What is the current rate of service tax in India in 2020?
The rate of Service Tax was 15% whereas the rate of GST is 18%. A lot of people are of the opinion that the effective cost of having a loan would increase...
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What states do not have a state income tax?
Nine states — Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming — have no income taxes. New Hampshire, howeve...
Can you transfer a lease buyout?
Absolutely! You may transfer your lease to someone else at any time but there is an administration fee for the cost of transferring it over. The person yo...
What can investment interest expense offset?
The deduction applies to interest on money borrowed to buy property that will produce investment income—interest, dividends, annuities or royalties—or tha...
What food does Quebec import?
In addition to being Canada’s largest pork producer, Québec also ranks first in the production of veal. Québec is Canada’s top milk producers. It also mak...
What is difference between realized and recognized gain?
Realized gain is the increase in the taxpayer’s economic position as a result of the exchange. In a sale, tax is paid on the realized gain. Recognized gai...
How much is pure ethanol per gallon?
The estimated weighted average aromatic price is currently 75.13 cents/liter (/gallon), up 4.9 percent from last week. The weighted average BTX price is 3...
What other taxes does the government collect?
The three main sources of federal tax revenue are individual income taxes, payroll taxes, and corporate income taxes. Other sources of tax revenue include...
Can I deduct taxes paid on a composite return?
The payment of composite taxes is typically treated as a distribution to the nonresident owners and not a corporate deduction of state income tax expense....
Is depreciation mandatory under Income Tax Act?
Depreciation is a mandatory deduction in the profit and loss statements of an entity and the Act allows deduction either in Straight-Line method or Writte...
