#what is tax deducted at source

[cadeveshthakur]

What is TDS??| TDS ki कक्षा | A Comprehensive Guide to Tax Deduction at Source| Part 1| Basics 2024 "CA Inter Direct Taxation | May/Nov 2024 Attempt | Ultimate Exam Prep Playlist" Description: 🎓 Welcome to the ultimate guide for CA Inter students, accountants, and professionals gearing up for the May/Nov 2024 attempt! Dive into our comprehensive playlist focused on Direct Taxation, curated to enhance your understanding and boost your exam preparation. 📚 Uncover in-depth explanations, practical examples, and expert insights on key Direct Tax topics crucial for success in the CA Inter examination. Whether you're a student aiming to ace the upcoming exams or a professional seeking to stay updated, this playlist is your go-to resource. 🔍 Playlist Highlights: 1️⃣ Income from Salary & House Property: Master the nuances of income computation, exemptions, and deductions to confidently navigate these critical sections. 2️⃣ Income from Business & Profession: Explore detailed discussions on taxation aspects related to business income, including special provisions, depreciation, and more. 3️⃣ Capital Gains & Other Sources: Gain a thorough understanding of capital gains taxation, as well as insights into income from other sources, ensuring a solid foundation for exam success. 4️⃣ Clubbing of Income & Set-Offs: Decode the complexities of clubbing provisions and set-off mechanisms, crucial for accurate tax planning and compliance. 5️⃣ Assessment Procedures & Appeals: Navigate through the assessment process, learn effective strategies for handling appeals, and stay ahead of the curve in tax compliance. 🚀 Elevate your exam readiness with our expert-led videos, designed to simplify complex concepts and provide a comprehensive understanding of Direct Taxation. Hit play now and gear up to conquer the CA Inter May/Nov 2024 exams! 🔗 Don't forget to subscribe for regular updates, and share this invaluable resource with your peers to create a community of empowered learners! Best of luck on your journey to success! 🌟 🔥 #cainter  #directtaxation  #caexampreparation #caexamprep #caintermediate  #MayNov2024 #TaxationTips #examsuccess  #accountancy  #cajourney  #professionaldevelopment  #taxlaw #cainterdirecttax  #studywithme #cadeveshthakur #directtaxrevision #directtaxrevisionlectures #directaxcainter #directaxclasses #tds #salary #businessincome #pgbp #setoff #capitalgaintax #castudents #castudent #castudentlife Understand the Basics of TDS [Tax deducted at source] What is TDS? Why is there a requirement to deduct tax at source? When TDS is required to be deducted? Who is required to deduct TDS? Who is payer? Who is payee? Who is deductor? Who is deductee? When to deduct tax? When to deduct TDS? What is PAN? What is TAN? Who is required to obtain TAN? Penalty for failure to apply TAN Quoting false TAN Amount on which TDS is required to be deducted? Interest for non deduction of TDS? Multiple employment Two or more employer How to avoid TDS? Form 15G Form 15H No deduction of Tax Lower deduction of Tax TDS return process TDS credit process What if PAN is not provided? Follow me on: Pinterest: https://in.pinterest.com/cadevesht LinkedIn: https://www.linkedin.com/in/cadeveshthakur/ Instagram: https://www.instagram.com/cadeveshthakur/ Twitter: https://twitter.com/cadeveshthakur Tumblr: https://www.tumblr.com/blog/cadeveshthakur Youtube Channel: https://www.youtube.com/c/cadeveshthakur Reddit: https://www.reddit.com/user/cadeveshthakur E-Commerce Accounting: https://www.facebook.com/groups/ecommerceaccountingsolutions #cadeveshthakur https://www.cadeveshthakur.com/

[eretzyisrael]

by Aviv Lavie

From the moment war broke out in the Gaza Strip last October, it was clear that water supply to the Palestinian population was a particularly sensitive issue.

Even before October 7, the Gaza water network was in a fragile state, and the population suffered from chronic shortages of potable water. Under fire, what little supply Gazans had was in danger of collapse.

After Hamas launched its deadly onslaught, various Israeli ministers declared that all transfer of resources from Israel, including electricity, water and goods, would cease. But Israel eventually backtracked amid intense international pressure and the growing suffering of civilians in the Strip.

It now emerges that direct contacts and cooperation between Israeli and Palestinian elements in Gaza took place early in the war to ensure the renewal of water supply from Israel to Gaza.

This cooperation between Israeli and Gaza professionals under fire demonstrates the disparity between the inflammatory statements of government ministers and the complex reality on the ground.

This incongruity is one of the reasons the Israeli authorities involved in the effort – the Coordinator of Government Activities in the Territories (COGAT), the Water Authority and Mekorot, Israel’s water company – prefer not to comment on the issue.

In recent years, Israel has pumped water into the Gaza Strip using three pipes: a northern one near Kibbutz Nahal Oz; a southern one called Bani Suheila, near Khan Younis; and a third, called the Sayid Basin, in between the other two. The total flow amounted to about 20 million cubic meters per year, with the payment being deducted from the Palestinian Authority’s tax money that Israel collects.

Much of the rest of Gaza’s water flowed from small desalination facilities established in the Strip. Another source was wells, which have seen a decline in water level and have been penetrated by seawater, leading them to become progressively saltier.

The northern pumping facility, near Nahal Oz, was rendered inoperative after being damaged in the October 7 attack, when thousands of Hamas-led terrorists stormed southern Israel to kill nearly 1,200 people and take 251 hostages.

[tomorrowusa]

Good economic news doesn't always win votes. The electorate is not made up of doctoral candidates who carefully weigh evidence from credible sources and then vote accordingly after pondering the options. 🤣

The reptilian brain plays a greater role in elections than many liberals are comfortable admitting. Don't just say how wonderful your candidate is, get voters to understand that the other candidate is an utter disaster – and don't let up with that message. Repetition is your best friend in political campaigns.

In 2024, what Democrats need to do is remind voters that...

Trump tanked the economy with his horrifically botched response to the onset of the COVID-19 pandemic. Not only did hundreds of thousands of Americans die because of Trump's incompetence, but the US economy went into recession.

The Trump tax breaks for the filthy rich widened the income gap in the US.

Trump eliminated a number of mortgage interest tax deductions and lowered the amount of state and local taxes which people could deduct from federal income tax. This is Trump’s Trillion-Dollar Hit to Homeowners.

Trump used regulations to weaken labor unions to keep wages low.

Trump tried to repeal Obamacare and replace it with nothing.

In short, Trump tried to screw anybody who isn't filthy rich. Several links give more details on how Trump hurt middle class and low income voters...

How Trump Took the Middle Class to the Cleaners

Trump’s Economy: 7 Broken Promises to Working Americans

Two years after Trump tax cuts, middle-class Americans are falling behind

12 Ways the Trump Administration Has Deepened Inequality

And Trump wants to do it all over in a second term...

Trump Revives Plan to Dismantle Obamacare if Elected in 2024

What happens cyclically is that Republicans screw up the economy, lose office as a result, and then complain that Democrats aren't cleaning up the GOP mess fast enough. And we're still cleaning up much of Trump's mess.

[senilthesynth]

RIP Cohost

Cohost is shutting down the end of the year. While I'm kinda sad because it was a good experiment to see if non-federated social media could be viable that doesn't rely on selling data or anything, I think Anti-Software Software Club just made too many assumptions that didn't or couldn't pan out. Including just... not understanding what they wanted in the end.

(Read more because this was originally a Bluesky post and got long)

Number 1 mostly being them being "blindsided" by Stripe clarifying their policy that, in the end, means ASSC couldn't use them as a way for users to tip each other or the Artists Alley section and such. That policy existed for years, well before Cohost ever existed. For context, ASSC originally wanted to build a Patreon competitor, not a social media site. They would have failed so hard if they stuck to a Patreon competitor on this alone.

And in my opinion, number 2 is their pay. They were paying themselves very well-off all things considered, and everyone was paid the exact same amount (~94k last I heard). That's… a lot of money going towards pay that could've gone to hosting costs. They're a startup. You pay yourselves what you can. I appreciate that they paid themselves well, but again. Startup. You pay what you can, and they were nowhere close to breaking even at any point.

I think their financial model didn't do themselves any favors - they started out with "we got a lot of loan money to do this and now we have to make it profitable" which, yeah, sometimes that's what it takes. But that's venture capitalism. Especially since Cohost's source code WAS the collateral! They acted as a leftist group trying to market themselves as a non-profit/not-for-profit (they're a LLC, they're legally not forced to do either), paying themselves well more than they realistically, and hoped they could get enough people to subscribe monthly to break even.

That… doesn't work.

Not to say this would've fixed things, but I think them registering as an LLC didn't help. That prevented them from bringing on anything resembling a volunteer, and since their whole thing was "everyone gets paid the same" it meant they had to operate with very few people. If I recall correctly, they had one moderator. Maybe two. Maybe. Two developers, an artist, and a moderator. Four people. MAYBE five, I forget the exact number.

This is entering hypothetical territory so everything is unknown and is me guessing a lot of things, but is based on what I do know.

Being a non-profit comes with its own set of problems, but if they could become and maintain a 501(c)3 non-profit, they could pay themselves what they could and have people willing to help volunteer moderate. They could never get code contributors, though, since their source code was their collateral it by nature had to be closed off. Also, donations (recurring or one-off) are tax-deductible for US-members, so while it's not a HUGE benefit it offers at least that small bonus.

I'm glad that they tried, and got as far as they did (even if it meant loan after loan to not die instantly). It showed that it could be possible - that there's hope in this idea. It's just a question of HOW to make it a sustainable reality. I don't think there's a clear answer there, though. Like my non-profit idea hinges heavily on maintaining 501(c)3 status (or similar) and being able to bring on volunteers as-needed. Using a public spec for the back-end (like ActivityPub or ATProto) so the focus can be on implementing it (even if federation is never a thing) instead of doing it raw - which avoids the back-end development time but then means having to work with an existing spec that may or may not change substantially over time.

IDK. I have no idea what would make a medium-form social media such as Cohost viable. Maybe it's the same idea but with lower pay so it's easier to bring new people on as-needed, with the expectation that this is a passion project 'til it gets off the ground. Maybe it takes the "use a public spec for back-end" approach and focuses on the implementation of it with their own additions and flair. ActivityPub is one spec, but you have Mastodon, Pixelfed, Misskey, Wafrn, etc. that all go in different directions. ATProto will likely be the same one day - Bluesky being the obvious "reference" implementation right now.

Maybe it's something else entirely that I could never ever think of. I don't know, but all I do know is that I'm glad they tried. Unfortunately, the writing has been on the wall for months now and honestly? If you didn't expect that, that's on you. People have been saying that Cohost wasn't sustainable for months.

[pastel-charm-14]

how to create a budget: for beginners

budgeting doesn't have to be daunting, especially if you're just starting out. here are some simple steps to help you create a budget as a beginner:

track your expenses: start by tracking all of your expenses for a month. this includes everything from rent and groceries to dining out and entertainment. use a spreadsheet, budgeting app, or pen and paper to record your expenses and categorize them.

calculate your income: determine how much money you bring in each month after taxes and other deductions. this includes your salary, freelance income, side hustle earnings, and any other sources of income.

set financial goals: think about what you want to achieve with your money, whether it's saving for a vacation, paying off debt, or building an emergency fund. set specific, achievable goals that align with your values and priorities.

categorize your expenses: organize your expenses into categories such as housing, transportation, groceries, utilities, entertainment, and savings. this will help you see where your money is going and identify areas where you can cut back if needed.

create a spending plan: based on your income and expenses, create a spending plan that outlines how much you'll allocate to each category. aim to prioritize essentials like housing, food, and transportation, while also setting aside money for savings and debt repayment.

track your progress: regularly review your budget and track your spending to see how well you're sticking to your plan. make adjustments as needed to stay on track with your financial goals.

build an emergency fund: aim to set aside money each month in an emergency fund to cover unexpected expenses like car repairs, medical bills, or job loss. start with a small amount and gradually work your way up to having three to six months' worth of living expenses saved.

be flexible and patient: budgeting is a learning process, and it's okay to make mistakes along the way. be patient with yourself and stay flexible as you adjust to your new financial habits. remember, every step you take towards managing your money better is a step in the right direction.

[justinspoliticalcorner]

Julie Tsirkin and Monica Alba at NBC News:

WASHINGTON — The Biden administration will take a historic step toward easing federal restrictions on cannabis, with plans to announce an interim rule soon reclassifying the drug for the first time since the Controlled Substances Act was enacted more than 50 years ago, four sources with knowledge of the decision tell NBC News. The Drug Enforcement Administration is expected to approve an opinion by the Department of Health and Human Services that marijuana should be reclassified from the most strict Schedule I to the less stringent Schedule III, marking the first time that the U.S. government would acknowledge its potential medical benefits and begin studying them in earnest. Attorney General Merrick Garland will submit the rescheduling proposal to the White House Office of Management and Budget as early as Tuesday afternoon, a source familiar with the timeline told NBC News. The Justice Department "continues to work on this rule," a Biden administration official said. "We have no further comment at this time."

What rescheduling means

Since 1971, marijuana has been in the same category as heroin, methamphetamines and LSD. Each substance under the Schedule I classification is defined as a drug with no accepted medical use and a high potential for abuse. Schedule III substances include Tylenol with codeine, steroids and testosterone. By rescheduling cannabis, the drug would now be studied and researched to identify concrete medical benefits, opening the door for pharmaceutical companies to get involved with the sale and distribution of medical marijuana in states where it is legal.  For the $34 billion cannabis industry, the move would also eliminate significant tax burdens for businesses in states where the drug is legal, notably getting rid of the Internal Revenue Services code Section 280E which currently prohibits legal cannabis companies from deducting what would otherwise be ordinary business expenses. The Department of Justice’s rescheduling decision could also help shrink the black market which has thrived despite legalization in states like New York and California and has undercut legal markets that are fiercely regulated and highly taxed.

The Biden Administration announces its plans to reclassify marijuana from the stringent Schedule I to the much more lenient Schedule III, following recommendations from the HHS and the DEA.

[financeprincess]

advice for people just wanting to be educated in the finance field?

I would start dipping your toe in the finance sections of reputable sources (i.e. Financial Times, Wall Street Journal, Harvard business review, MarketWatch, etc.) and start researching terms and companies you don’t know. I treat myself with a Bloomberg Businessweek subscription sent to my home because I love their design team and it’s actually very informative. You can also sign up for the Morning Brew finance newsletter, it’s free and I read it every morning to get a brief overview of what’s going on. Even just being informed of current events is helpful in learning about finance because all major events effect the market and businesses. Look at stock performance charts. Learn about different types of investment accounts and different kinds of investments. There are a lot of really great courses on platforms like Coursera as well, I just took one called Private Equity & Venture Capital from Università Bocconi. Flirt with equity crowdfunding platforms (I accidentally made a lot of money on one of these as an early investor with less than $1k). If you live in the US start looking into personal and business tax deductions. Even credit card rewards can actually get you a lot, I’ve gotten free hotel rooms and free flights from money I would have spent anyway. Investments also mean more than just individual stocks: could be index funds, mutual funds, bonds, CDs, REITs, forex, precious gems & metals, real estate, even some designer goods retain and increase in value if bought strategically and handled correctly. Even just having the fundamentals of a maxed out retirement account (a Roth IRA or a backdoor Roth IRA is my personal preference) full of index funds and mutual funds that are balanced well, a fully funded emergency fund of 3-12 months personal expenses, any debt above 7% interest paid off, and sinking funds for various expenses automatically set up in a high yield savings account will have you very well off. When you have a foundation like that you have the breathing room to change careers, take time off, buy investment properties, invest in volatile but potentially profitable ventures, start businesses, and set up additional streams of income.

[theabstruseone]

As the studios continue to shoot themselves in the foot, I thought some people might like an explanation for what all this "writing off for taxes" means when a studio, network, or streaming service pulls a show to write it off.

Disclaimer: I have worked in accounting but am not and never have been an accountant. This is a simplified explanation that doesn't go into all the details so people have a basic understanding of what's going on.

Long post continues below...

Businesses (including self-employed people) are taxed based on the profits the business makes. To determine what the profits are, companies tally up all the money they made from various sources then deduct all the expenses they paid for the business.

For a very basic example with completely made-up numbers, I'm screening a movie to 100 people who pay $10 each to see it. So I have $1000. It cost me $200 to rent the theater, I spent $20 printing the tickets people bought, and I bought $80 worth of flyers to advertise the screening. So I add up all my expenses ($200 + $20 + $80 = $300), then I subtract that from how much money I made ($1000 - $300) to get how much profit I get taxed on, or $700.

Now let's say instead of paying to have the tickets and flyers printed, I buy a printer to do it myself. The printer costs $200, but I'm going to be using it for several years. This is where Amortization comes in.

Amortization is a type of deduction businesses take on assets they purchase where the deduction for that asset is spread over time. The value of the asset is going to decrease over time due to normal wear and tear, but it's going to be in use for many years so I can choose to deduct it over time as well. So for my $200 printer, I deduct $50 the first year, $30 the second, $20 the third, and so on until the full value of the asset has been deducted over the course of several years. Again, it's way more complicated than this but you get the general idea.

Now, in 1993 it was made legal for films and television networks to write off the expenses in creating a movie or show via amortization. The idea is that, instead of losing value due to wear and tear, the intellectual property loses value because it becomes less popular over time. A movie released in 2000 is never going to make as much money in 2001, and less in 2002, and less than that in 2003, and so on because DVD/bluray sales will fall over time and it won't be licensed as frequently by networks or streaming services and those licensing fees will go down. So now all the expenses for a film or show can be amortized over 15 years.

The thing is, if you amortize something and it loses all value, you can claim all remaining amortized value at once. For example, if you have a company vehicle that breaks down completely and can't be repaired, it's not worth 25% less than it was the prior year, it's now worthless. So the company can declare the asset no longer has value and claim whatever expenses were paid as a deduction at once.

So what the studios are doing are saying "This TV show no longer has any value, so we're pulling it from distribution and writing off all the money we spent on production this year."

The problem is, that IP is considered to have no value from that time forward as far as taxes are concerned. If the company makes money off of that IP again, they have to repay all the money they saved on their taxes.

So if I make a movie that costs $60 million in 2022, I can decide not to release the movie and write off all $60 million as a deduction on my taxes for 2022. But I can NEVER release that movie. Because if I do, I then have to pay back the taxes I would have paid in 2022 if I didn't take that $60 million deduction.

So what's going on is all these studios, networks, and streaming services are permanently shelving all of these shows and movies to reduce their tax burden THIS YEAR ONLY, and then they can NEVER release them again or they have to pay those taxes. It also means they don't have to pay any residuals to actors, writers, directors, and other people who made the film (which is funny because residuals paid out are business expenses and can also be written off).

It is the epitome of goosing the numbers for a single quarter at the expense of the entire business. They're saving money on taxes for a single year while destroying the very thing they use to make profits in the first place.

[ingek73]

I thought I knew royal greed – but King Charles profiting from the assets of the dead is a disgusting new low

For decades, parliament has been far too lenient about the royal family’s finances. This avaricious practice needs to end

Norman Baker Fri 24 Nov 2023 13.08 CET

Over the centuries, the royals have continually bleated poverty and demanded more money from the taxpayer.’ Photograph: Reuters

As a royal author, I have come across plentiful examples of royal greed. It is standard practice for the royals to seek to minimise their personal expenditure while maximising their income from other sources, normally the public purse.

But the revelation that King Charles III’s personal slush fund, the Duchy of Lancaster, is having its already bulging coffers augmented by the estates of people who die in parts of England with historical links to the royal estate plumbs new depths of disgusting avarice.

Like many so-called traditions, the feudal hangover that is bona vacantia should have been consigned to the dustbin of history centuries ago, but it has been all too tempting for successive royals to preserve this royal fruit machine that pays out again and again. Over the past 10 years, it has collected more than £60m in the funds.

Under this system, the Duchy of Cornwall, owned by Prince William, can claim the assets of people who die in Cornwall intestate – without a will – if no relatives can be found. Charles’s Duchy of Lancaster does the same when their last known residence is within what was historically known as Lancashire county palatine.

Edward VIII found cash from those who died intestate in the boundaries of the duchy was sitting in an account in case claims arose against it. He simply stole a million pounds from it, leaving almost nothing in that kitty.

George VI did very well out of the loyal servicemen who died serving their country in the second world war, who originated from within the confines of the duchy and had no will. “For king and country” took on a whole new meaning.

As disquiet about the practice of bona vacantia grew after the war, the royals announced that moneys collected would henceforth be given to charity – after processing costs had been deducted, of course. In the case of the Duchy of Lancaster, this came to about 4% compared to 15% for the Duchy of Cornwall.

Yet a Guardian investigation now reveals that matters are even worse than we have been led to believe. Put bluntly, we have been lied to. Monies we all thought were going to charity have instead been used to improve properties owned by the duchy, increasing the income stream that flows from them into Charles’s pockets.

We have the most expensive monarchy in Europe by far in terms of state support, and one that benefits from unique tax treatment available to nobody else. No inheritance tax is paid. The so-called private estates of the duchies of Cornwall and Lancaster are not private enough to pay corporation tax or capital gains tax. Even income tax is only paid voluntarily – if it all – no receipts have ever been made public.

The civil list, which in 2011 gave the royals £7.9m a year, was replaced, after palace lobbying, with the sovereign grant, which 12 years later is up to £86m a year. Over the centuries, the royals have continually bleated poverty and demanded more money from the taxpayer, while at the same time refusing point blank to reveal the extent of their accumulated wealth.

They even refused to provide this information to the last government that seriously tried to dig into this – the Labour government of the mid-1970s, with the then home secretary Roy Jenkins pursuing the matter.

Back in Queen Victoria’s reign, the government was told she was desperately short of cash to undertake her duties so a big uplift was provided. She was not short of cash, and the money provided by the then government was instead used to buy Sandringham and Balmoral. I recognise that behaviour from my time in parliament. It’s called fiddling your expenses.

My calculations suggest that the king is worth as much as £2bn and probably more. The bulk of this has come from excessive generosity on behalf of the taxpayer, either through direct handouts or indirectly through unique tax exemptions. But antiquated and indefensible arrangements such as bona vacantia have played their part too.

Parliament, which over the decades has been far too deferential, far too trusting, far too easy going, needs to get a grip. The disgusting existence of royal windfalls from dead people should be ended forthwith. The duchies of Cornwall and Lancaster should be transferred immediately to the publicly owned crown estate; they only escaped from being transferred along with other royal lands in 1760 because they were then deemed worthless. Plainly, this is no longer the case. The public accounts committee should begin a thorough investigation into the funding and wealth of the royals.

Monarchists should worry. Opening the doors on royal finances and practices will reveal a terrible stench.

in regards to:

[restinpeas]

Support Families in Northern Gaza through Rooftop & Home Vegetable Gardens

"My name is Laila El-Haddad. I'm an author and advocate for Palestinian rights and food justice. Many of you might know me as the co-author of The Gaza Kitchen: A Palestinian Culinary Journey. I'm also an avid gardener and though I am from Gaza City, I'm a farmer at heart!  Farmers represent the deep rootedness Palestinians have to the land.  For Palestinians, farming, especially during a time of genocide and ecocide-is an act of deep faith and the very embodiment of Sumood- the Palestinian concept of steadfast perseverance.

Background

Once known for its lush apple orchards, strawberries, and citrus, northern Gaza is now completely cut off from the rest of Gaza.  

As part of its policy to make Gaza unlivable, Israel has destroyed 50% of Gaza's trees and farmland, and severely restricted the entry of food and aid, especially to the north. The scale of damage and destruction is catastrophic. Israeli forces have leveled agricultural land, 90% of all greenhouses, olive groves, and poultry farms. The entire population is now facing a forced starvation policy and experiencing extreme hunger. 

Your Donation Will Help Change This Reality by Providing Rooftop, Home, and Urban Vegetable Gardens through seedling and seed distribution for Vulnerable and Displaced Families in Northern Gaza who are subsisting on 245 calories a day. 

What and Why?  

I'm organizing this campaign to help support farmers and families in the areas of northern Gaza most impacted by Israel's ongoing war to start their own rooftop and home gardens-a small step towards self sufficiency and food sovereignty. All international and local aid agencies have had to evacuate from the north, leaving the population especially vulnerable, and whatever limited amounts of fresh produce and aid are available are sold astronomical prices. 

How?

I spent months researching and consulting with agricultural experts in Gaza and abroad on the most secure and effective way to give Palestinians sustainable access to fresh produce.  Next, I partnered with with the Gaza Palestinian American Association and the Middle East Children's Alliance, both accredited 501(c)(3)  who are taking 0% overhead, as well as a team of community based partners in Gaza, who will be sourcing the supplies needed to start the home gardens locally and managing the project.  

Our team on the ground has been working hard to source and start growing local seedlings to distribute to families, and other materials needed to provide them with the resources they desperately need to start their own home, rooftop, patio, and community vegetable gardens, depending on the spaces they have access to.  We will roll out the project in several phases, which each phase targeting 100 families.

Each family will receive:

* At least 30 assorted seasonal vegetables seedlings (Palestinian summer squash, hot peppers, eggplant, cucumber and tomatoes, depending on availability)

* 80 grams of local seeds (dill, mulukhiya, chard), 

* Compost, soil, and amendments 

* Plastic planters, irrigation cans, where needed

* Training and follow up by agriculture experts

Your donations will also help fund the purchase of several solar panel systems to power  community wells that communities rely on to drink and irrigate their gardens and farms with (currently, municipal access to water is limited to once every ten days, and well motors are inoperable due to an Israeli ban on the entry of fuel).

With your support, we can help Palestinian families sow the seeds of a brighter future, cultivate hope and grow some of their own food again!

Your donation is tax deductible and zakat eligible!  100% of the proceeds will go towards the project in Gaza!  

Together, we will help families in the north grow healthy food for themselves, their neighbors and their friends!

[cadeveshthakur]

TDS ki कक्षा|Part 3|Interest, Fees, Penalty, Prosecution, Expense Disallowance under TDS|Income Tax

TDS ki कक्षा TDS Knowledge series Part 3 @cadeveshthakur #tds #incometax #cadeveshthakur #trending #viral TDS compliance and the consequences associated with it. In this video, we’ll explore various sections of the Income Tax Act related to TDS (Tax Deducted at Source) and discuss the implications for defaulting taxpayers. Here’s the content breakdown: 📌 Timestamps 📌 00:00 to 00:56 Introduction 00:57 to 02:46 Content Part3 02:47 to 03:54 Example 03:55 to 08:48 Assessee in default 08:49 to 11:00 example 11:01 to 17:07 late fees 17:08 to 23:40 interest 23:41 to 31:51 how to calculate interest & fees 31:52 to 37:00 penalties 37:01 to 38:30 prosecution 38:31 to 39:43 disallowance 1. Section 201: Assessee in Default o Explanation of what constitutes an “assessee in default.” o Consequences for failure to deduct or pay TDS. o Key points:  Interest (Section 201(1A)): When a deductor fails to deduct tax at source or doesn’t deposit it to the Government’s account, they are deemed an assessee in default. They become liable to pay simple interest:  1% per month (or part of a month) on the amount of tax from the date it was deductible to the date of deduction.  5% per month (or part of a month) on the amount of tax from the date of deduction to the date of actual payment.  Interest as Business Expenditure: Clarification that interest paid under Section 201(1A) cannot be claimed as a deductible business expenditure.  Penalty (Section 221): If a person is deemed an assessee in default under Section 201(1), they are liable to pay penalty under Section 221 in addition to tax and interest under Section 201(1A). The penalty amount cannot exceed the tax in arrears.  Reasonable Opportunity: The assessee has the right to be heard and prove that the default was for good and sufficient reason. 2. Section 234E: Late Fee for TDS/TCS Returns o Explanation of late fees for non-filing or late filing of TDS/TCS returns. o Due dates for filing TDS/TCS returns. o Late fee calculation: INR 200 per day until the default continues (not exceeding the TDS/TCS amount). o FAQs on Section 234E. 3. Section 276B: Prosecution for Failure to Deduct TDS o Overview of prosecution provisions for non-compliance with TDS obligations. 4. Disallowance of Expenses (Section 40(a)(i)/(ii)) o Explanation of disallowance of expenses if TDS is not deducted or paid. #youtubevideos #youtube #youtubeviralvideos #tdsfreecourse #freecourse #taxdeductedatsource #TDSCompliance #IncomeTax #TaxDeduction #TCSReturns #LateFiling #Penalty #BusinessExpenditure #TaxLiabilities #FinancialCompliance #TaxPenalties #TaxationLaws #AssesseeInDefault #InterestPayment #TaxProcedures #LegalObligations #TaxAwareness #TaxEducation #FinancialLiteracy #TaxPlanning #TaxConsultancy #TaxAdvisory #TaxProfessionals #TaxUpdates #TaxGuidance #TaxTips #TaxAccounting #TaxFiling #TaxReturns #TaxPolicies #TaxChallenges #TaxSolutions #TaxExperts #TaxCompliance #TaxAware #TaxMistakes #TaxConsequences #TaxPenalties #TaxKnowledge #TaxRules #TaxRegulations #TaxBestPractices #TaxManagement #TaxUpdates #TaxNews #TaxInsights #TaxGuidelines #TaxCode #TaxEnforcement #TaxEnforcementActions #TaxPenaltyProvisions #TaxPenaltyLaws #TaxPenaltyGuidance #TaxPenaltyExplained #TaxPenaltyFAQs #TaxPenaltyCompliance #TaxPenaltyAvoidance #TaxPenaltyMitigation #TaxPenaltyResolution #TaxPenaltyAdvice #TaxPenaltyConsulting #TaxPenaltyExperts #TaxPenaltyHelp #TaxPenaltyTips #TaxPenaltyEducation #TaxPenaltyAwareness #TaxPenaltyPrevention #TaxPenaltyManagement #TaxPenaltyStrategies #TaxPenaltyUpdates #TaxPenaltyNews For more detailed videos, below is the link for TDS ki कक्षा TDS Knowledge series https://www.youtube.com/playlist?list=PL1o9nc8dxF1RqxMactdpX3oUU2bSw8-_R

[follow-up-news]

The Biden administration will take a historic step toward easing federal restrictions on cannabis, with plans to announce an interim rule soon reclassifying the drug for the first time since the Controlled Substances Act was enacted more than 50 years ago, four sources with knowledge of the decision tell NBC News. The Drug Enforcement Administration is expected to approve an opinion by the Department of Health and Human Services that marijuana should be reclassified from the most strict Schedule I to the less stringent Schedule III, marking the first time that the U.S. government would acknowledge its potential medical benefits and begin studying them in earnest. The Justice Department "continues to work on this rule," a Biden administration official said. "We have no further comment at this time." Since 1971, marijuana has been in the same category as heroin, methamphetamines and LSD. Each substance under the Schedule I classification is defined as a drug with no accepted medical use and a high potential for abuse. Schedule III substances include Tylenol with codeine, steroids and testosterone. By rescheduling cannabis, the drug would now be studied and researched to identify concrete medical benefits, opening the door for pharmaceutical companies to get involved with the sale and distribution of medical marijuana in states where it is legal.  For the $34 billion cannabis industry, the move would also eliminate significant tax burdens for businesses in states where the drug is legal, notably getting rid of the Internal Revenue Services code Section 280E which currently prohibits legal cannabis companies from deducting what would otherwise be ordinary business expenses. The Department of Justice’s rescheduling decision could also help shrink the black market which has thrived despite legalization in states like New York and California and has undercut legal markets that are fiercely regulated and highly taxed.

[beesmygod]

Yeah I pretty much agree however I take a little issue with saying they are raking it in. Going off the numbers you used 12k time 5 is 60k, minus 45% is 33k. Thats one persons salary. Not a bad salary, but just one. Id bet that the 5 dollar tier probably brings in the most money, but even if we assume each tier brings in 1 salaries worth of money, how many tiers do they have? 5? 8? Youtube adds couldnt have been a major source of income for them if they were willing to pull videos off youtube. And this little fermi problem were doing here doesnt even touch on production costs. Again, I do agree with your points, but I think the boys were in a no win scenario. They were probably hurting for money, which is what motivated this. Its a shame some fans think they are being greedy when they probably just want to expand, while still paying their employees above market rate!

presumably the majority of their tax payments would be write offs or deductions because it's directly for the business. wait lol hold on my patreon math was fucked. its been a while since ive looked over the fees rates and shit. where did i get 30%. it's closer to 20.

i dont know when their patreon started, but its possible that they have the sweetheart deal that i do because i got in early. patreon fees range from 5% to 12% depending on which plan you choose. that's platform fees. then there's payment processor fees (2.9% + 0.30USD or 3.9% for outside the U.S.) and then a currency conversion fee (if applicable) and VAT (if applicable). closer to 20%. setting the record straight.

i think its unlikely that each tier brings in a salary's worth of income. im not sure i understand why they need an office in LA or large production costs considering my understanding is that most of what they do is talking to each other over a table.

im not sure why the conclusion is that youtube wasnt ever a source of income. it seems that it was (freakishly so, if its anything like other people at their scale) up until recently, due to complicated factors that i sincerely hope is heralding the end of advertising-based monetization.

it seems obvious to me that when money is tight, as would have been expected when let go from buzzfeed, you scale down and do a donation drive. instead of, you know, not throwing money into a guaranteed failure of an idea

if the audience feels like they're being nickeled and dimed its for a reason: they are

[jjtax]

Understanding Tax Refunds: JJ Tax made it easy

Handling tax refunds can seem overwhelming, but having a clear grasp of the process can make it straightforward. This newsletter aims to demystify tax refunds by covering key aspects: eligibility criteria, claiming procedures and tracking your refund status.

What is a Tax Refund?

A tax refund represents the amount returned to taxpayers who have overpaid their taxes over the fiscal year. This situation arises when the total tax deducted or paid exceeds the actual tax liability determined based on their income.

In India, tax payments are made through TDS (Tax Deducted at Source), advance tax, or self-assessment tax. When the total tax paid or deducted surpasses your tax liability as calculated in your Income Tax Return (ITR), the excess amount is refunded. This mechanism ensures taxpayers are reimbursed for any overpayments.

Who is Eligible for a Tax Refund?

Eligibility for a tax refund depends on various factors:

Excess Tax Payments If your TDS or advance tax payments exceed your tax liability, you’re eligible for a refund. This often applies to salaried employees, freelancers, and individuals with taxable investment income.

Claiming Deductions If you claim deductions under sections like 80C, 80D, etc., and these deductions lower your tax liability below the total tax paid, a refund may be due.

Filing an Income Tax Return Only those who file their Income Tax Return can claim a refund. The return must accurately reflect your income, deductions, and tax payments to establish if a refund is warranted.

Losses to Set Off If you have losses from previous years or the current year that can be carried forward and set off against current year income, you might be eligible for a refund if these losses reduce your tax liability.

Who is Not Eligible for a Tax Refund?

Certain situations or individuals may not qualify for a tax refund:

Income Below Taxable Threshold If your total income is below the taxable limit, a refund may not be applicable.

Salary Below Government Criteria Individuals earning below the minimum threshold specified by the Government of India may not qualify for a refund.

No Overpayment If your tax payments match your tax liability or you haven’t overpaid, a refund will not be available.

Non-Filers or Incorrect Filers Those who fail to file their Income Tax Return or file it incorrectly will not be eligible for a refund. Proper filing is essential for initiating the refund process.

Invalid Deductions Claims for deductions that do not meet tax regulations or lack valid documentation may result in a refund rejection.

Incorrect Bank Details If the bank account information provided in your ITR is incorrect or incomplete, the refund may not be processed.

How to Claim Your Tax Refund

Here’s a step-by-step guide to claiming your tax refund:

File Your Income Tax Return (ITR) Access the Income Tax Department’s e-filing portal. Choose the correct ITR form based on your income sources and eligibility. Accurately complete all required details, including income, deductions, and tax payments.

Verify Your ITR Verify your ITR using Aadhaar OTP, net banking, or by sending a signed ITR-V to the Centralised Processing Centre (CPC). Verification must be completed within 120 days of filing your ITR.

ITR Processing The Income Tax Department will process your return, assess your tax liability, and determine the refund amount. This process can take a few weeks to several months.

Refund Issuance After processing, the refund will be credited directly to your bank account. Ensure your bank details are accurate and up-to-date in your ITR.

Update Bank Account Details (if needed) If your bank details change after filing your ITR, promptly update them on the e-filing portal to ensure correct refund crediting.

How to Check Your ITR Refund Status for FY 2024-2025

To check your refund status, follow these steps:

Visit the Income Tax E-Filing Portal Go to the official Income Tax Department e-filing website.

Access the 'Refund Status' Section Navigate to the ‘Refund Status’ page, typically under the ‘Services’ tab or a similar heading.

Enter Required Details Input your PAN (Permanent Account Number) and the assessment year for your filed return.

Review the Status The portal will show the status of your refund, including whether it has been processed, approved, or if further action is needed.

Track Refund Processing Keep an eye on any updates or notifications from the Income Tax Department regarding your refund.

Understanding the tax refund process can simplify the experience. By following these steps and staying informed about your eligibility, you can make sure that you have a smooth process and quickly receipt of any excess tax payments. For expert guidance and personalized assistance, consult with JJ Tax. Visit our website or contact us today to get the support you need for all your tax-related queries.

JJ Tax

[brainypixel]

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[pommunist]

(Twitchtracker anon back again)

Im not really super interested in finances or statistics as a job lol, im just a nerd who likes to dig through analytics sometimes. Pretty much my whole essay length ask was made by taking twitchtracker numbers and putting them into a spreadsheet (So i didnt have to do averages manually), with some manual counting by hand for things like the number of streams.

(Also something i realized i missed when i reread my ask, the count of minecraft streams actually starts on the first day of qsmp, not the first day of march 2023 like everything else. Not super important but i wanted to make that one thing clear.)

Yeah i definitely agree that quackity's money doesnt necessarily equal qstudios money. However i also don't think a lot of the people who try and use the idea that "Quackity couldnt afford to pay that many employees" think about things like that, they most likely see quackity as the face and sole person behind his company (it is named after him after all), because you don't ever see them saying "Quackity studios cant afford to pay that many employees".

I do think that it's possible that for quite a while quackity's streams and videos were seemingly the only income stream for the company, with qsmp merch sales only really starting to be available and pushed more recently, and as far as i remember i don't think any qsmp events had sponsors or advertisers involved (I could be wrong here though, im not sure as I don't keep up with all the streams). Again im not personally a quackity viewer myself, so im not sure if he had any personal (quackity branded) merch sales outside qsmp before the start (early 2023, i know he had some back during dsmp but that's a while ago now) or during the qsmp. But from what i understand, he seemingly was doing a lot of the funding of the qsmp on his own.

Of course i don't think all his money was being directly funnelled to qstudios/qsmp, he still needs to pay for housing and utilities and food like the rest of us, as well as his travel to conventions/to meet friends (not saying he shouldn't travel, networking is an important part of any job). But i personally do believe he was basically the sole entity funding qstudios otherwise, unless there's some other income source we aren't aware of.

In regards to twitch monetization, the majority of streamers have a 50/50 split with twitch. Some bigger streamers having a 70/30 split, following the changes in late 2022 this split only applied to the first $100k earned, with everything after that going to 50/50, with that cap then being removed january 24th 2024. There's some stuff with the partner plus program that I honestly don't really understand because again, im not a streamer myself. I have no idea what split quackity has, though he is a partner. (Streamer/twitch for all split numbers btw.)

For how the payouts work, Via Twitch Affiliate Program FAQ: "As explained in the Monetized Streamer Agreement, there are certain costs, taxes, and fees that must be accounted for before you receive subscription revenue. Before the 50/50 split between you and Twitch takes place, deductions are made from the full price of a subscription, including taxes, payment processing fees, bank fees, currency conversion fees, etc. After the split takes place, we still account for required tax withholding, which is reflected in the payout you ultimately see on your dashboard. Twitch does not set or control the rates or fees, and they vary from region to region and by each subscriber’s payment method." Presumably this also applies to the partner program and the other splits.

Subs themselves are $5.99 USD, with other (usually lower when converted to USD) prices depending on the region of the subscriber. There's also ad revenue but I have no idea if quackity runs that many ads (or even runs them at all) seeing as his streams are usually 1.5-3 hours long (with the ads incentive program theres a 55/45 split of ad rev for a minimum of 3 minutes of ads per hour of stream, 30/70 otherwise), and again, not a viewer myself (I barely even watch streams live for streamers i do watch). And there's also bits, but those are a whole mess themselves so im not going to get into it.

I don't really know much about business running at all so of course everything is speculation based on the little i do know, and most of my twitch revenue info is directly from their help site, with some of the stuff about changes being from news articles about them.

Yeah that's pretty much it from me for now, glad you enjoyed my nerdy trawl through twitchtracker :)!

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