Taxation 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 • Taxation in Australia • Value-added tax
Central Board of Indirect Taxes and Customs (CBIC) launches ‘GST Verify’ app to protect interest of consumers
The Central Board of Indirect Taxes and Customs (CBIC) has launched a mobile app ‘GST Verify’ to protect interest of consumers. It is an android app to verify if the person collecting GST from the consumer is eligible to collect it or not. It also provides the details of the person/company collecting GST. This app, ..
Topics: Android • Central Board of Indirect Taxes and Customs • Computer architecture • Computing • Goods and services tax • Indirect Tax • Ministry of Finance • Modi administration • Operating systems • Tax • Taxation in Australia • Taxation in India
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 Australia • Taxation in India • Taxation in Poland • Taxation in the Czech Republic • Taxation in the United Kingdom
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 Australia • Taxation in India • Taxation in Poland • Taxation in the Czech Republic • Taxation in the United Kingdom
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 • Taxation in Australia