The Tax Preparation Blog

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Question: PAN Card: Convert from Indian Resident Status to NRI status?

Had PAN card when I was living in India. Since last 9 yrs I am living outside India. I would like to make some investments in India and need to have NRI PAN card for that purpose. Would like to keep things legal so is there a way to convert existing Indian status PAN card to NRI status?

If no, please suggest the right procedure to terminate the old PAN card and apply for the new NRI PAN Card. Income Tax department speciically mentions that “Obtaining or possessing more than one PAN is against the law.” {Section 139A (7)}.

Please help.

Answer: All you need to do is to fill in the Changes / Corrections in PAN Card No and also give the name and address of a REpresentative Assessee in India and you can continue with the same PAN No

Coloured money ‘secrecy’ invites judiciary’s angst!

The Apex Court’s directive last week to widen the net on disclosure of offshore bank accounts seems to have eventually put the ‘coloured’ money conundrum in perspective. The existence of long-living ‘parallel’ economy seem to have hit the discomfort zone of commoners after a group of eminent citizens filed a public interest litigation (PIL) alleging government inaction in dealing with the menace …

NewsX Video: India Inc happy with new Tax Code

Question: What is the best and easiest Tax Preparation Software?

My wife and I have two incomes ($170k +) Many deductions, charity work, options, stock sale at a profit, dividen income, and an office at home. We have been going to a CPA the past few years paying $200 – $300 because of all the documents which is fine, but I’d like to try it myself.

Thanks for your help.
We don’t have children (yet!)

Answer: Your tax return does not appear to be complicated. Sure you can give it a try. If it does not work, or to check if you have done it right, you can always go to your CPA.

Free Tax Preparation services offered for qualified Kauai residents

LIHUE – The Kauai Volunteer Tax Preparation organization in partnership with the County of Kauai is offering Free Tax Preparation services for qualified residents.

Tax Preparation

Question: Can I file an amendment to my 2008 tax return or does a tax professional have to do it?

I always do my own taxes online and we are buying a home and qualify for the $8000 homebuyer tax credit. I am trying to find out if I can file the amendment or if I have to have a tax professional to do it?

Answer: you can file it. 1040X is what you would file. and included as supporting documentation the schedules that changed from the original return.

Liberty Square owners file countersuit in Ypsilanti Township’s effort to declare townhouse complex a nuisance

The building exteriors all have been condemned in Liberty Square.Tom Perkins | For AnnArbor.com An attorney representing multiple Liberty Square property owners has filed a countersuit against Ypsilanti Township alleging, among other things, Fifth and 14th amendment rights violations in……

Before You Amend Your Tax Return if You Lost a Dependent Exemption on Your Form 1040

Question: How many of you would support tax rates like the ones in Australia, state your party.?

Tax rates 2010–11

Taxable income
Tax on this income

0 – $6,000 Nil

$6,001 – $37,000 15c for each $1 over $6,000

$37,001 – $80,000 $4,650 plus 30c for each $1 over $37,000

$80,001 – $180,000 $17,550 plus 37c for each $1 over $80,000

$180,001 and over $54,550 plus 45c for each $1 over $180,000

for those who love sources.

http://www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm

(Bonus Question)

Do you consider Australia to be Socialist?
@ Malign Cast,

Most of Europe is Socialist. In fact, I’m having a hard time of thinking of one country in Europe that isn’t socialist.
@ Malign

Either you don’t know what socialism is, or you are misinformed. They are socialist. In fact they call them selves, Democratic Socialist.

Study them. Start with France, Denmark, Germany, etc.. which ever one you want.

Answer: Ok… I am an australian..

and to those that question progressive taxes… or to those that think progressive taxes aren’t fair… I have a Question that I wish to direct to you….

Lets take two people.. and for the ease of mathematics.. we will give them simple figures to work out …

Person one earns $10 per day
Person Two earns $100 per day.

A loaf of Bread costs $3.00
A quart of milk costs $2.00

So that ONE loaf of bread costs person one 30% of their daily income
the same loaf of bread costs person one 3% of their daily income

the quart of milk costs person one 20% of their daily income
the same quart of milk costs person two 2% of their daily wage…

If you reason that progressive taxes are unfair and unequal.. DO YOU ALSO think that it is unfair and unequal that people living on the lowest incomes are paying a higher percentage for the STAPLES OF LIFE ??

Yes they are also paying a higher % for non-staples.. BUT that’s another issue and I haven’t really got an issue with that… if you WANT something you have to pay for it..

SOME THINGS however you NEED and is it really fair that poor people actually pay a higher percentage for those things ?

THAT is why a progressive tax IS actually MORE equalising and more fair.. and It works..

trust me , I live here.

As for being socialistic.. well if you consider North Korea to be Democratic because it’s in it’s full title.. then off course we are socialistic…

BUT ….people still can come from nothing and become multi-millionares ….
it’s not socialism in the *DIRTY* sense of the word… BUT I don’t expect many americans to understand that.

Just Published: National Underwriter Offers Tax Advisors Expert Analysis of the Impact of the Recently Passed Tax …

Tax and insurance advisors looking for answers on how the new Tax Relief Act of 2010 will impact their clients are finding them in The National Underwriter Company’s just-published Selected Provisions and Analysis of the Tax Relief Act of 2010. Â The proprietary analysis is the only practitioners’ guide in Q&A format that answers the most critical questions asked by clients on insurance, estate …

State Unemployment Tax Rate 2010, 2011

Question: Can I recalim californian sales tax at LAX Airport when travelling home to Europe?

I have bought an expensive watch while on holiday in California. I’d like to reclaim the Californian Sales Tax which I have paid as I understand that if I don’t reside in California I can recalim the tax. Whn I travelled from JFK airport in New York a number of years ago there was an office which would issue refund checks at the airport. Is there the same service at Tom Bradley airport? I have tried contacting Los Angeles airport authority on this but to no avail. Any help would be appreciated.

Answer: The US government does not refund sales tax (except for specific stores in Louisiana). Sales tax is different from a VAT Tax. Certain diplomats can get it refunded, but you need to carry an ID card and present it when you purchase the item.

While they may have done it years ago through JFK, they do not anymore.

Energy efficiency loan program launches across Northern California

LAKE COUNTY, Calif. – Homeowners in Lake and 15 other California counties are now invited to apply for a 3-percent fixed interest rate 15- year loan to make energy efficiency improvements to their home as part of an energy retrofit program.

California begins vaccinating kids. Is it safe for you?August 7 2009