Since the end of April, the Ministry of Finance (“MOF”) and the Federal Tax Authorities (“FTA”) have decided to publish every week the most expected decisions to clarify […]
Tax on Changes in Rates of Foreign Currency
The section states that if an assessee acquires an asset from a foreign country for business or professional purposes, and a subsequent change in the exchange rate of […]
Guidelines for Taxability of Gifts Received in Cash and Kind
In order to prevent the practice of receiving sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of […]
Tax on Casual Income and Winnings from Online Games
Section 115BB This section provides that income by way of winnings from lotteries, crossword puzzles, races including horse races or card games and other games of any sort […]
Section 194: Latest Amendments and Changes
Section 194A provides for deduction of tax @10% by any person (other than an individual or a HUF whose total sales, gross receipts or turnover from the business […]
Disallowance of Provision for Gratuity under Section 40A(7)
Section 40A(7) provides that no deduction would be allowable to any taxpayer carrying on any business or profession in respect of any provision (whether called as provision or […]
Section 43CA: Stamp Duty Value as Full Consideration
Section 43CA has been inserted as an anti-avoidance measure to provide that where the consideration for the transfer of an asset (other than capital asset), being land or […]
Stephen Miller Is Too Rich for $400K Govt Pay
Born to a rich real estate investor father, Stephen Miller today has a net worth of $18 million. When his ancestors arrived in the U.S. a century ago, […]
Sick Pay and Your Tax Forms with Calculator
Sick Pay Key Points Definition: Plan must involve employer. Tax Withholding: Employer/rep: Tax required. Non-wage rep: Optional fixed rate. Third party: Only if requested. Non-Sick Pay: No employer […]
Ben Shapiro’s Israel Assets and Huge Inheritance
Regardless of how you feel about his contentious remarks, Ben Shapiro’s net worth of $65 million is undeniable. He is now facing allegations of tax manipulation involving an […]