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Saturday, 4 July 2015

Section - 3, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015


Charge of tax
3. (1) There shall be charged on every assessee for every assessment year commencing on or after the 1st day of April, 2016, subject to the provisions of this Act, a tax in respect of his total undisclosed foreign income and asset of the previous year at the rate of thirty per cent of such undisclosed income and asset:
Provided that an undisclosed asset located outside India shall be charged to tax on its value in the previous year in which such asset comes to the notice of the Assessing Officer.
(2) For the purposes of this section, "value of an undisclosed asset" means the fair market value of an asset (including financial interest in any entity) determined in such manner as may be presc

Greece - chronology of key events

A chronology of key events:
Prominent liberal statesman Eleftherios Venizelos was a key figure in the early years of modern Greece
1821-1829 - Greek War of Independence from Ottoman Empire.
1832 - Prince Otto of Bavaria is chosen as the first king of independent Greece.
1863 - King Otto is deposed; Prince William of Denmark becomes king of the Hellenes.
1913 - Greece gains Epirus, Macedonia, Crete and the North Aegean Islands from the Ottomans in the First Balkan War, and then West Thrace from Bulgaria in the Second Balkan War.
1919-22 - Greco-Turkish War - Greek invasion of Asia Minor prompted by the collapse of the Ottoman Empire after World War 1 is defeated by Turkish forces.
1924 - Greeks vote for the abolition of the monarchy, country becomes republic.
1935 - Monarchy restored.
1936 - General Ioannis Metaxas appointed prime minister, establishes right-wing dictatorship.

World War 2

1940 - Italian dictator Benito Mussolini's forces attack Greece from Italian-held Albania, but are repelled.
1941 - Metaxas dies. Greece falls to Germany. More than 100,000 die in famine.
1942 - 1944 - Fierce resistance to the occupation by communist and royalist factions alike.
1944 - British and Greek forces combine to force Nazi withdrawal. With backing from Britain, Georgios Papandreou becomes prime minister. Communists protest. Tensions rise and there is sporadic violence.
1946 - 1949 - Royalist parties win elections. Ensuing civil war ends with defeat of communist forces.
1952 - New constitution declares Greece a kingdom ruled by parliamentary democracy. Greece joins Nato.
1955 - Konstantinos Karamanlis becomes prime minister.
1964 - King Constantine II succeeds his father, Paul.
1967 - Group of army officers seize power in military coup. Elections are postponed indefinitely and Col George Papadopoulos takes office as prime minister.
Hundreds of political activists are arrested under a regime characterised by brutality and repression.
1973 - Greece declared a republic, the monarchy is abolished and Papadopoulos assumes the presidency.
Opposition to military rule leads to increasing unrest. Papadopoulos overthrown in bloodless coup by Brigadier-General Demetrios Ioannidis, commander of the military police. He partially restores civilian rule but retains large measure of power.
1974 - A Greece-backed coup against President Makarios of Cyprus is followed by Turkish invasion and occupation of north of the island.
Ioannidis government collapses. Mr Karamanlis recalled from exile and sworn in as prime minister. Referendum rejects restoration of monarchy.

Parliamentary republic

1975 - New constitution declares Greece a parliamentary republic with some executive powers vested in a president.
1980 - Conservative Constantine Karamanlis elected president.
1981 - Greece joins EU. Andreas Papandreou's Socialist Party (Pasok) wins elections.
1985 - President Karamanlis resigns in protest at government plans to reduce powers of president. Christos Sartzetakis becomes head of state.
1986 - Constitutional amendment transfers some of president's powers to the legislature
1990 - Centre-right New Democracy party forms government under party leader Constantine Mitsotakis
1991 - Yugoslav former republic of Macedonia declares independence. Greece objects to name and flag of Republic of Macedonia on grounds they imply territorial claims to the Greek province of Macedonia.
1993 - Election returns Papandreou to power.
1995 - Relations with Macedonia normalised.
1996 - Tension flares between Greece and Turkey over disputed Aegean islet.
Papandreou resigns through ill health and dies shortly afterwards. Succeeded by Kostas Simitis.
1999 September - Earthquake hits Athens - dozens killed, thousands left homeless.
2000 June - Senior British diplomat Brigadier Stephen Saunders shot dead in Athens by left-wing guerrilla group November 17.
2002 January - Euro replaces drachma.
2002 March - Greek, Turkish governments agree to build gas pipeline through which Turkey will supply Greece with gas.
2002 July - Suspected leader and members of November 17 terror group arrested after one of them is injured, allegedly by his own bomb, and provides information to police.
2003 December - Trial of November 17 suspects ends with their conviction. Head of group and its main hitman jailed for life.
2004 February - Kostas Simitis calls March elections and stands down as Pasok leader.

Government change

2004 March - Conservative New Democracy party led by Costas Karamanlis wins general election, ending over a decade of Pasok government.
2004 August - Athens hosts Olympic Games.
2004 December - European Commission issues formal warning after Greece found to have falsified budget deficit data in run-up to joining eurozone.
2005 April - Parliament ratifies EU constitution.
2005 December - Amid protest strikes by transport workers, parliament approves changes to labour laws, including an end to jobs for life in the public sector. The plans sparked industrial action in June.
2006 March - Public sector workers strike over pay and in protest at government plans to scrap job security laws and intensify privatisation.
2006 May - Greek and Turkish fighter planes crash into the Aegean after colliding in mid-air.
2006 September - Greece, Russia and Bulgaria back a long-awaited deal to build an oil pipeline which will carry Russian oil to Europe via Alexandropoulis in Greece.
2007 August - Wildfires sweep through tinder-dry forests across the mainland and islands, killing dozens of people.
2007 September - Despite criticism of his government's handling of the fires, Prime Minister Karamanlis wins a narrow majority in the poll. He says he now has a mandate for more reforms but also pledges to make national unity a priority.
2008 March - Greece blocks Macedonia's bid to join Nato because of unresolved dispute over former Yugoslav republic's name.
Parliament narrowly passes government's controversial pension reform bill in face of general public sector strike and mass protests.
2008 December - Students and young people take to city streets in nationwide protests and riots over the police killing of a 15-year-old boy in Athens. Major public-sector strikes coincide to increase pressure on the government over its economic policies.
2009 August - Around 10,000 people are evacuated from their homes as wildfires sweep across the country.
2009 October - Opposition Pasok socialist party wins snap election called by PM Karamanlis. George Papandreou takes over as new prime minister.

Debt crisis

2009 December - Greece's credit rating is downgraded by one of world's three leading rating agencies amid fears the government could default on its ballooning debt. PM Papandreou announces programme of tough public spending cuts.
2010 January- March - Government announces two more rounds of tough austerity measures, and faces mass protests and strikes.
2010 April/May - Fears of a possible default on Greece's debts prompt eurozone countries to approve a $145bn (110bn euros; £91bn) rescue package for the country, in return for a round of even more stringent austerity measures. Trade unions call a general strike.
Anti-austerity graffiti has proliferated in Athens
2011 June - 24-hour general strike. Tens of thousands of protesters march on parliament to oppose government efforts to pass new austerity laws.

Crisis deepens

2011 July - European Union leaders agree a major bailout for Greece over its debt crisis by channelling 109bn euros through the European Financial Stability Facility.
All three main credit ratings agencies cut Greece's rating to a level associated with a substantial risk of default.
2011 October - Eurozone leaders agree a 50% debt write-off for Greece in return for further austerity measures. PM George Papandreou casts the deal into doubt by announcing a referendum on the rescue package.
2011 November - Faced with a storm of criticism over his referendum plan, Mr Papandreou withdraws it and then announces his resignation.
Lucas Papademos, a former head of the Bank of Greece, becomes interim prime minister of a New Democracy/Pasok coalition with the task of getting the country back on track in time for elections scheduled provisionally for the spring of 2012.

New bailout plan

2012 February - Against a background of violent protests on the streets of Athens, the Greek parliament approves a new package of tough austerity measures agreed with the EU as the price of a 130bn euro bailout.
2012 March - Greece reaches a "debt swap" deal with its private-sector lenders, enabling it to halve its massive debt load.
2012 May - Early parliamentary elections see support for coalition parties New Democracy and Pasok slump, with a increase in support for anti-austerity parties of the far left and right. The three top-ranking parties fail to form a working coalition and President Papoulias calls fresh elections for 17 June.
2012 June - Further parliamentary elections boost New Democracy, albeit leaving it without a majority. Leader Antonis Samaras assembles a coalition with third-placed Pasok and smaller groups to pursue the austerity programme.

Anti-austerity protests

2012 September - Trade unions stage 24-hour general strike against government austerity measures. Police fire tear gas to disperse anarchist rally outside parliament.
2012 October - Parliament passes a 13.5bn-euro austerity plan aimed at securing the next round of EU and IMF bailout loans; the package - the fourth in three years - includes tax rises and pension cuts.
2013 January - Unemployment rises to 26.8% - the highest rate in the EU.
2013 April - Youth unemployment climbs to almost 60%.

Public broadcaster closed

2013 June - The government announces without warning that it is suspending the state broadcaster ERT in a bid to save money. The decision gives rise to mass protests and a 24-hour strike.
2013 August - New state broadcaster EDT is launched.
2013 September - Government launches crackdown on far-right Golden Dawn party. Party leader Nikolaos Michaloliakos and five other Golden Dawn MPs are arrested on charges including assault, money laundering and belonging to a criminal organisation.
2013 December - Parliament passes 2014 budget, which is predicated on a return to growth after six years of recession. Prime Minister Samaras hails this as the first decisive step towards exiting the bailout.
2014 February - Greek unemployment reaches a record high of 28%.
2014 March - Parliament narrowly approves a big reform package that will open more retail sectors to competition, part of a deal between Greece and its international lenders.
2014 April - Eurozone finance ministers say they'll release more than 8bn euros of further bailout funds to Greece.
Greece raises nearly four billion dollars from world financial markets in its first sale of long-term government bonds for four years, in a move seen as an important step in the country's economic recovery.

Left in power

2014 May - Anti-austerity, radical leftist Syriza coalition wins European election with 26.6% of the vote.
2014 December - Parliament's failure to elect a new president sparks a political crisis and prompts early elections.
2015 January - Alexis Tsipras of Syriza becomes prime minister after winning parliamentary elections, and forms a coalition with the nationalist Independent Greeks party.
2015 February - The government negotiates a four-month extension to Greece's bailout in return for dropping key anti-austerity measures and undertaking a eurozone-approved reform programme.
2015 June - European Central Bank ends emergency funding. Greece closes banks, imposes capital controls and schedules referendum on European Union bailout terms for 5 July.Government reinstates former state broadcaster ERT as promised in Syriza manifesto.
2015 July - Greece becomes first developed country to miss a payment to the International Monetary Fund, having already delayed it once.

Friday, 10 April 2015

U.S. Taxation

The U.S. tax system is set up on both a federal and state level. There are several types of taxes: income, sales, capital gains, etc. Federal and state taxes are completely separate and each has its own authority to charge taxes. The federal government doesn�t have the right to interfere with state taxation. Each state has its own tax system that is separate from the other states. Within the state there may be several jurisdictions that also charge taxes. For example, counties or towns may charge their own school taxes that are in addition to state taxes. The U.S. tax system is quite complex.

Income Tax

Income tax is probably one of the most well known forms of taxation. If any of you earn income in the U.S. you will see the deductions on your paycheck. Every person who earns income in the U.S. is supposed to pay income tax on both the federal and state level. Federal taxes include social security and FICA. Each state also has its own form of income tax that employers also withhold from your paycheck. If you earn over a certain amount, $6,750, you must file both federal and state taxes before April 15th of each year.
For more information on federal taxes, go to

US Sales Tax

Sales Tax



Another form of tax that you will become very familiar with is sales tax. This is the tax that is charged on your purchases, such as if you buy a pack of gum. Sales tax is a state tax and varies from state to state as well as within the state. For example, NY State Sales Tax is 7% and NJ is 3%, but Albany has 8% sales tax while Syracuse has only 7%. Within the state, municipalities have the right to raise the sales tax above the state limit. There are also other rules surrounding sales tax, such as which items are taxed and which are not. For example, in NY gum is taxed, but milk is not. In NJ food is taxed, but clothes are not. As you can see the tax system in this country is quite complex.
In addition to the many types of taxes, there are also discrepancies between individuals and businesses.
We discussed briefly last week how the different business entities were taxed. Hopefully, we can now discuss that in a little more detail. As stated above, individuals must file their income tax before April 15th. If the person has a sole proprietorship, those earnings will be included on their personal income tax form. If a person is part of a partnership, their earnings from the partnership will be included on their personal income tax form. There are no taxes on the partnership as a whole, but on the earnings passed down to the partners. Partnerships are required to file a tax return, but it is only an informational return.
Corporations are a separate legal entity and are subject to corporate tax on taxable income. Corporate tax rates are different than personal tax rates. Corporate earnings are subject to double taxation. What this means is that corporations pay taxes on their earnings and then with after tax income they pay stockholders dividends, which are subject to capital gains tax. The dividends must be reported on the stockholders personal tax form and are taxed at capital gains tax rates. This is what is commonly called double taxation. I'm sure you will hear about this concept again.

US Taxation Basics


Federal government receipts by source, 2010.[1]
A tax is imposed on net taxable income in the United States by the federal, most state, and some local governments.[2] Income tax is imposed on individuals, corporations, estates, and trusts.[3] The definition of net taxable income for most sub-federal jurisdictions mostly follows the federal definition.
The rate of tax at the federal level is graduated; that is, the tax rates of higher amounts of income are higher than on lower amounts. Some states and localities impose an income tax at a graduated rate, and some at a flat rate on all taxable income. Federal tax rates in 2013 varied from 10% to 39.6%.[4]
From 2003 through 2011, individuals were eligible for a reduced rate of federal income tax on capital gains and qualifying dividends. The tax rate and some deductions are different for individuals depending on filing status. Married individuals may compute tax as a couple or separately. Single individuals may be eligible for reduced tax rates if they are head of a household in which they live with a dependent.
Taxable income: is defined in a comprehensive manner in the Internal Revenue Code and regulations[5] issued by the Department of Treasury and the Internal Revenue Service. Taxable income is gross income as adjusted minus tax deductions. Most states and localities follow this definition at least in part, though some make adjustments to determine income taxed in that jurisdiction. Taxable income for a company or business may not be the same as its book income.
Gross income: includes all income earned or received from whatever source. This includes salaries and wages, tips, pensions, fees earned for services, price of goods sold, other business income, gains on sale of other property, rents received, interest and dividends received, alimony received, proceeds from selling crops, and many other types of income. Some income, however, is exempt from income tax. This includes interest on municipal bonds.
Federal receipts by source as share of total receipts (1950-2010). Individual income taxes (blue), payroll taxes/FICA (green), corporate income taxes (red), excise taxes (purple), estate and gift taxes (light blue), other receipts (orange).
Adjustments: (usually reductions) to gross income of individuals are made for alimony paid, contributions to many types of retirement or health savings plans, certain student loan interest, half of self-employment tax, and a few other items. The cost of goods sold in a business is a direct reduction of gross income.
Business deductions: Taxable income of all taxpayers is reduced by tax deductions for expenses related to their business. These include salaries, rent, and other business expenses paid or accrued, as well as allowances for depreciation. The deduction of expenses may result in a loss. Generally, such loss can reduce other taxable income, subject to some limits.
Personal deductions: Individuals are allowed several nonbusiness deductions. A flat amount per person is allowed as a deduction for personal exemptions. For 2014 this amount is $3,950. Taxpayers are allowed one such deduction for themselves and one for each person they support.
Standard deduction: In addition, individuals get a deduction from taxable income for certain personal expenses. Alternatively, the individual may claim a standard deduction. For 2014, the standard deduction is $6,200 for single individuals, $12,400 for a married couple, and $9,100 for a head of household. Note that the standard deduction is higher for individuals born before January 2, 1949 or who are blind.
Itemized deductions: Those who choose to claim actual itemized deductions may deduct the following, subject to many conditions and limitations:
  • Medical expenses in excess of 10% of adjusted gross income,
  • State, local, and foreign taxes,
  • Home mortgage interest,
  • Contributions to charities,
  • Losses on nonbusiness property due to casualty, and
  • Deductions for expenses incurred in the production of income in excess of 2% of adjusted gross income.
Capital gains: and qualified dividends may be taxed as part of taxable income. However, the tax is limited to a lower tax rate. Capital gains include gains on selling stocks and bonds, real estate, and other capital assets. The gain is the excess of the proceeds over the adjusted basis (cost less depreciation deductions allowed) of the property. This limit on tax also applies to dividends from U.S. corporations and many foreign corporations. There are limits on how much net capital loss may reduce other taxable income.
Total U.S. Tax Revenue as a % of GDP and Income Tax Revenue as a % of GDP, 1945-2011, from Office of Management and Budget Historicals
Tax credits: All taxpayers are allowed a tax credit for foreign taxes and for a percentage of certain types of business expenses. Individuals are also allowed credits related to education expenses, retirement savings, child care expenses, and a credit for each child. Each of the credits is subject to specific rules and limitations. Some credits are treated as refundable payments.
Alternative Minimum Tax: All taxpayers are also subject to the Alternative Minimum Tax if their income exceeds certain exclusion amounts. This tax applies only if it exceeds regular income tax, and is reduced by some credits.
Tax returns: Most individuals must file income tax returns in each year their income exceeds the standard deduction plus one personal exemption. However, some taxpayers must file an income tax return because they satisfy one of the following conditions:
  • Taxpayer owes any special taxes such as the Alternative Minimum Tax
  • Taxpayer received any HSA, Archer MSA, or Medicare Advantage MSA distributions
  • Taxpayer had net earnings from self-employment of at least $400
  • Taxpayer had wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security and Medicare taxes
Other taxpayers must file income tax returns each year. These returns may be filed electronically. Generally, an individual's tax return covers the calendar year. Corporations may elect a different tax year. Most states and localities follow the federal tax year, and require separate returns.
Tax payment: Taxpayers must pay income tax due without waiting for an assessment. Many taxpayers are subject to withholding taxes when they receive income. To the extent withholding taxes do not cover all taxes due, all taxpayers must make estimated tax payments.
Tax penalties: Failing to make payments on time, or failing to file returns, can result in substantial penalties. Certain intentional failures may result in jail time.
Tax returns may be examined and adjusted by tax authorities. Taxpayers have rights to appeal any change to tax, and these rights vary by jurisdiction. Taxpayers may also go to court to contest tax changes. Tax authorities may not make changes after a certain period of time (generally three years).
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