxes even after the deadline. By Kathya Anguiano The Volunteer Income Tax Assistance Program (VITA) is an IRS-sponsored program for people with income $60,000 or less to get their taxes done for free. For tax year 2016, the VITA volunteers prepared more than 31,000 tax returns, resulting in more than $59 million in tax refunds. Tax returns are prepared by trained and certified volunteers. These volunteers undergo at least 20 hours of training and must pass an exam facilitated or overseen by the IRS before they are allowed to prepare and submit a tax return, office manager Eva Avitia said. Each spring, they have 20 temporary sites of what they call ‘mobile teams’ located throughout San Antonio and Bexar County. Anybody can request a mobile team on site, from churches to high schools to malls, Avitia said. The department hosting the event will receive flyers and a website link where guests can RSVP. … [Read more...] about It’s not too late to file your taxes.
Share This Story! Let friends in your social network know what you are reading about Facebook Email Twitter Google+ LinkedIn Pinterest Tax day 2018: Five things to know about filing federal taxes on deadline When is tax day 2018? A weekend and a holiday pushed the deadline to Tuesday. Here are 5 things to know about filing federal income tax returns. Sent! A link has been sent to your friend's email address. Posted! A link has been posted to your Facebook feed. Join the Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Subscribe Today Log In Subscribed, but don't have a login? Activate your digital access. Ron Maxey, USA TODAY NETWORK - Tennessee Published 9:23 a.m. CT April 16, 2018 | Updated 10:54 a.m. CT April 16, 2018 CLOSE Simply Money Advisors discuss last minute tips for filing taxes. CONNECT TWEET LINKEDIN COMMENT EMAIL MORE Time is drawing … [Read more...] about Tax day 2018: Five things to know about filing federal taxes on deadline
Democracy Dies in Darkness Sections Home Subscribe Try 1 month for $1 Username Sign In Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Subscribe Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Accessibility for screenreader PostEverything Perspective Perspective Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events by Daniel Hemel and David Herzig by Daniel Hemel and David Herzig April 16 at 6:00 AM Follow danieljhemel Follow @professortax About the authors Daniel Hemel is an assistant professor at the University of Chicago Law School.David Herzig is the Michael and Dianne Swygert Research Fellow at Valparaiso University School of Law. Scott Pruitt could be in tax trouble on top of his ethical and political problems. The embattled administrator of … [Read more...] about Scott Pruitt’s travel could leave him with a big tax bill