University of Money’s Post

SEC 128A CLAIFICATION | Circular No. 238/32/2024-GST | COMBINED NOTICE/ORDER OF MULTIPLE YEARS | Where the notice/order involves multiple periods, ranging from the period for which waiver provided in Section 128A is applicable, and includes some other tax periods for which such waiver is not applicable, whether the benefit of waiver of interest or penalty or both under Section 128A can be availed for the period covered under section 128A? If so, what is the tax amount payable for claiming waiver under Section 128A? Circular Link https://lnkd.in/d5Hw4Qw3

𝐅𝐁𝐑 𝐄𝐱𝐭𝐞𝐧𝐝𝐬 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐑𝐞𝐭𝐮𝐫𝐧 𝐅𝐢𝐥𝐢𝐧𝐠 𝐃𝐞𝐚𝐝𝐥𝐢𝐧𝐞 The Federal Board of Revenue (FBR) has made a significant announcement, extending the deadline for filing income tax returns for the fiscal year 2024 to October 14, 2024. This decision comes after numerous requests from various trade associations and Tax Bar Associations. In a surprising move, the FBR reversed its earlier stance that no further extensions would be granted. The extension aims to provide relief to individuals and businesses struggling to meet the original September 30, 2024, deadline. According to the FBR's notification, the decision was made in exercise of powers conferred under Section 214A of the Income Tax Ordinance 2001. This change will undoubtedly benefit those who require more time to prepare and submit their tax returns. #TaxReturns #FBR #FBRNotification

The join - in link for the webinar on the 5th August at 3 pm (today) https://lnkd.in/gueP8pDZ We will be discussing many issues involving the taxes and the constitution including the accuracy of the statement in the recent IMF report about the constitutional constraints for enactment of property tax, Port City tax holidays, the Supreme Court determination where the special goods & services tax bill was held unconstitutional and relevance of the same for Special Commodity Levy & declaration of VAT rates by Minister of Finance in a Gazette, stamp duty on land leases, constitutionality of retrospective tax legislation etc

Attention, Taxpayers! The process for requesting tax refunds for excess creditable withholding taxes has been amended by the EOPT. Significant adjustments to value-added tax and refunds by reason of cessation of business were also included in the new law and regulations. The new EOPT regulations regarding the claim of excess taxes were covered by Atty. Enzo in his latest article. Click here to find out the new rules under the EOPT: https://lnkd.in/gbEnh5nf #PAGrantThornton #GrowWithUs #GreatPlaceToGrow

🔍 Make sure you're not missing out on tax savings! Before each tax year begins, HM Revenue and Customs issues new tax codes to ensure accurate deductions from your paycheck. But understanding those cryptic letters and numbers can be tricky. Learn what they mean and ensure your tax code is correct to avoid overpaying or underpaying. If you need assistance or a review, contact HMRC today. Stay ahead of your taxes with expert guidance! 💼 Call us at 0121 771 4161 or visit www.naseems.co.uk for a free consultation.  . . . . . . . . #TaxCode #HMRC #TaxSeason #FinancialPlanning #TaxConsultation #HMRevenueAndCustoms #ExpertAdvice #FinanceTips #FinancialEducation #FreeConsultation

🗓️ October has a few key tax dates to be aware of - particularly for the self-employed. ➡️ By October 5 you must have registered with HMRC for your Self Assessment following the end of the tax year. If you miss this deadline, you could receive a fine. ➡️ The deadline for submitting your paper tax return is October 31. Paper forms are no longer automatically sent out - you have to request one from HM Revenue & Customs. Not forgetting the Autumn Budget on October 30, which we suspect will bring some tax changes! #TaxCalendar #TaxDates #SelfAssessment #TaxReturn #AutumnBudget

Penalties for late filing and incorrect tax returns. ❗❗❗❗❗❗ (Section 178 of the IRD act no 24 of 2017) Penalty for late filing of return of income is equal to the greater of – 5% of the amount of the tax owing, plus a further 1% of the amount of tax owing for each month or part of a month during which the failure to file continues: and Rs.50, 000/- plus a further Rs.10, 000 for each month or part of a month during which the failure to file continues (Maximum penalty shall be limited to Rs.400, 000)

With all due respect to the author, I disagree although I think that the odds of the DC Circuit agreeing with the professor are high. As I have written previously in Tax Notes Federal, https://lnkd.in/eBgyuZrc, and https://lnkd.in/ekG3hAyq, the case law and rulings on aggregate-entity are founded exclusively on legislative history without any supporting statute, first in 1954 and later in 1984. It was the failure of the courts and the IRS to adequately confine legislative history without statutory support (no code provision saying what the legislative history says) to the non-persuasive dicta category. It was not the ignorance, as the author states, of partnership tax experts relating to international tax, that has caused this problem. Rather, it is what I say above. Tax Notes

A little trick to avoid tax penalties. As my clients' remaining tax documents trickle in (mainly K-1s), I discover they owe more tax than what I estimated back in April when their extension payments were due. If they pay the tax due with a 2023 form 1040-V now, the IRS applies it as of April 15th and the penalties are greatly reduced! It is similar to paying the extension and Q1 with one payment in case part of the Q1 payment needs to cover the additional taxes due for the current year.

Our recent article, from Kerry Hicks, focussing on the relevance of market value was republished in the Thomson Reuters Tax & Accounting ANZ Weekly Tax Bulletin last Friday. Market value is relevant for a number of tax provisions including the market value substitution rule in the CGT provisions, the maximum net asset value test, and for state taxes such as land tax and transfer duty. Crucial to the application of the market value substitution rule is whether or not parties have acted at arm’s length. Read the full article here: https://lnkd.in/g9VkHKjz