Charitable Giving Information

Posts Tagged ‘Finance’

Income Tax Planning India

Question: Do I have to declare or pay tax on my foreign business income in India ?

I plan to open my business in Hong Kong or London and will be paying business tax in respective country. i may not bring this income to India.
Do i need to declare income/details of my business in India or pay Tax in India.

Do I need to obtain any special permission form Indian government before starting business abroad.

Answer: No you do not. If Indians paid taxes to the indian government for global income, then the indian government could be therichest in the world.
However, you have to declare global employment income in India unless you are employed in a country that has double taxation agreements with India. You can ask me more questions for if you need to I am an expert in this area.

How to fill Income Tax Return Form 1 (ITR1) - Part 2

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Tax Planning Jobs

Question: GOP arguement that tax credit will solve recession- Is it correct?

I feel it is wrong with their present policy. Bush admin encouraged home ownership but followed directly opposite plan of tax credits with business done with labour abroad. The result was slowly jobs vanished in USA. If the lowering of taxes done primarily with jobs in USA, I am sure the housing problem would not have cropped up. And we would not have heard of recession now. Unless GOP chanes this policy, any amount of tax cuts will not benefit common man in USA. Finally such a situation will raise civil disorders here.

Answer: Reagan and W proposed tax cuts as the cure for everything. How did that work out?

No, tax cuts will simply enrich the already wealthy and fix nothing - in fact, if history is the guide, they end up making things worse.

EDIT: Amazing the lies that show up in this section. Clinton brought us to a surplus and we had the best years in memory. Bush never expanded the economy: he borrowed and spent. Can a family temporarily increase their standard of living by borrowing against next years income? Of course. But eventually you have to pay back what you borrowed and your standard of living crashes.

Eventually is now.

Obama's Anti Boob Job Policy - Dems tax plastic surgery

Tax Planning Magazine

Question: Chinese govt plans export tax rebate slash?

(Xinhua, Jul 24, 2006)BEIJING, July 24 — China will reduce tax rebates on exports of resource-intensive and environmentally-harmful products, officials say.
An as-yet unreleased policy is scheduled to take effect around September or October, despite strong protests from domestic companies and traders, according to Caijing magazine.

The move reflects the government’s drive to shift the nation away from low-value-added exports.

“The government wants to see a trade balance. We’re not deliberately seeking rising surpluses,” said Ministry of Commerce spokesman Chong Quan.

Introduced in 1985, tax rebates for exports have made Chinese products more competitive on the international market.

But it is now expected rebates will be cut by an average of two per cent for products such as textiles, iron and steel. Only high-tech industries will avoid the cuts their rebate is being increased.

http://www.zoomchina.com.cn/index.php?/content/view/9953/1/

Answer: You have a question here or a new post?

MONU - magazine on urbanism #7 - 2nd Rate Urbanism

Corporate Tax Planning Ideas

Question: Hugs! Is barack another jimmycarter? Why does barack want to tax oil companies & deter oil exploration?

“So what does Sen. Obama support in energy policy? Well, for starters, he supported the energy bill of 2005 — a grab bag of corporate favors that I opposed. And now he supports new taxes on energy producers. He wants a windfall profits tax on oil, to go along with the new taxes he also plans for coal and natural gas. If the plan sounds familiar, it’s because that was President Jimmy Carter’s big idea too — and a lot of good it did us.”

http://www.cnn.com/2008/POLITICS/06/17/mccain.energy/index.html

Does barack not understand Economics 101 because he’s a lawyer? Anyone will tell you taxing oil companies will deter oil exploration due to huge financial risks involved. Is barack going to dig & search for oil himself?

Answer: McCain flip-flops whenever it becomes politically expedient to change his mind. For such an environmentalist and maverick in he's party he's really turned out to be a hypocrite and a coward. It's not going to have huge longterm effects except on the environment. Even if the US drilled all over the country we'd only have 2-3% of the needed national supply.

McCain needs to stop pretending to be an environmentalist. McCain has a 0 rating while Obama has a 96 from The Conservation Society. If he was a such an environmentalist he wouldn't support offshore drilling and the gas tax holiday which would increase carbon emissions.

Drilling will only cause prices to go down about a nickel over the next decade at the best. It's not going to have huge longterm effects except on he environment. Even if the US drilled all over the country we'd only have 2-3% of the needed national supply. We can't depend on oil. We have to find alternative sources of energy.

Rogers & Kirby - Tax Planning

Tax Planning

Question: Is the government planning on taking more tax money out of our paychecks to increase revenue?

I heard that the government is plannning on doubling the amount of money that is taken out of American’s paychecks in order to increase revenue, but that we’ll get it back when our taxes are filed. Is there any truth to this or is it just a rumor?

Answer: You're talking about withholding amounts and haven't heard anything about changing those figures. You CAN, however, rest assured that you are going to have to pay more taxes because of the incredible amount of borrowing by Bush, Poulson, and McSame to pay for the "war" in Iraq (while Iraq has a huge surplus), and bailing out the rich folks in Bear Sterns, Fannie, Freddie, AIG and others that haven't squealed yet.

Small Business Owners Benefit Most from Tax Planning