Income tax in Australia Current Affairs, GK & News

Key points of the Australian Budget 2019

The Australian Budget for the fiscal year 2019 ”2020 sets out economic and fiscal outlook of Australia. It includes revenue estimates, expenditure for the fiscal year and also for the consecutive 3 financial years Wages and Income tax cuts                 The personal income tax was the main focus of the previous year budget. It is ..

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Capital Gains versus Capital Receipts

Capital gain refers to the gain or profit from the sale of property or an investment. Investment may be in shares, equity, gold, real estate or valuables like paintings {a prelims question was asked if investment in paintings is a capital gains tax} etc. Difference between Capital Gains and Capital Receipts Though they sound alike, capital gains and ..

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Long Term Capital Gains

Capital gain refers to the gain or profit from the sale of property or an investment. Investment may be in shares, equity, gold, real estate or valuables like paintings. Capital Gains tax is of two kind viz. Short term and long term. Current policy of the government is that while there is a 15% tax on short ..

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Voluntary Provident Fund

Voluntary Provident Fund (VPF) refers to the voluntary contribution that an employee makes towards his Provident Fund Account over and above the mandatory 12% of his basic salary. VPF is fixed at a proportion of the salary and its percentage cannot be reduced or increased midyear. VPF is available only to salaried employees and is ..

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Salaried employees to get more tax benefits

Now, salaried employees who are earning up to Rs 5 lakh a year, are not required to file income tax returns for assessment year 2012-13. The immunity from filing I-T returns is valid in those conditions, when total income of the employee does not exceed Rs 5 lakh and the annual interest received from savings ..

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