Taxation in the United Kingdom Current Affairs, GK & News

UK to charge 2% tax on digital services

United Kingdom recently announced that it would start charging a 2% tax on digital services from 1st April this year. The tax is to be imposed on revenue from digital services such as search and advertising. This tax will apply to firms with global sales of more than £500 million with at least £25 million ..

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Green Number Plates become important for all Electric Vehicles

The government has asked the state transport departments to make it necessary for all Electronic Vehicles to use the green number plates, irrespective of the year in which they were bought. This will help provide preferential treatment to the vehicles with no carbon emissions, like parking, free entry in congested areas as well as a ..

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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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Agricultural income (Taxation Provisions)

Section 2 (1A) of the Income Tax Act defines agricultural income as rent/revenue from land, income derived from this land through agriculture and income derived from buildings on that land. Section 10 (1) of the Income Tax Act excludes agricultural income from a computation of total income. Neither of these sections is dispute-free and chartered ..

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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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