The presumptive taxation scheme simplifies income computation for eligible Indian taxpayers like freelancers and small businesses, reducing compliance burdens. However, a tax audit is required if actual income falls below prescribed rates, necessitating careful evaluation of profit margins and expenses before opting in.
Stock market traders, especially those doing intraday and F&O trading without a registered business, must understand tax audit rules. Income is classified as speculative business income. Turnover calculation, based on aggregate positive and negative differences, determines audit applicability, generally requiring an audit if it exceeds Rs 10 crore for banking channel transactions.
The US Justice Department released an additional filing in the Trump-IRS settlement, permanently barring the IRS from prosecuting claims related to Trump's tax returns before the settlement date. The filing also establishes a $1.776 billion 'Anti-Weaponization Fund', sparking criticism from Democrats and ethics groups.
The U.S. Department of Justice has granted immunity from tax audits to Donald Trump and his family as part of a settlement, also allocating $1.8 billion for victims of alleged government weaponization.
The DOJ has granted Donald Trump, his family, and businesses immunity from ongoing tax audits. This follows Trump's settlement of a $10bn lawsuit against the IRS over leaked tax information. Critics call the move 'corruption' and 'unconstitutional'.
