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 ..

Category: Government Schemes Current Affairs

Topics: corporate tax • Corporation tax in the Republic of Ireland • Economy • Income tax in Australia • Tax • Tax reform • Value-added tax

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 ..

Topics: capital gain • Capital gains tax • Countries • Economies • Income tax in Australia • Income tax in the United States • Tax • Taxation in India

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 ..

Topics: capital gain • Capital gains tax • Countries • Economies • Income tax in Australia • Income tax in the United States • Tax • Taxation in India

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 ..

Topics: Income tax in Australia • Indian labour law • Money • Pension funds • Provident fund • Public Provident Fund

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 ..

Month: Current Affairs - July, 2012

Topics: Economy • Income tax in Australia • Income tax in India • Income tax in the United States • Income tax return • Income taxes • Indian tax forms • IRS tax forms • Tax • Tax Deducted at Source • Tax forms