When it comes to filing taxes, it is not only individuals who need to ensure that all the proper procedures are followed and forms are submitted. When a person makes any payment or remit any money to non-resident, the bank will need to check whether the tax was paid or not. Making payments outside India requires certain compliances. One such compliance is to submit Form 15CA and 15CB. Banks and financial institutions have rules that must be followed, which helps the income tax department to determine the taxable amounts of NRI’s.

Read more: Introduction to 15CA & 15 CB

The IRS has released final regulations and another round of proposed regs for the first-year 100% bonus depreciation deduction. The Tax Cuts and Jobs Act (TCJA) expanded the deduction to 100% if the qualified property is placed in service through 2022, with the amount dropping each subsequent year by 20%, until it sunsets in 2027. (The phaseout reductions are delayed a year for certain property with longer production periods.) Of course, Congress could act before that to extend or revise the deduction.

Read more: IRS Provides Additional Guidance on Bonus Depreciation Under the TCJA

Since the inception of the Goods and Service Tax in India, GST has been a matter of discussion for every layman and experts in the country. Like every coin has 2 sides, the implementation of GST in the country also has arguably many merits and demerits as compared to the earlier subsumed taxes. Moving on to the inch closer for unifying tax reforms, the holes in the implementation of the act are triggered along with some important observation of Comptroller Auditor General of India (CAG).

Read more: Loopholes in Goods & Service Tax

Indian Government has come up with the Taxation Laws (Amendment) Ordinance 2019 to amend the Indian corporate tax rate and provide other major relief for certain companies on 20th September 2019, Friday.

1. The tax rate has been cut down from 30%(25 % if turnover of the company does not exceed INR 4 billion in the previous year) to 22%(plus applicable surcharge and cess) for domestic companies’ subject to the condition that they will not avail any exemption/ incentive. The requirement to pay Minimum Alternate Tax (‘MAT’) has also been removed for such companies.

Read more: Major Tax Reforms in India Announced on 20th September, 2019

Author: Scott T. Ditman

If philanthropy is important to your estate planning legacy, consider taking steps to ensure that your donations are used to fulfill your intended charitable purposes. Outright gifts can be risky, especially large donations that will benefit a charity over a long period of time.

Read more: You Can Control How Your Charitable Gifts Are Used