New York City’s personal income tax only applies to residents of the city. This means that if you don’t live in New York City, you’re not responsible for paying the city’s income tax. However, there are a few exceptions to this rule, and you may be required to file a return if you earned income … Read more
** Taxation of Public Enterprises ** State-owned companies (also known as public enterprises) play a significant role in many economies. These companies are owned and controlled by the government, and they operate in various sectors, including energy, transportation, telecommunications, and financial services. The question of whether state-owned companies should pay taxes has been a subject … Read more
London has a large fleet of black cabs, which are iconic symbols of the city. The number of taxis operating in London is not fixed, as it can fluctuate based on factors such as demand, traffic conditions, and the availability of drivers. However, estimates suggest that there are approximately 25,000 licensed black cabs in London, … Read more
**Tax Liability of Instagram Influencers** The increasing prominence of social media has given rise to a new breed of content creators known as “Instagram Influencers,” individuals who leverage their extensive followings to promote products or services. However, the financial implications of their activities have come under scrutiny, particularly regarding their tax obligations. **Income Sources and … Read more
Mutual funds can provide tax-free benefits under certain conditions. Equity-linked savings schemes (ELSS) are a type of mutual fund that offer tax benefits under Section 80C of the Income Tax Act. Investments in ELSS up to a specified limit can be claimed as a deduction from taxable income, reducing taxable income and potentially lowering taxes. … Read more
Taxable damages refer to compensation received for injuries resulting in a loss of income or property. These damages are subject to income tax, unlike non-taxable damages that cover physical pain, emotional distress, and other non-monetary losses. Taxable damages include back pay and future earnings, lost business profits, and property damages that exceed the cost of … Read more
Are Seta Grants Taxable? No, Seta Grants are not taxable. They are exempt from income tax under the Income Tax Act. This means that you do not have to pay any taxes on the money you receive from a Seta Grant. Seta Grants are intended to help businesses with their training and development needs, so … Read more
When making charitable donations, it’s crucial to understand what tax deductibility entails. Tax-deductible contributions mean you can reduce your taxable income by the amount you donate to qualified organizations. However, deductions are not the same as tax credits. Deductions lower your taxable income, while tax credits directly reduce your tax liability. Whether your donation is … Read more
When a business disposes of an asset, such as equipment or inventory, it may be able to claim a tax deduction for the loss incurred. This deduction is equal to the difference between the asset’s cost or other basis and the proceeds of the sale. However, if the asset is sold for more than its … Read more
To calculate the percentage of taxes taken out of your paycheck, you need to examine your pay stub. Look for the section that shows your gross pay, which is the total amount of money you earned before taxes. Then, identify the section that shows your net pay, which is the amount of money you receive … Read more