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N. Vijia KumarThis article deals with the taxation of import of services in India and evaluation of levy of service tax in the light of some relevant circulars and notifications. The author has also referred to a decision of the Bombay High Court in Indian National Shipowners Association v. Union of India [2009] 18 STT 212.1. 'Service tax' evolution is not only informative but also interesting. This levy was imposed by the Finance Act, 1994 and the subsequent Finance Acts amended this Act to ...
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The rate rose from 11.9% in July, setting a record, but the pace of job losses slowed.California's jobless rate set a fresh postwar high in August, rising to 12.2% from 11.9% in July and putting more pressure on the state's tattered unemployment insurance fund.Though the state may be in the early stages of an economic rebound, the latest figures underscore what many economists fear: There is no obvious engine of job growth to put California's more than 2.2 million unemployed residents back to ...
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Although Christmas is there on charts, the current financial crises has resulted in lot of changes at societal level. As per one report, the credit crunch has taken its toll if we take into account the donations to charities on the eve of Christmas this year. There is a study that suggests that Britons have given less this year as compared to 2008. The amount stands at £1.3 billion. However, it does not mean that Christmas is not meant for celebrations. As people are preparing for the event, ...
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Contrary to popular belief, efiling is a simple process. The main reason why most people don't like to efile is because they are acting out of fear - fear for technology, and fear of the unknown. Most people are accustomed to filing for taxes the traditional way - using paper forms. The problem with using forms to file for taxes is that there is a lot of room to make mistakes. Most of these mistakes are due to pure negligence, and can be easily avoided. When someone makes a mistake in the ...
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Britain Heading Towards Fragile Economic Recovery Growth in the UK economy is set to pick up gradually next year but the economic recovery is set to be fragile. However, UK is expected to make its exit from the recession in the forth quarter of 2009 as it is certainly helped by the consumer spending ahead of the VAT rise. The unemployment which is hovering over the head of the UK is also expected to lower down than the first forecast. Although the beginning of 2010 will be bit difficult, ...
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Local TaxesEvery homeowner pays an annual real estate tax on his or her home based on its value. However, what every homeowner does not know is that this tax is fully deductible. The federal government allows you to deduct the amount you spent on local taxes'this includes local property taxes.Casualty LossesIf a fire or storm damaged or destroyed your home, you may be able to deduct the associated expenses as casualty losses. However, there are a lot of rules and restrictions, and the actual ...
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There are different kinds of tax liens that can be imposed upon an individual's property or real estate.  One of the most frequently seen types of tax liens in the United States are federal tax liens.  Federal tax liens are imposed by the United States government in conjunction with a number of different types of taxes required of individuals to the United States Government.  Some of these different categories that can lead to the placement of tax liens include failure to pay the total ...
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Which is better? Many people use their anticipated tax refund as a type of "forced savings."  If you're not disciplined enough or don't have a high enough income to put anything in savings during the year, your federal tax refund may serve well as a form of savings for large purchases.  But is this really the best way to go? Big Refund Equals Lost Interest If you try to maximize your refund during the year you're losing out on additional money.  The IRS is basically holding ...
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Chapter 7 vs. Chapter 13The two common types of bankruptcy for individuals are Chapter 7 (liquidation) and Chapter 13 (readjustment of debts). Although each are governed by their own set of requirements and conditions, tax debts are generally treated similarly under both proceedings. However, the basic concepts behind each bankruptcy type will dictate how the debts are settled.In general - under Chapter 7 -if the debts meet all of the conditions below, then they can be discharged during the ...
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Do you know that you can now file for your tax returns and have everything sent to IRS in just a matter of hours? Today, with the help of technology, it is possible to achieve such amazing filing speeds. To complete and send your tax returns as quickly as possible, you have to turn to the Internet. Here are some additional tips on how you can file for your tax returns efficiently.1) Use a high speed connection with a modern browser.To have a smooth sailing efiling process, try to use a reliable ...
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