The Tax Preparation Blog

Posts Tagged ‘2011’

Investment Performance Measurement (Frank J. Fabozzi Series) $45.00 Many investment books include a chapter or two on investment performance measurement or focus on a single aspect, but only one book addresses the breadth of the field. Investment Performance Measurement is a comprehensive guide that covers the subjects of performance and risk calculation, attribution, presentation, and interpretation. This information-packed book covers a wide range of related top…

Accenture Reports Strong Second-Quarter Fiscal 2011 Results

Accenture reported strong financial results for the second quarter of fiscal 2011, ended Feb. 28, 2011, with net revenues of $6.05 billion, an increase of 17 percent in U.S. dollars and 18 percent in local currency over the same period last year and exceeding the company’s guided range of $5.6 billion to $5.8 billion.

Climate Change -The Transport Challenge

Rheem RTG-84XN Outdoor Series8.4 GPM Natural Gas Tankless Water Heater $1,240.00 Next Generation Burner Technology EZ-Link Cable Available For High Demand Applications to Connect Two Tankless Units to Operate as One Manifold Up to 6 Units with an Optional MIC-6 Manifold Control Board Exclusive! Guardian OFW Overheat Film Wrap All Rheem Tankless Models Are Third-Party Efficiency Certified by GAMA Continuous Hot Water, Energy Saving and Compact, Space Saving Design Intelligent E…

QuickBooks Premier Contractor 2012 $249.99 Financial Management – Standard Retail – CD-ROM – PC…

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Pennsylvania’s Electronic Income Tax Filing Systems Now Available

HARRISBURG, Pa., Jan. 14, 2011 /PRNewswire-USNewswire/ — The more than 6.1 million Pennsylvania taxpayers who file annual state personal income tax returns may now begin filing electronically for the 2010 tax year.

Tax Tips: Tax Package Mailings End (ASL, Captions & Voice Over)

Question: What are the surcharge rates for Income Tax in India?

Is there any limit on Tax amount above which only surcharge has to be added, and what are the surcharge rates for finalcial yr 2005-2006.

Answer: Limit Is only for Individual ,HUF,AOPs and BOIs.Upto Rs. 1000000.00 there is no surcharge.Surcharge rate is 10% of Tax amt. for assessment year 2006-07(F.Y. 2005-06)
For Other Assessee It is 10%,2.5% without any ceiling, as the case may be.

Robert Reich: U.S. jobs emergency needs action

This is not a recovery. It’s a continuing jobs emergency and it demands action.Private employers added 50,000 jobs in November — the smallest gain since January. More than 15 million Americans were jobless, not including those who are working part time but would prefer to work full time, or a record 1.3 million who are too discouraged even to look for work.

How the Income-Tax Act was drafted (AJ Majumdar)

Question: FOR NRI, INCOME TAX RATES , RATE OF TDS FOR INTEREST AND ADVANCE TAX IN INDIA FOR ASSESSMENT YEAR 2010-2011?

I have to file income tax return as an individual for the first time in india as NRI.. I have only pension income, and bank interest.

Answer: In case you are out of India for 183 days or more during the year then there is no need to file Return of Income Tax.

In case you remained out of India for less than 183 days you need to file Return of Income Tax.

Income Tax rates will depend upon your total income, age and sex. However, it is 10%, 20% and 30% plus Cess etc.

Rate of TDS on Interest does not matter here as purely it is the responsibility of Tax Deductor i.e. who will pay you the interest. Whatever, the amount deducted is adjustable from your total tax liability.

For an individual the dates for making advance payments for AY 2010-11 was 15th Sept, 15th Dec and is 15th March. Again you have to take care that advance tax upto certain amount is not a must.

vkbajaj1950@yahoo.co.in

Investment Performance Measurement (Frank J. Fabozzi Series) $45.00 Many investment books include a chapter or two on investment performance measurement or focus on a single aspect, but only one book addresses the breadth of the field. Investment Performance Measurement is a comprehensive guide that covers the subjects of performance and risk calculation, attribution, presentation, and interpretation. This information-packed book covers a wide range of related top…

Belden to Acquire Industrial Networking Technology Leader GarrettCom

Belden Inc. , a global leader in signal transmission solutions for mission critical applications, has entered into a definitive agreement to acquire GarrettCom, a leading provider of advanced industrial networking products and smart grid solutions. Â The acquisition extends Belden’s leadership position as an industrial networking solutions provider by adding a recognized leader in industrial …

Detailing the FY2011 Budget

Question: Itemized deductions for mortgage interest on Federal tax return?

I have a house – outside US- in India
I have financed this with a loan that I took from a bank in India.
I do not derive any income from this house.

Can I claim this as an itemized deduction just like I do for the one that I have in USA ?

I do not have form 1098 from this bank though I do know the amount of interest that I paid in 2008.

If its OK to claim this as a deduction
1) Where do I put this? In line10 of schedule A or line 11 of schedule A
2) How do I convert the amount from Indian rupees to dollars?

My status on USA – is a legal resident on work permit.
I was in USA for nearly the whole year.
I have one house in USA- which is my primary residence. I have a mortgage on that- for which I paid interest last year

Answer: Report it on line 11. As for the exchange rate you would use the rate in each day you made a payment. Most of the time you can use an average for the year.

Finance and Banking

Ireland has emerged as a favoured location for special purpose vehicles (” SPVs” ) that are used in many financial transactions including securitisation, asset repackaging and financing transactions.

How to fill Income Tax Return Form 1 (ITR1) – Part 1