Small companies with thin profit margins are allowed to suspend payments of corporate income tax from May 1 to Dec 31 this year until the first filing period in 2021, once they complete required filing procedures, according to an STA statement. … [Read more...] about China defers income tax payments for small firms, household businesses
Qualified business income tax reform
Democratic leaders and Indian- American lawmakers have labelled the tax bill passed by the US Congress as "tax scam", as it robs future of the children, ransacks the middle class and rewards one per cent of corporate America. The entire Democratic party voted against the tax reform bill. The passage of the bill by the Senate and House of Representatives is considered to be the first major legislative victory for President Donald Trump, after coming to power. "The GOP tax scam robs from our children's future and ransacks the middle class in order to reward the top one per cent and corporate America," Democratic leader Nancy Pelosi said reflecting the sentiments of her party members. Trump's Republican Party enjoys majority in both the chambers of the US Congress - House of Representative and the Senate. "Now we know they're popping champagne down Pennsylvania Avenue," Pelosi said referring to the celebrations inside the White House. "There are only two places where America is … [Read more...] about Tax reforms a scam, rewards corporate America: Democrats
The government Saturday notified income tax return (ITR) forms for taxpayers for filing returns for assessment year FY 2020-21. Taxpayers including individuals, Hindu undivided family, professionals and businesses, will be able to avail benefits of savings or investments made between April 1 and June 30, following the extension timelines provided by the finance ministry owing to Covid 19 pandemic. Taxpayers will have dedicated space in each of the ITR forms - Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V – to describe investments of expenditures made during the quarter ended June 30, which will get counted in deductions or exemptions. The government has extended several timelines under income tax by a quarter from March 31, to allow taxpayers to make investments, payments or donations for claiming exemptions and deductions, besides the roll over benefit of capital gains. The forms also seek details from taxpayers … [Read more...] about Income tax return forms for FY 2020-21 notified
China will roll out a guideline on intensifying administrative punishments for legal breaches of the financial system, step up efforts to enhance the quality of audits, and promote the smooth transformation of asset management business, the statement said. … [Read more...] about Reforms buoy small firms
The unorganised sector cannot carry on because they have very low income, low savings. They are living in crowded conditions so they cannot practise physical distancing, they don’t have clean water. The imperative of the lockdown was they should have been provided with food wherever they were, allowed to migrate if they wanted to, those left behind should have been decongested to school buildings, tents etc. Unorganised businesses should have been supported so they don’t collapse because of lack of working capital. This is what I call a survival package. Because if half the population - if 200 million lost jobs, that means 800 million people are below the poverty line with zero income. You are in a situation where you have to support the consumption of essentials for 800 million people, decongest them, boost capacity for testing, boost the capacity of hospitals, and prevent businesses from collapsing. As long as you don’t do this, lifting the lockdown would be … [Read more...] about Can India’s workforce have a safe return to business?