Free Tax Tips

Posts Tagged ‘Income Tax’

Question: Is it legal to buy and then resell things on ebay for the purpose of income without declaring it?

I’ve had to buy a couple things on ebay recently and i’ve noticed that the same items sell for a lot more or less depending on the way they are listed. (pictures, description etc.) It’s become obvious to me that this disparity could be exploited to make some easy money, maybe £50 a week on average. Is this legal in the UK without declaring it on tax forms?

Answer: Yes, people who buy stock, buy low sell high? No different in E-bay

Brookfield Asset Management Announces Strong Operating Cash Flow of $327 Million for Second Quarter of 2010

TORONTO, ONTARIO–(Marketwire – 08/06/10) – Investors, analysts and other interested parties can access Brookfield Asset Management’s 2010 Second Quarter Results as well as the Shareholders’ Letter, Financial Review and Supplemental Information on Brookfield’s website under the Investor Centre/Financial Reports section at www.brookfield.com . The 2010 Second Quarter …

You don’t have to pay Federal Income Tax?

Question: ADVICE ON TAX (INCOME TAX)?

I AM SERVING IN SEMI GOVT.DEPT. & GOT SALARY Rs. 230553/- IN 2009-10 AND ALSO EARNED Rs. 1,46,000/- AS SHORT TERM CAPITAL GAIN ON EQUITY/SHARES AND MY DDO DEDUCTED Rs. 10220/- + 307/-=10527/- AS TDS NOW I CALCULATE THE TAX AS UNDER SALARY = 230553/- – SAVING 100000/- = 130553/- + STCG = 146000/- = 276553 – 160000 = 116553(Taxable Income) & CALCULATE I.Tax @ 15% = 17483/- + 3% Education Cess Rs.525/- = TOTAL TAX Rs. 18008/- Say Rs. 18010 – 10527(TDS) = NET PAYABLE TAX Rs. 7483/- SAY Rs.7500/- AND I DEPOSITING THE SAME IN BANK THROUGH INCOME TAX CHALLAN FORM NO 280 ON 15th MARCH,2010. THANKS.

Answer: 230553 Salary
100000 Less Savings u/s 80C
———–
130553
160000 Less Basic exemption for a Male <65 years
-----------
029447 is the short fall in basic exemption limit
=====

1,46,000 is the Short Term capi. Gains
0,29,447 Less: Short fall in basic exemption limit
------------
1,16,553 is the net short term capital gains after adjusting short fall
======

17,483 is the tax @15% on Rs.1,16,553
00,525 is the education cess
----------
18,007
10,527 less tds
---------
07,480 Bal. Tax.
=====

You can pay Rs.7500 as advance tax. Balance if any can be paid at the time of filing returns on 31st July 2010.

You can pay advance tax Rs.7500 now.

Question: Is usage of Income Tax Form ITR-1 mandatory? Or can I use Old Saral/Form 2D for current financial year?

I am a salaried person and have no other source of income.

I wanted to check whether we can use Form 2D to file my returns in July this year (Assessment Year 2007-2008)?

Answer: Usage of Income Tax Form ITR-1 is mandatory. You can not use Saral/Form 2D for Current Financial Year.

Question: What happens if you forget to add a 1099 income form to your taxes after you filed already.?

Ok, so I filed my taxes electronically already and then I get in the mail another 1099 form, which decreases my refund after I input it into my software program. I know I need to ammend my return, but in the meantime, what does the IRS do? Do they still go forward with electronically giving me a refund? Or is it stuck in limbo until I file and the IRS processes the ammended return?

Answer: Just let the original return run its course and take the check. Then file your amended return. Write a check for the difference and send it to the IRS. But file your amended return as soon as possible to avoid interest.

Health Professionals Get Expanded Tax Benefits

Health care professionals who have received student loan relief under state programs that reward those who work in underserved communities may qualify for refunds on their 2009 federal income tax returns, as well as an annual tax cut going forward, according to the IRS.

Person Income Tax

Tax time’s tug of war

Deductions, gearing, rebates, super … they can all help maximise your June 30 return, writes Annette Sampson. It’s easy to forget that not that long ago you didn’t have to earn much more than the average wage for your income to be taxed at 48.5 per cent.

Ron Paul: “Income Tax = Involuntary Servitude” – 4/13/2009