Illinois is the first state to bar payment companies from charging interchange on sales and excise taxes and gratuities. The Electronic Transaction Association has stepped up against the new law. CEO Jodie Kelley spoke out on the issue, saying, “There is a reason every other state to have looked at this issue has rejected passing a law like this one. It is harmful to consumers and to small businesses who rely on the payments industry to grow their business.” https://lnkd.in/gJfV5xnV #surcharging #ETA #payments #interchange
Electronic Transactions Association’s Post
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Sales tax obligations add an extra layer of complication to #DtC alcohol shipping. Download our free guide to learn the nuances of compliance. https://bit.ly/3Gv3Lb4
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UK Tax Controversy, HMRC Fraud Investigations & Non compliance, International Financial Compliance Expert | Partner | Business Consultancy | Ex-Professional Cricket Player
According to HM Revenue & Customs guidelines, promoting or operating mass-marketed tax avoidance schemes is not automatically a criminal offense. However, it becomes a criminal act if the promoter continues to promote the scheme after being issued an HMRC Stop Notice, which legally requires them to cease such activities. HMRC actively investigates cases involving tax avoidance schemes, and there have been convictions in specific instances where the rules were breached. For more details, you can refer to the full text https://lnkd.in/eu7Cfys9
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CA Finalist | Ex-Associate consultant @ Vistra Corporate Service | Direct Tax and Accounting Consultant | Helping Businesses Maximize profits and Ensure compliance.
The CBDT has specified that in respect of cases where a higher rate of TDS/TCS was attracted under section 206AA/206CC of the Act pertaining to the transactions entered into up to 31.03.2024 and in case of the demise of the deductee/collectee on or before 31.05.2024, i.e. before the linkage of PAN and Aadhaar could have been done, there shall be no liability on the deductor/collector to deduct/collect the tax under section 206AA/206CC, as the case may be. Read the Full Circular:https://lnkd.in/gqn4CBVC
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#GSTtaxBytes Two businesses failed in their appeals to the High Court and GST Board of Review against the Comptroller’s decision to deny their input tax claims, amounting to $1.4 million. Read the details of the cases, and find out how you can avoid being implicated in the Missing Trader Fraud at https://lnkd.in/gM5xjszZ
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To address input tax/fake flying invoices issue, while filing monthly sales tax returns, an #affidavit from the CFO is made mandatory to affirm the accuracy of the provided information. Non-compliance can lead to severe consequences including criminal proceedings, arrest /Up to 10 years of imprisonment etc. #ahsanaca #SalesTaxCompliance #FBR #TaxRegulations #SalesTax #taxes #CFO
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No, Interest can be levied under GST when sufficient cash balance available in Cash Ledger before the due date of Payment of Tax ( i.e, before due Date of GSTR-3B filing). Hon'ble Madras high court in case of M/s. Eicher Motors Limited vs Superintendent of GST and Central Excise held that proviso to Sec 50(1) is traveling beyond the Sec 50(1). So, for the purpose of interest calculation we need to Take PMT-06 Date, not debit entry date in electronic cash ledger. It will give relief for the tax payer who has balance in cash ledger but not filed the GSTR-3B with in due date. #gstupdates #gstcompliance #gst
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We receive multiple calls each month for consultation on Stamp Duty Land Tax, popularly known as SDLT. The questions often revolve around how to calculate the refund owed, the timeline for receiving a refund, and queries about duty surcharges, among others. To address these inquiries comprehensively, we've curated a blog that explains the entire process of Stamp Duty refund - covering how it works and how to claim it. Read more about it in the 🔗👇 https://bit.ly/3OOh7E4 Owais Bombaywala #SDLT #StampDutyRefund #TaxConsultation #wearedns
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The Supreme Court ruled that liquor vendors who secure the right to sell arrack (a type of liquor) are not classified as "buyers," meaning they are not subject to Tax Collected at Source (TCS) under Section 206C. This decision exempts these vendors from paying additional taxes on their purchases. Reach out now and enjoy a FREE 30-minute consultation with our experienced professionals! 💼 📞: +91 98114 04057 📩 info@peachadvisory.in 🔗 www.peachadvisory.in #peachadvisory #tax #vat #SCTaxRuling #LiquorVendors #TaxExemption #TCS #Section206C #LegalUpdate #RetailLiquor #BusinessTax #TaxCompliance #ArrackVending
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Summoning order NBW quashed for tax liability on services to edu. institutions (Apr'14-Jun'17) u/ss 89, 83 Finance Act'44, Sec 174 CGST Act'17, Sec 9 r/w 9(AA) Excise Act'44. Bail allowed. http://dlvr.it/TBL9xt #LegalTweet #TaxLaw #EducationSector #BailGranted #CourtOrder
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Fractional Virtual CFO/CMO Hybrid. Add Us to Your Agency and Watch Your Profit Margin Double. Former Accountant | Current Marketing Agency Champion
Not sure what it is, but we've always found this case interesting. The Infamous Tax Case 🚔💼 Did you know about the case of Frank La Rosa, the drug dealer who tried to claim a tax deduction for stolen drugs? In 2003, La Rosa argued that the $220,000 worth of drugs stolen from him should be considered a business loss and claimed it as a tax deduction. Surprisingly, the Federal Court initially upheld his claim, sparking public outrage and leading to legislative changes. This case was instrumental in the creation of legislation around 'the proceeds of crime.' The Australian government amended the Income Tax Assessment Act to ensure that deductions could not be claimed for illegal activities, reinforcing the idea that crime should not pay. What do you think about this case? Share your thoughts in the comments! #tax #taxfun #taxreturn #taxseason #savetax #notax #eofy #finance #money #cashflow #wealth #business #smallbusiness #smallbusinessgrowth #hya #hyaccounting #growthhubconsulting
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Managing Partner @ SignaPay | Electronic Payments, Merchant Advocacy
2moYet another way businesses are feeling the squeeze. With inflation, minimum wage hikes, and now restrictions on interchange fees, it’s no wonder more small businesses are turning to alternative processing solutions like dual pricing to protect their bottom line.