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Archive for the ‘Tax Professionals’ Category

Question: what is Professional tax what is the rate of it in india?

if there is any site for this in india then pls cunsolt me.

Answer: The professional tax rates differs from State to State. It is a State tax. There is no web site for it which covers all the states rates. You have to try with google search.

Karnataka:
Employees whose monthly salaries or Number of Rate of Tax Cess Amount of Tax
wages or both are employees per month Deducted
A. Rs.3,000/- to Rs.4,999/- Rs. 30.00
B. Rs.5,000/- to Rs.7,999/- Rs. 60.00
C. Rs.8,000/- to Rs.9,999/- Rs.100.00
D. Rs.10,000/- to Rs.14,999/- Rs.150.00
H. Rs.15,000/- & Above Rs.200.00

Professional Tax in Tamil nadu. (Yearly two times= Tax once in 6 months)

6 months income (Rs.)—- Tax (Rs)
21,001 – 30,000 —————– 75
30,001 – 45,000 —————– 188
45,001 – 60,000 —————– 390
60,001 – 75,000 —————– 585
75,001 and above —————-810

West Bengal:

http://wbcomtax.nic.in/pschedule.htm

Maharashtra:
2500-3500 – Rs. 60 per month
3500-5000 – Rs. 120 per month
5000-10000-Rs.175 per month
10000 & Above Rs.2500 per annum.

Go For The Gulf

But investors in the Gulf Arab states need to look past petroleum, says banker Nahed Taher.

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“Sri Lanka sets precedent for internationally acceptable genocide model”

Kolathur T. S. Mani, president of Periyar Dravidar Kazhagam, during a conference at Jawaharlal Nehru University in New Delhi titled “Unspoken Genocide: Convention on War Crimes and Genocide in Sri Lanka,” held at the Speaker Hall, Constitution Club on Thursday , said that Sri Lanka has presented to the world a viable model of genocide by successfully killing “hundreds of thousands of civilians …

Client expectations from the professional

Question: Response to my query re Mother’s trust?

Regarding last response to question I posed:
a. tax rates to discourage trusts yet they are “sold” to the elderly population as the ultimate in good planning.
b. distribution has now been made, Mar 1, after filing 8855 with IRS.
c. don’t think I need any exemption now since I’ve distributed all 2006 income.
d. you are probably right about getting professional help but I really hope to accomplish this challenge…
Thanks to all Yahoo professionals who have offered your help!
Sorry Steven — now I see the “add details” link you mention. Thanks to responses, I’ve now taken the necessary action regarding my Mother’s trust. Will know how this Q & A works next time!

Answer: These comments don’t make a lot of sense without the original question. You should return to the question and add these as ‘Additional Information’. There are several professionals answering questions on Yahoo Answers, but there is no such thing as a Yahoo professional.

Constitutional Court Skewers French Carbon Tax,

France’s Constitutional Court has declared the new carbon tax – which was to be introduced on January 1 – as unconstitutional, a blow to President Nicolas Sarkosy’s ambitions for a greener France.

Message to American Taxpayers: Scientology’s secret deal

The heart of Southern California- San Bernardino, hosts a population of more than 1,160,801 people and is home to more than 667,836 housing units. As with every other major place, San Bernardino also has its set of problems. One of those being residential leaks and plumbing issues. Though not the highlight of any news, these issues do trouble the local communities and if not addressed properly and in time, it often worsens.

Remember, your house is one of the most precious thing you have, the one place you cherish the most, and long to be when you get over from work. You home should be a source of comfort, joy and relaxation. With leaks such as pool leaks, slab leaks, bathroom leaks and plumbing and drainage problems, very soon that same comfy house can become a place of irritation, discomfort and stress. When faced with such a scenario, you don’t need to rack your brains or get down on your knees or get your hands messy. Let professional leak detection and plumbing service companies near you in San Bernardino do the job. With the required tools, expertise and skilled labor, they will get the job done with as little mess and destruction as possible. Least intrusive strategies are sought in order to provide as little discomfort to residents as possible.

With time, there’s been advancement in leak detection and plumbing techniques. Now, residential leaks, pool leaks, slab leaks can be more accurately and quickly detected with the help of techniques such as Thermal Imaging , Correlation, Sound testing, Damp detection, Divining, Dye tracing, Pressure tests, Pipe tracing, Metal detection and Ultrasonic. When choosing a leak detection company for residential leaks in San Bernardino, ensure that the company you choose has a fast response time. You don’t want to give them a call and then wait half the day before the team arises at your house as leaks often can be messy and need quick intervention. Another important factor to consider when choosing a leak detection company is its customer service- how are they to talk to? Are they respectful? Would you want them to enter your house? Do they clean up before they go? Answers to these little questions have huge impact. So you must choose wisely. It’s a good thing to survey around and choose the leak detection company before a problem arises so that you know who to call whenever you suspect a leak.

Plumbing services in San Bernardino for domestic purposes are offered by a range of companies. The plumbing service you opt for should be one that is experienced, has very quick response time and guarantees their service. A company with a dearth of plumbers will be no good as you might have to wait too long before they arrive. Professional plumbers are able to quickly resolve all water related domestic problems such as drain clearing, installation of fixtures, maintenance, drain repairs, blockage clearing, water proofing, water mains repair, pipe location and can resolve all drainage problems equally well.

Whether you require a leak detection or plumbing service in the lawn, kitchen or the bathroom, get one that’s professional, experienced and affordable.

Conservation Easement: The Greener Side of 1031

Everybody wants to go green these days and as it turns out, there is a way for those owning real estate to do so as well (without installing solar panels or wind turbines). The solution is found within something known as a “Conservation Easement”, a government provision enacted to provide incentive for private owners who donate their land for conservation purposes. By applying the 1031 exchange to this process, a property owner can both preserve the environment and make a new real estate investment.

A conservation easement is essentially a deeded fee interest that Land Trust Commissions or other government entities buy in order to preserve the natural state of the land. It comes in handy in two distinct situations: 1. You own property and want to sell it but do not want it to be developed for environmental reasons, 2. You own property and want to sell it but cannot find a buyer. In both situations a conservation easement can be beneficial, as the government will use the land in an environmentally friendly way and provide consideration through its purchase of the easement.

An easements value is determined by taking the value of the land without the conservation easement and subtracting that from the value of the land with it. The 1031 comes into play when there has been sufficient appreciation on the property to make the sale of an easement subject to capital gains tax.

For Example:

Mr. Bolan has owned a plot of undeveloped land for 20 years. Over the course of these 20 years the land appreciated in value from $1 million to $10 million. Now Mr. Bolan wants to sell the land but does not want to see it developed, thus he pursues a conservation easement. The land is valued at $4 million with the easement, so $10 million (the lands unrestricted price) – $4 million (the lands price restricted by conservation easement provisions) nets a $6 million easement.

The issue Mr. Bolan runs into is that he will face a substantial capital gains tax, because of the properties appreciation, when he sells the easement. What he can do instead is trade his $6 million easement, in a 1031 exchange, for land of equal value.

Note: This transaction would have to be structured, from the very beginning, as a 1031 to work. To make a 1031 viable, a qualified intermediary would need to take title to both the land and the revenues gained from its sale NOT the actual owner. If the owner were to receive money directly from the sale of the easement a 1031 transaction would be impossible.

Continuing with the example, Mr. Bolan (through his intermediary) receives $6 million from his sale of the easement. The cash is then used to buy an apartment complex, which will provide Mr. Bolan with a steady flow of cash. All of this is done while avoiding the capital gains tax Mr. Bolan would have faced if he just cashed the easement. Through application of the 1031 exchange, he is able to both preserve his previous property and acquire a new one, all the while avoiding capital gains tax.

RTOs raided over tax evasion

The Anti-Corruption Bureau (ACB), Maharashtra, raided several Regional Transport Offices (RTOs) across the state in connection with the profession tax evasion scam unearthed last month during a raid at the Thane RTO.