Jeanette Power, EPC’s Post

See the latest CRA update on "Overdue Tax" and "Family Loans"

The #CRA maintains a five per cent prescribed rate for loans and nine per cent interest on overdue tax for Q4 2024. Learn more about how these stable rates may impact financial planning and tax obligations.

10 Benefits of Filing Tax Returns Even if you are not liable to File ITR 1) Easy Loan Approval Filing your ITR can be beneficial when applying for various loans such as vehicle loans (2-wheelers or 4-wheelers) or home loans. Major banks often require a copy of your tax returns as proof of your income statement. This is a mandatory document for loan approval. 2) Quick Visa Processing When applying for a visa, most embassies and consultants require copies of your tax returns from the past couple of years. These documents are among the mandatory requirements. Therefore, it is advisable to file your ITR on time. 3) Carry Forward Your Losses By filing your return within the original due date, you can carry forward losses to subsequent years. These losses can be offset against the income of future years, thereby reducing your tax liability. Without filing an income tax return, this benefit would not be possible. 4) Claim Tax Refund There may be instances where tax has been deducted (TDS or TCS) from your income, even if your total taxable income is below the basic exemption limit, or you have no tax liability for that year. In such cases, you must file an Income Tax Return to claim a refund of the TDS. 5) For Buying Term Insurance To approve term insurance plans, insurance providers often require applicants to submit their Income Tax Return (ITR) records as proof of their annual income. The coverage amount is determined based on the individual's earnings, and presenting the ITR helps insurance providers assess a person's higher income level. 6) Reliable Proof of Address The Income Tax Return is valid as address verification. Even an Aadhaar Card can be obtained using it. Aadhar Cards, licenses, passports, and other documents like those are all required to have address proofs. Frequently, these documents do not accept common forms of identification like ID cards. Your Income Tax Return can be applied in such cases. 7) Authentic Evidence of Your Earnings Form 16 is typically given by employers to their employees as proof of income. The ITR Filing form serves as actual income verification for self-employed or independent contractors. It includes a thorough breakdown of a person's income and expenses for the entire fiscal year. Read more at https://lnkd.in/dAwr-F39

The tax deadline is April 15th! Have you made your appointment yet? It's time to gather your tax documents, like your W2 forms, receipts, mortgage statements and more make your appointment with an expert accountant at EEPB. Our experts will work to save you money through tax strategies and finding incentives and credits that apply to you. Call to make an appointment: 713.622.0016 #taxdeadline #taxappointment #taxdocuments #accountant #taxstrategies #taxincentives #taxcredit

Important update from CRA: For Q3 2024, the interest rate on overdue tax is set to decrease to nine per cent, and the prescribed rate for family loans will be five per cent. Stay informed on these changes here.

Important update from CRA: For Q3 2024, the interest rate on overdue tax is set to decrease to nine per cent, and the prescribed rate for family loans will be five per cent. Stay informed on these changes here.

Sebi fines Rs 8 lakh on Reliance Home Finance for disclosure lapses https://lnkd.in/dXygqu8d . Capital markets regulator Sebi on Friday imposed a penalty of Rs 8 lakh on Reliance Home Finance for failing to make disclosures pertaining to NCLT order issued in June 2021 to the stock exchanges. The fine has to be paid within 45 days, the Securities and Exchanges Board of India (Sebi) said. In its order, Sebi noted that Reliance Home Finance has not made disclosures with respect to the NCLT order dated June 21, 2021 and also did not disclose information regarding appeals filed by it and Bank of Baroda against the NCLT's order. As per the NCLT's order, Reliance Home Finance was directed to pay the interest on the debentures at the contractual rate, calculated till realisation, within two months and redeem the debentures on payment of the principal in three months thereafter. Going by the order, the outstanding amount due and payable in respect of the secured non-convertible debentures (NCDs) was more than Rs 2,850 crore. The company was required to make the disclosures within 24 hours of the passage of the order under Sebi's LODR (Listing Obligations and Disclosure Requirements) rule. "The Noticee (Reliance Home Finance) cannot be absolved from making disclosures, as the same were disclosed in the annual report or the information/event details being covered by the media or on various websites.   "This cannot be considered as compliance of the provisions of... LODR Regulations, 2015..., as the required disclosures were supposed to be made by the Noticee to the exchanges," Sebi said. Additionally, the firm has made delayed disclosures with respect to the information regarding its debt resolution plan -- invitation of Expression of Interest bid dated July 29, 2020, and approval of resolution plan on June 19, 2021.The disclosures were to be made not later than July 30, 2020 and June 20, 2021 respectively. However, the company had made disclosures of the two events to the exchanges on July 31, 2020 and June 21, 2021 respectively, with delay on one day for each event. Accordingly, the regulator has imposed "penalty of Rs 8 lakh on the noticee for the violation of provisions of... LODR Regulations, 2015 read with clause 2 of Listing Agreement". #sebi #fines #reliance #reliancehomefinance #home #homefinance #finance #disclosure #bankofbaroda #resolutionplan #complience #dailyupdates #dailynews #whatsnew #taxtalk #mentor #economy #indianeconomy #RBI #RBIbank

The prescribed loan rate remains five per cent for the fourth quarter of 2024, while overdue tax interest stays at nine per cent. These rates have held steady since Q3. Learn how this impacts tax strategies for families and businesses here.

Alert: CRA Dials Up Prescribed Interest Rates! ⚠️ Brace for Impact on Loans and Interest Charges. 📉💸 Navigate the Changes with Caution! #CRA #InterestRates #FinancialAlert" https://lnkd.in/gUz-FnYc

https://lnkd.in/gFbh2EQN As we are predominantly in the business space, we thought this was a super interesting read for our VIC commercial and industrial property Buyers. > Pepper Money has been appointed to administer the new commercial and industrial property tax (CIPT) Transition Loan Program in conjunction with Treasury Corporation of Victoria (TCV). >> The tax reform measures commenced 1 July 2024. >>> The reform gives the temporary option to pay stamp duty on a property upfront (as per current standard) or apply to borrow the funds via a government transition loan. >>>> The transition loan will allow purchasers to make annual loan repayments over 10 years, equivalent to the property’s final stamp duty liability plus interest allowing them to spread out payments over time with a fixed, market-based interest rate, calculated at the start of the loan. Do you think this would be of benefit to you? Personally, I hope this comes to WA! #broker #brokernews #businessfinance #taxreforms #commercialproperty #industrialproperty #businesslending