The Mormon Church has instructed its members to donate to proposition 8 to ban same-sex marriage in California. Nearly half the money (20 million dollars) came in from Mormon Church members predominantly from Utah. According to IRS Law:"Section 501(c)(3) describes corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific,
I’ve heard it in the evening news yesterday without much impact but everybody is talking about it in the office, President Arroyo signed into law Republic Act 9504 or the Tax Exemption law for minimum wage earners. Indeed, this is a great news at this time of crisis. And for me, this is the only law passed by this administration that they can be proud of (To think that the key authors like Senat
President Arroyo on Tuesday signed into law Republic Act 9504 exempting minimum wage earners from paying income tax and increasing personal exemptions for other employees.Under the new law, the tax exemptions will provide additional take-home pay of P34 a day or P750 a month for minimum wage earners. The new law also increases personal exemptions for salaried workers.All holiday, night differentia
Suttabhai will be back to blogging full time from Monday 9th June.
While May 2008 has proved to be the most disastrous month for the KSE-100 index in recent times, with the market getting gang-banged from 15,122 to 12,130, the news that CGT has been deferred for 2 years along with no change in CVT should [...]
If you are thinking about selling your house but are concerned about the capital gains tax you may have to pay on profit made from sale then there is some good news for you.
You might not have to pay any tax on the profit made if certain conditions are fulfilled. In the following sections we will look at how you can retain the total amount of profit made from sale of your house without having to pay any taxes.
When a person sells his house and makes a profit then this profit can be exempt from taxes up to the maximum exemption limit of $250,000 if:
He meets the use of house requirement and
The ownership requirement, and also
Had not used capital gains tax exemption in the last two years before the house is sold.
The exemption limit is $500,000 if:
The seller is married & files a joint return and
Both he and his spouse meet the use of house requirements and
Either he or his spouse meets the ownership requirement, and lastly
Neither
As expected,after hearing the news last night re: the exemption of capital gains tax to be deferred till July 2008, the Karachi Stock market opened with a full erection this morning. This is the best news this market has received in some time and there is talk of lowering the CVT by half. While there were many gains across the board , only NBP, OGDC, MCB and Askari Bank really went up. OGDC finally moved after being stagnant for nearly a month and the KSE-100 index has finally closed above its 30 DMA after nearly 3 weeks. The market should test 10,500 soon.
News : The government will hold a public offering for Oil and Gas Development Co Ltd (OGDCL), the country’s largest listed firm, at a price of 110 rupees per share this week, the government said on Tuesday.Up to 21.505 million shares will be offered in lots of 500 in what would be the second public offering for the state-run company, the Privatisation Commission said in a statement."The subscription for the retail
News has just come in that the Prime Minister has extended the capital gains tax exemption for the Karachi Stock market for another year until July 2008. It was meant to be implemented this July after the budget this year. It should give this weary market a welcome boost, removing one of the 2 expected hurdles for 2007 (the other being uncertainity at election time at the end of the year).
I recently returned to India in April 2006 after spending 9 years in the US. For the year 2006-07 I will have to file tax returns in India. During my stay in the US I bought some stock of a company listed on the NYSE. I bought this stock about 3-4 years ago. Now I plan to sell this stock and will have the proceeds from the sale remitted to my Indian account. Lets assume I sold 100 stocks at a profit of $10 per share. That would mean my income will be $1000. My question is :what is the tax I need to pay on this sale? Since this is long term capital gain will the tax be zero? I don't know the rule for foreign stock transactions. I will be on RNOR status for 2006-07. nitish@hotmail.comIn my opinion, since you will be Resident But Not Ordinarily Resident during the year of sale of the NYSE listed share, any gain arising outside India and received outside India , shall not be taxable in India. Important to note that income received in India is TAXABLE in India irrespective of the fact whet
