Taxes

Income Streams You Need Not Pay Tax On

Income Streams You Need Not Pay Tax On

Taxes
It is the duty of every citizen to pay their taxes if they earn taxable income. However, the idea of non-taxable income is something that might intrigue you. You must understand that taxation is not always about paying taxes. It is also about knowing when you need pay them and when you need not.   Firstly, the concept of income tax bracket is applicable on every earning member of society. You do not have to pay taxes, or pay a lower tax, if your annual income falls under a certain amount. Below are the brackets you must know about. The income tax brackets for individuals below 60 years of age are: Income tax slab Tax rate Up to INR 2,50,000 No tax INR 2,50,001 to INR 5,00,000 5% on the income over INR 2,50,001 INR 5,00,001 to INR 10,00,000 INR 12,500...
Goods and Service Tax (GST)- Definition, Rate Slabs and Calculation

Goods and Service Tax (GST)- Definition, Rate Slabs and Calculation

Taxes
GST has replaced India’s older multi-tax regime, improving tax collection rates and has helped boost public spending on infrastructure and welfare programmes. Here’s how you can boost your GST compliance. For years we had a multi-taxed system in India, which levied different taxes on the same product. However, with the introduction of Good and Services Tax (GST) since July 2017, taxation got much simpler. It replaced the dozens of centre and state-levied taxes such as Value Added Tax (VAT), service tax, sales tax, entertainment tax, excise duty, custom duty etc. In this article, we’ve tried to explain the concept of GST in detail and how it will affect the taxing of various products. What is the GST? The Goods and Services Tax (GST) is a comprehensive tax levied on manufacture, sales,
The History And Overview Of Paying Federal Income Tax

The History And Overview Of Paying Federal Income Tax

Taxes
Money raised through federal income tax is used to pay a variety of programs such as benefits and services provided by the US government for the good and needs of the people. Other important services such as national defense, and federal benefit programs, including Social Security and Medicare, could not continue without the money raised by the federal income tax. While the federal income tax was not established until 1913, taxes in some form have been a part of American history since the beginning. During the years of 1791 throughout 1802, the US government was supported by internal taxes on tobacco, refined sugar, carriages, and even property was sold at auctions. The increased cost of living that took place after the War of 1812 brought about the nation’s first sales taxes on luxury
International Tax Planning In Cyprus

International Tax Planning In Cyprus

Taxes
Cyprus – a well known country not just because of its beautiful scenery and people, but also because of its wonderful business allure. For businessmen looking to build or expand their company internationally, Cyprus is one of the top places to go to. Now, you may be wondering just what makes Cyprus a great place for businessmen trying to make it on the international scene. The answer is simply two words – tax planning. Tax planning is one of the main things that attracts companies to doing business Cyprus.  For businesses large and small taxes are always an issue that needs to be addressed. This is because taxes, more often than not, take quite a sizable chunk out of any revenue that a business generates. With Cyprus tax planning you can save thousands or even millions of dollars eve
Get You Frozen Account Released With The Assistance Of A Tax Professional

Get You Frozen Account Released With The Assistance Of A Tax Professional

Taxes
An Internal Revenue Service (IRS) bank account levy is one of the toughest collection methods used in order to collect taxes from the taxpayers. With a bank account levy the IRS can lawfully take hold of all of the funds in the bank account and utilize those funds to content tax debt due. This type of levy is so hard to take care of as the IRS seizes large sums of money faster than if they were to use wage garnishment or physical asset seizure. That is why it is really important to act promptly when you know you have received an IRS bank account levy. When the IRS levies your bank account, it can be a frustrating period. Most taxpayers do not know the suitable actions they need to take to get the bank account levy released. The IRS tax code is extremely complex, which can make it almost...
A glance at The BR Non Cum Taxes Code

A glance at The BR Non Cum Taxes Code

Taxes
Tax codes are generally a combination associated with numbers as well as letters which are sent in order to employees so the employers can understand how to calculate the actual tax for him or her. It offers some excellent information and from this, you may tell the advantages that the individual is to anticipate, and the actual tax-free allowances how the person is eligible for. In addition for this, a proper knowledge of the taxes codes may also help let you know whether somebody is seniors, and regardless of whether someone is struggling with a particular disability. Even though majority of those codes are a mix of numbers as well as letters, you will find cases where the rules are solely letters. A good just to illustrate is the actual BR NonCum taxes code. The facts About? Shoul...