tax

Capital gains tax rules on Property changed from July 23, 2024. Long-term gains now face a 12.5% tax without indexation, a shift from the previous 20% with indexation. However, those who bought property before this date can choose the old or new system. Exemptions under Sections 54, 54F, and 54EC remain available.

IT Rajasthan launches awareness campaign to enrich stakeholders on New Income tax Act

tax Experts Flag 12.5% LTCG On Gold Exchange

Jeff Bezos stated that doubling his taxes wouldn't significantly help a Queens teacher, sparking a retort from NYC Mayor Zohran Mamdani. Bezos proposed eliminating federal income tax for lower earners, arguing "zero is a better number than $1." He also criticized New York City's spending, not its billionaires, as the core issue.

…but the taxman does. Here’s how the income tax department is using data-driven nudges — not raids — to get taxpayers to come clean

Purchasing a second home involves significant tax considerations beyond the initial purchase price. Stamp duty, registration fees, and GST are upfront costs. Income tax implications vary based on whether the property is self-occupied, vacant, or rented out, with different deduction rules under old and new tax regimes. Understanding these nuances is crucial for financial planning.

Mumbai ITAT grants capital gains tax relief to a taxpayer who filed his Income tax Return late. The tribunal ruled that reinvesting gains into a new property before a belated return fulfills Section 54 requirements, even without depositing funds in the Capital Gains Account Scheme.

Karnataka police have arrested two software engineers for operating a fake call center that defrauded US citizens of Rs 40 crore. The duo, posing as QuickBooks technical support, offered tax advice and services, tricking victims into transferring money. Investigations revealed the use of fake notices and shell companies to facilitate the fraud.

In a significant ruling, a Spanish court has mandated a £48 million reimbursement to global sensation Shakira, clearing her of allegations of tax fraud dating back to 2011. The court concluded that the tax authorities did not provide sufficient evidence to establish her residency status during that time.

California Governor Gavin Newsom has proposed expanding the state's sales tax to include digital prewritten software, aiming for parity with physical software sales. This move could impact software and SaaS companies, drawing comparisons to digital services taxes in other countries. The proposal, if approved, is projected to generate significant revenue for the state.

Investment adviser Barrett Linburg proposed a tax strategy for Elon Musk to defer gains from potential SpaceX share sales post-IPO. The plan involves reinvesting profits into a Qualified Opportunity Fund to build infrastructure at Starbase or finance the Terafab site, potentially deferring taxes until 2032 and eliminating future appreciation taxes.

Google co-founder Sergey Brin is investing heavily in San Francisco local politics, contributing $500,000 to oppose the "Overpaid CEO tax" (Measure D). He is also backing a competing business-friendly proposal, as he wages a personal campaign against wealth redistribution laws, citing his family's experience with socialism.

Shakira has been cleared by a Spanish court in a tax fraud case, with over 55 million euros in fines ordered to be returned. The court found insufficient proof of her residency in Spain for the 2011 tax year, stating she did not spend the required 183 days.

You Are Paying Over Rs 20,000 A Year In State Petrol taxes

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