Evasion of tax occurs when an individual or business intentionally fails to pay their full tax liability. This can be done through various methods, such as underreporting income, overstating expenses, or using illegal tax loopholes. Evasion differs from tax avoidance, which involves using legal means to minimize tax liability. Tax evasion is a serious offense … Read more
Tax Liability for Seafarers Seafarers may be subject to tax depending on various factors, including their residency, income source, and the laws of the countries they visit. Here’s a breakdown of their tax liability: Residency Seafarers who are considered residents of a country are generally subject to tax on their worldwide income. Income Source Income … Read more
Amending a tax return is a process of making changes to a previously filed tax return to correct any mistakes or to include additional information. It is generally not considered to be a bad thing, as long as it is done correctly and in a timely manner. However, there are some potential drawbacks to amending … Read more
Taxi drivers provide a vital transportation service, transporting passengers to destinations in a timely and safe manner. They are responsible for navigating through complex traffic conditions, adhering to traffic laws, and providing excellent customer service. Taxi drivers must possess a driver’s license, have knowledge of the local area, and undergo training to ensure passenger safety … Read more
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