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0

Capital Gains and Registration Department are two different entities, they do pass information between each other (especially to the IT department), but by and large they are not bothered about the registered value at all. However these are the points to be considered prior to calculating Capital Gains The income tax department publishes an indexation ...


2

For some reason this can result in either the flow through income being UNTAXED or the flow through income being taxed as a capital gains. Either way this allows a lower tax rate for LLC profits. I'm not sure that correct. I know it has something to do with capital accounts. This is incorrect. As to capital accounts - these are accounts ...


4

In most cases the rent paid by the company would be include as part of your salary for tax purposes, so your income would still be seen as $5000 per month.


2

There's nothing illegal in hiring your friends to manage your property or provide you services, and it is definitely deductible. There's nothing specific to reference here, this is a standard deduction for a landlord just as any. I mentioned 1099 in the comments - if the total is over $600 and your friend is not a corporation, then you should issue 1099. ...


2

Talk to a qualified accountant who is familiar with this situation! There is a US/Norwegian tax treaty - the full text in English is here. You didn't actually say but from context it appears that you are a Norwegian tax resident - under the treaty you will remain so, maybe (Article 3(2)). If you are a tax resident of another country then you will need to ...


3

Suppose that I work from home, but do not qualify for a business use of home deduction. As I understand it, this means I cannot deduct trips from home to another work location (e.g., going to a client's home or office to do work there). I do not think this is true. You cannot deduct trips to your main business location, i.e.: you cannot deduct ...


1

Situation #1: I keep playing, and eventually earn 1000 PED. I withdraw this. Will I get taxed? If so, by how much? This is probably considered an "award", so whatever your country taxes for lottery/gambling winnings would be applicable. If there's no specific taxation on this kinds of income - then it is ordinary income. Situation #2: I deposit ...


0

Unless your video does very well, it's unlikely that your income from it will exceed your expenses incurred in making it, such as the purchase prices of your computer and video camera and the cost of your broadband connection, so there shouldn't be any tax to pay.


-2

Monthly is far superior to weekly or fortnightly pay. What a lot of people don't realise is that when you are paid monthly you end up with a lot more cash in your hand every month, often hundreds of dollars more each month. Just compare a monthly amount and 4 x a weekly amount (which you are forced to live on for 10 months per year) and you will see there ...


1

From India point of view for the Financial Year 2013-2014 you salary in US for the period till 31 March 2014 is taxable in India as well. India and US had a DTAA and you can claim a relief for the tax you have paid in the US. The salary from 1st April 2014 will not be taxable in India provided you have spent more that 182 days for the FY 2014-15. The code ...


0

As the flat is not registered in your name, you cannot avail rebate on the Interest Paid. Rebate can only be claimed on self owned property.


0

Ideally it is better to give information about your other savings account. However if you are using ITR1 there is no place holder to enter the info. More importantly when you have other savings account, any interest earned or any other income should be reported.


9

First, filing status. If you and your wife are legally married, you should be filing your tax returns as married, either jointly or separately. In the US, "head of household" has a specific meaning and is for unmarried people who are supporting one or more relatives, per the IRS. If you are working full-time and your wife is not, then likely you will file a ...


1

Yes you need to pay taxes in India. Show this as other income and pay tax according to your tax bracket. Note you need to pay the taxes quarterly if the net tax payable is more than 10,000.


0

There is no tax to move your own money from one place to another.


2

There is no difference in taxation in India if you transfer every month or bulk. If you use specialized remittance services from leading Indian Banks, there would be little difference in fees. Assuming you are keeping the funds in NRE account in India and hold it in GBP, you get a slight better rate of interest that what you would get in UK. The interest ...



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