Since the end of April, the Ministry of Finance (“MOF”) and the Federal Tax Authorities (“FTA”) have decided to publish every week the most expected decisions to clarify […]
Tax on Changes in Rates of Foreign Currency
The section states that if an assessee acquires an asset from a foreign country for business or professional purposes, and a subsequent change in the exchange rate of […]
Guidelines for Taxability of Gifts Received in Cash and Kind
In order to prevent the practice of receiving sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of […]
Tax Rules for NRIs Selling Property in India
When an individual sells property in India, taxation depends on the holding period. If the property is held for more than 24 months, it qualifies as a long-term […]
IRS: Tax Withholding and Estimated Tax 2024
When you figure how much income tax you want withheld from your pay and when you figure your estimated tax, consider tax law changes effective in 2024. If […]
Greg Kelly is Accused of Tax Manipulation Schemes
Greg Kelly is facing allegations of tax manipulation involving an unpaid amount of approximately $750,000. Authorities claim that Kelly underreported his income over several years, particularly from freelance […]
Candace Owens’s 18 Million Tax-Free Gifts from Husband
Candace Owens has a net worth of $30 million as of 2025. She owns $18 million worth of real estate properties, most of which were tax-free gifts from […]
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Carry forward and Set Off of Depreciation [Section 32(2)]
Section 32(2) provides for carry forward of unabsorbed depreciation. Where, in any previous year the profits or gains chargeable are not sufficient to give full effect to the […]
Section 43CA: Stamp Duty Value as Full Consideration
Section 43CA has been inserted as an anti-avoidance measure to provide that where the consideration for the transfer of an asset (other than capital asset), being land or […]
Disallowance of Provision for Gratuity under Section 40A(7)
Section 40A(7) provides that no deduction would be allowable to any taxpayer carrying on any business or profession in respect of any provision (whether called as provision or […]