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July is here, and while we are still 5 months away from the end of 2024, the deadline to file your <keyword id="19897621" type="General" weightage="20" keywordseo="ITR" source="keywords">ITR</keyword> is July 31st, which is looming large. While it is best to not "file away" filing your income tax returns for later, are you aware of the right ITR form that applies to you? Out of the 7 ITR forms available, how do you know which one is the right fit for you, and where to start? <br /><br />For starters, the first 4 ITR forms (ITR-1,2,3,4) are necessary for an individual to know about, while filing taxes. Lets decode all these forms in detail with Tanya, a 22 year old IT professional who earns Rs 10,000 per month. Her mother has a monthly rental income of Rs 12,000 per month. Will the two of them be required to file ITR? Well, the answer is no. You see, Tanya's <keyword id="21120362" type="General" weightage="20" keywordseo="annual-income" source="keywords">annual income</keyword> comes to about Rs 1,20,000, while her mother's total rental income comes to about Rs 2,40,000. <br /><br />If you opt for the old tax regime, you don't need to file an ITR if you annual income is below Rs 2.5 lakh. In the new regime, this limit stands at Rs 3 lakh. Similarly, if your grandparents are aged between 61-79, they need not file an ITR if their annual income (via rent, pensions) falls below Rs 3 lakh. And if they are aged above 80, this threshold if of Rs 5 lakh for the year. <br /><br /><h2>ITR-1: Sahaj </h2>Lets continue with Tanya's life. She works super hard, and over the years, earns a few well deserved raises. Now, her monthly income is Rs 50,000. In this case, she will have to file ITR-1, which is also known as Sahaj. This form applies to you if your total annual income for the year does not exceed Rs 50,00,000. The best part? This form is generally pre-filled, and all you've got to do is verify the information through your <keyword id="22247325" type="General" weightage="20" keywordseo="Form-16" source="keywords">Form-16</keyword> and Annual Information Statement (AIS). <br /><br /><h2>ITR-2<br /></h2>Over time, Tanya decides to start investing in mutual funds. While she holds most of her investments for the long-term, she is compelled to sell some units of her investment in equity mutual funds, due to a medical emergency at home. <br /><br />She had purchased some equity mutual fund units worth Rs 2,00,000 on April 1, 2023. Due to the emergency, she had to sell about Rs 80,000 worth of units in December of the same year. On redemption, she received Rs 1,10,000. Since she had held these securities for less than 12 months, Tanya would have to pay a short-term <keyword id="20301441" type="General" weightage="20" keywordseo="capital-gains-tax" source="keywords">capital gains tax</keyword> of 15%,<br /><br />Had Tanya held on to these securities for more than 12 months and then sold them at a gain, she'd have to pay long-term capital gains tax, which is applicable at 10% for equity mutual funds. And to account for such capital gains, be it from sale of shares, mutual funds, property or the like, Tanya needs to file ITR-2. <br /><br /><h2>ITR-3</h2>Tanya's brother, Vishal, is a freelancer who got hooked to trading in futures and options during the pandemic. Initially, he made solid profits, but during FY24, he ran into losses worth Rs 5 lakh. In this case, he will have to file ITR-3 to report his losses. This form is to be used by those who earn income under the head of profits (or even losses) of business or profession, other than regular salary. <br /><br />In case Tanya's mother starts receiving rental income from more than one house properties, she will also have to file ITR-3. Or, in case you are a CA, or a doctor and have your own practice (are self employed), this form is for you. <br /><br /><h2>ITR-4: Sugam <br /></h2>This form is exclusively for those who opt to be taxed under the presumptive taxation scheme. You can opt for this scheme if you are a small business/firm and your annual turnover is less than Rs 3 crore, or you are self employed with an annual revenue of less than Rs 75 lakh.<br /><br />Under this, you don't pay taxes on your actual income, rather, you pay taxes on a presumed income. As per law, under this scheme, your net income will be considered as 6% of your total revenue, and you'll have to pay taxes on that. Here, you're really not calculating your income for taxation, and hence, it is not even mandatory to maintain records.<br /><br />In case you file the wrong ITR, you can always file a revised return by December 31, 2024. In case you miss filing your ITR on time, you’ll have to pay Rs 5,000 as a penalty. Moreover, you’ll be charged interest on your outstanding tax liability, if there is any. So, get down to work, right away! <br /><br />

Wondering which ITR form is right for you? Know all about it here

The <keyword id="19938467" type="General" weightage="20" keywordseo="deadline" source="keywords">deadline</keyword> for filing your <keyword id="19995225" type="General" weightage="20" keywordseo="income-tax-return" source="keywords">income tax return</keyword> for AY 2024-25 i.e. July 31st is knocking right at your door. If you are yet to file your <keyword id="19897621" type="General" weightage="20" keywordseo="itr" source="keywords">ITR</keyword>, you still have some time. But there are certain things that you must remember and double-check before you click on submit ITR-from picking out the right form to ensuring that all the details you’ve furnished are correct. Read on to know the top five things that you must remember before <keyword id="19942833" type="General" weightage="100" keywordseo="ITR-filing" source="keywords">ITR filing</keyword>. <br /><br /><h2>Linking your PAN with Aadhar is mandatory</h2>Before you file your ITR, ensure that your <keyword id="19985317" type="General" weightage="20" keywordseo="Pan-card" source="keywords">PAN card</keyword> is linked to your <keyword id="19952125" type="General" weightage="20" keywordseo="Aadhar-card" source="keywords">Aadhar card</keyword>. You can’t file your ITR without linking your Pan to Aadhar first. This can be done online. In case you’re wondering whether or not your PAN is linked to your Aadhar card, you can visit <a href="https://eportal.incometax.gov.in/iec/foservices/#/pre-login/verifyYourPAN">this</a> link and verify. However, remember that this process can take up to 6-10 days to complete, so you'll have to jump aboard the belated ITR bandwagon in case you've just initiated the linking process. <br /><br /><h2>Pick the correct form</h2>Choosing the correct form is one of the most important things that you need to keep in mind while filing your ITR. For instance, the ITR-1 form is designed for resident individuals who have income from salary, one house property, and other sources such as interest or dividends, provided their total income does not exceed Rs 50 lakh. On the other hand, ITR-2 is applicable to individuals and Hindu Undivided Families (HUFs) with income from capital gains or foreign assets.<div type="Article" hostid="261" msid="111406215" title="Wondering which ITR form is right for you? Know all about it here" mstype="2" mssubtype="0"></div><br />ITR-3 is applicable for those who have income from business or professions, or those who are self-employed. ITR-4 is filled by those who opt for presumptive taxation. <br /><br /><h2>Remember to <keyword id="22469557" type="General" weightage="20" keywordseo="e-verify" source="keywords">E-verify</keyword> your return: </h2>Think you're done with your ITR filing? Think again! You will also need to e-verify your return. If the e-verification is not done within 30 days from filing your ITR, it will be rendered invalid, and will be considered as not filed. You will also not receive any refunds in the absence of e-verification of your ITR. You can easily e-verify your ITR via generating an OTP on your mobile number linked with Aadhar, or by generating an electronic verification code (EVC) through your pre-verified bank account or demat account. <br /><br /><h2>Check your documents and details</h2> When you are trying to get things done quickly, it isn’t uncommon to forget double-checking the details entered. Do remember to double-check all the details that you enter in your ITR. Also, filing an ITR requires certain documents like bank statements, investment proofs, <keyword id="19948097" type="General" weightage="20" keywordseo="tds" source="keywords">TDS</keyword> certificates, Form 16 etc. Even though you don’t have to attach these documents in the ITR, you must keep them handy.<br /><div type="Article" hostid="261" msid="111402608" title="ITR filing: Documents you need to file your income tax return" mstype="2" mssubtype="0"></div><br /><h2>Check income and investment details</h2> If you have just one source of income, the process is easy as you just need to mention that in your ITR. However, if you have <keyword id="22106780" type="General" weightage="20" keywordseo="multiple-sources-of-income" source="keywords">multiple sources of income</keyword>, you need to be careful and mention all of them. Similarly, ensure that you have entered all investment details in the form correctly. Do not forget to mention your interest earned on savings and fixed deposits, dividend income (if any) or income from other sources, since that could lead to hefty penalties. <br /><br />

Five things to remember as you file your ITRs at the last minute

<ul class="summary-list"><li>Donald Trump met with some of America's top CEOs Thursday.</li><li>The former president pledged to slash taxes and red tape in a bid to win over corporate America.</li></ul><p>Donald Trump made his pitch to some of America's top CEOs Thursday, promising to cut taxes and red tape in a bid to win over corporate America.</p><p>The former president was among the speakers at a Business Roundtable event in Washington, DC, attended by Wall Street titans including JPMorgan CEO Jamie Dimon, Bank of America's Brian Moynihan, and Citigroup chief Jane Fraser.</p><p>Stephen Moore, an economic advisor to Trump, said Apple CEO Tim Cook had a front-row seat at the event, <a target="_blank" href="https://www.reuters.com/world/us/biden-advisers-trump-discuss-competing-economic-visions-with-top-us-business-2024-06-13/">Reuters</a> reported.</p><p>The presumptive Republican presidential nominee laid out his economic agenda as part of an hourlong conversation with the conservative commentator Larry Kudlow, per <a target="_blank" href="https://www.ft.com/content/0a661ffb-1b0c-4195-b7cb-98e1f768e0aa">The Financial Times</a>.</p><p>Trump promised to consider cutting the top corporate tax rate from 21% to 20%, <a target="_blank" href="https://apnews.com/article/trump-biden-zients-ceos-business-taxes-bdb9347b537c9c9689620eb1cd521e5f">The Associated Press</a> reported, citing a person familiar with Trump's remarks.</p><p>The FT reported that Trump also emphasized deregulation and a desire to use tariffs as a "negotiating tactic" with other countries.</p><p>Joe Biden, Trump's likely opponent in November's election, did not attend the Business Roundtable event as he is attending the G7 summit in Italy.</p><p>Standing in for the president, Biden's chief of staff, Jeff Zients, emphasized the administration's efforts to rebuild the economy in the aftermath of the pandemic and said the Federal Reserve's independence has boosted US capitalism, per AP.</p><p>The Wall Street Journal reported in April that <a target="_blank" href="https://www.businessinsider.com/donald-trump-campaign-fed-independence-jerome-powell-interes-rates-politics-2024-4">Trump allies are drawing up plans</a> to wrest control over some monetary policy decisions from the central bank.</p><p>While the former president's reputation on Wall Street hit rock bottom in the aftermath of the January 6, 2021, Capitol riots, top CEOs have softened their tone on him in recent months.</p><p>Dimon was <a target="_blank" href="https://www.theguardian.com/commentisfree/2024/jan/21/jpmorgan-ceo-jamie-dimon-defends-trump">highly critical of Trump</a> when he left office but said earlier this year that the billionaire businessman — and now convicted felon — had been "<a target="_blank" href="https://www.theguardian.com/commentisfree/2024/jan/21/jpmorgan-ceo-jamie-dimon-defends-trump">kind of right</a>" on some issues, including NATO and immigration.</p><p><em>Correction: June 14, 2024 — An earlier version of this article misspelled the name of Biden's chief of staff. It is Jeff Zients, not Ziets.</em></p>

Donald Trump is dangling tax cuts and less red tape to win over top CEOs

<a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley">Finance Minister Arun Jaitley</a>, in his <a href="http://www.businessinsider.in/searchresult.cms?query=budget+2016">Budget 2016</a> speech, gave a huge relief to freelancers and consultants. They will now fall under the ambit of <a href="http://www.businessinsider.in/searchresult.cms?query=presumptive+tax">presumptive tax</a>, where they will declare profit and pay taxes at a rate of 50% of gross receipts.<br />
<br />
The tax will be filed by filling ITR 4S over the lengthy and tedious ITR 4 form. But, TDS of 10% will still be applicable on freelancers under Section 194J of I-T Act.<br />
<br />
Till now, professionals, <a href="http://www.businessinsider.in/searchresult.cms?query=consultants">consultants</a> had to maintain books of work-related expenses for eight years even after filing the returns.<br />
<br /> The <keyword id="3286477" type="UNKNOWN" weightage="20" keywordseo="presumptive-tax">presumptive tax</keyword> scheme is a great thing for people who do not have much business expenses, for example private tutor, etc.<br />
<br />
The popular online tax filing platforms have basic plans for freelancers starting at as low as Rs 3,500 and going up to Rs 10,000 to Rs 12,000 where you need not do anything.<br />

Good news for freelancers, consultants; they are now under presumptive tax

In a new move, individuals who earn over Rs 50 lakh per year will have to declare the break-up of the net worth.<br />
<br />
As per the new guidelines by the I-T Department, individuals will have to disclose all assets and liabilities as on end of financial year 2015-16.<br />
<br /> There are two categories in this-moveable and immovable. Under immovable, you will have to declare any land or building, whereas in movable assets, cash in hand (money in your <keyword id="25450" type="UNKNOWN" weightage="20" keywordseo="savings">savings</keyword> account), vehicles (including yacht, boats and aircraft), jewellery, bullion and other valuable metals will have to be declared.<br />
<br />
"While further instructions on how to value assets are awaited, taxpayers will find it challenging to value their assets themselves, especially jewellery and vehicles. Salaried individuals do not usually maintain fair market value of jewellery owned or written down allowance (depreciation) of vehicles owned by them," Archit Gupta, CEO and founder, ClearTax.in, told ET.<br />
<br /> In the budget 2016, Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> brought professionals earning up to Rs 50 lakh a year under <keyword id="3286477" type="UNKNOWN" weightage="20" keywordseo="presumptive-tax">presumptive tax</keyword>. Earlier, under this process of tax-filing, apart from profit declaration no other details were required. The new forms will change this in case you have multiple businesses.<br />

Individuals earning more than Rs 50 lakh will have to declare net worth now

<ul class="summary-list"><li>Former Vice President Biden said he wouldn't raise <keyword id="6368033" type="UNKNOWN" weightage="60" keywordseo="taxes">taxes</keyword> on households earning less than $400,000 a year.</li><li>"Nobody making under $400,000 would have their taxes raised. Period, bingo," Biden said in an interview on CNBC.</li><li>Biden is seeking implement new taxes on wealthy individuals and corporations, including a rollback of the 2017 corporate tax cuts signed into law by President Trump.</li></ul><p>The presumptive Democratic presidential nominee <keyword id="99719" type="PERSON" weightage="60" keywordseo="Joe-Biden">Joe Biden</keyword> promised on Friday that he wouldn't raise taxes on people earning $400,000 each year. </p><p>Asked about the speed he would implement <a href="https://markets.businessinsider.com/news/stocks/democratic-presidential-candidates-tax-plans-effect-wealthy-wall-street-affect-2020-1-1028865128#former-vice-president-joe-biden-is-pushing-for-a-smaller-expansion-of-government-compared-to-his-progressive-rivals-but-it-would-also-be-paid-for-with-taxes-on-the-very-rich-3">proposals to raise taxes</a> on the wealthy and large businesses, the former vice president said the mid</p><p>"Nobody making under $400,000 would have their taxes raised. Period, bingo," Biden said in <a href="https://www.cnbc.com/2020/05/22/economic-recovery-from-coronavirus-is-a-long-way-away-joe-biden-says.html">an interview on CNBC</a>. "Let's get people back to work."</p><p>Biden also slammed 2017 Republican tax cuts, which added around $2 trillion onto the federal debt. He said the lost revenue could have been used to help finance the federal government's response to the pandemic. </p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/3-part-investing-strategy-framework-blackrock-rick-rieder-2020-5" target="_blank" rel="noopener">'It works for anything I look at': BlackRock's bond chief who oversees $2.3 trillion shares the 'really simple' 3-part framework that guides every investment decision he makes — and outlines 2 factors he looks for in a company</a></em></p><p>"Imagine if we had that $2 trillion now as we go into, God willing, a recovery which is a long way away as I see it right now," he said.</p><p>Biden has proposed a slew of new tax hikes to cover new federal spending on healthcare, education, and infrastructure. His campaign estimates the plans would raise $3.4 trillion over a decade.</p><p>Elements of his <keyword id="28351" type="ORGANIZATION" weightage="60" keywordseo="policy">policy</keyword> menu include increasing the corporate tax rate to from 21% to 28%, a rollback of the Trump tax cuts.He's also seeking to tax capital gains and impose a new 12.4% payroll tax on high-earners and employers to shore up Social Security.</p><p>Biden's promise to restore <a href="https://www.nytimes.com/2012/12/07/business/obamas-tax-plan-would-spare-many-affluent-families.html">echoes a past pledge</a> by Barack Obama during his first presidential campaign in 2008 to not increase taxes for households earning under $250,000, <a href="https://www.politico.com/story/2012/07/obama-limit-bush-tax-cuts-to-250k-incomes-078234">limiting tax hikes</a> except for the richest Americans. </p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/real-estate-investing-strategy-passive-income-strong-cashflow-mobile-homes-2020-5" target="_blank" rel="noopener">John Fedro quit his job and got involved in real estate with barely any money. He breaks down his low-cost approach to mobile-home investing, which allows him to live comfortably on passive income.</a></em></p>Read the original article on <a href="https://www.businessinsider.com/joe-biden-wont-raise-taxes-people-earning-less-than-400000-2020-5">Business Insider</a>

Joe Biden promises he won't raise taxes for people earning under $400,000 if elected

<br />When it comes to filing ITR, tax payers need to choose the right kind of form. The <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">Income Tax</keyword> Department in India has provided different kinds of forms for different categories of tax payers. Here we discuss what you must know about ITR 4. <br /><br /><strong>What is ITR 4?</strong><br /><br />The other popular name of ITR 4 Form is Sugam form. This form has to be used by those tax payers who have opted for the presumptive income scheme under the Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, the individuals who earn more than Rs 2 crores through their business need to file <keyword id="104359" type="PERSON" weightage="20" keywordseo="income-tax-return">Income Tax Return</keyword> Form 3 (ITR 3). ITR 4 can be filed both online and offline. Here are the details on who can file ITR 4 and the process of filing the ITR 4.<br /><br /><strong>Who can file ITR 4?</strong><br /><br />ITR 4 can be filed by those individuals, Hindu Undivided Families and Partnerships whose total income during the assessment year is from the following sources.<br /><br />Income through business under section 44AD or 44AE<br /><br />Income generated through profession that is listed under the section 44ADA<br /><br />Salary or pension whose total value exceeds Rs. 50 lakhs per year<br /><br />Income from the single house property that exceeds Rs. 50 lakhs<br /><br />Income from winning lotteries or horse races if the income exceeds Rs. 50 lakhs per annum<br /><br />Freelancers whose income does not exceed Rs. 50 lakhs per annum<br /><br /><strong>Who need not file ITR 4?</strong><br /><br />Those individuals who make more than Rs. 50 Lakhs as income from their salaries, house, property or the other sources discussed above cannot use this form.<br /><br />The person who is the director of a company and has made investments in unlisted equity shares cannot file the ITR through this form. <br /><br /><strong><keyword id="2847764" type="PERSON" weightage="20" keywordseo="how-to-file-ITR">How to file ITR</keyword> 4 online<br /></strong><br />You can file the ITR online electronically with your digital signature.<br /><br />The data will be transmitted electronically and then the tax payer must submit the verification of the ITR in ITR-V Return Form. <br /><br />When the ITR 4 form is submitted electronically through the online mode with digital signature, the Income Tax Department will send an acknowledgement to the registered email address of the tax payer. This acknowledgment can also be downloaded from the official website of the Department of Income Tax. Once you download the acknowledgment or get it in your email, you must send it to the CPC office of the Income Tax Department within 120 days of filing the form online.<br /><br /><strong>How to file ITR 4 offline</strong><br /><br />Tax payers can file the ITR offline if they happen to meet any one of the following criteria.<br /><br />If the tax payer is aged 80 years or more<br /><br />If the income of the tax payer is less than Rs. 5 Lakhs and if the individual need not claim any refund in the ITR.<br /><br />For filing the ITR 4 offline, the individual can take the following routes.<br /><br />Furnish the ITR in a physical paper form.<br /><br />Furnish the returns in a bar coded way.<br /><br />Once you submit your ITR 4 through offline mode following the above mentioned ways, the Income Tax Department will send you an acknowledgement. <br />

Who and How we can file ITR 4 Online?

<ul class="summary-list"><li>Since Congress can't come to an agreement, President <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword> on Saturday signed four <keyword id="2727503" type="POSITION" weightage="60" keywordseo="executive-actions">executive actions</keyword> aimed at providing Americans economic relief during the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic.</li><li>But they face both the possibility of being challenged in the courts and of being difficult to implement.</li><li>He touted that his "administration will provide immediate and vital relief to Americans struggling in this difficult time," but so far it's unclear exactly when and how that can happen.</li></ul><p>President Donald Trump swooped in on Saturday to show Americans that he was trying to fix what Congress couldn't.</p><p>Before a crowd of masked, cheering supporters at his private golf club in New Jersey, the dealmaker-in-chief <a href="https://www.businessinsider.com/trump-executive-orders-actions-coronavirus-economic-relief-unemployment-2020-8">announced four executive actions</a> aimed at providing Americans economic relief amid the coronavirus pandemic.</p><p>He signed memos and orders on <a href="https://www.whitehouse.gov/presidential-actions/memorandum-continued-student-loan-payment-relief-covid-19-pandemic/">student loans</a>, <a href="https://www.whitehouse.gov/presidential-actions/executive-order-fighting-spread-covid-19-providing-assistance-renters-homeowners/">evictions and foreclosures</a>, <a href="https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/">the payroll tax</a>, and <a href="https://www.whitehouse.gov/presidential-actions/memorandum-authorizing-needs-assistance-program-major-disaster-declarations-related-coronavirus-disease-2019/">unemployment benefits</a>.</p><p>While Trump claimed the moves would provide "immediate and vital relief to American struggling in this difficult time", upon further inspection, the four actions face significant legal challenges, implementation problems, and possible opposition from both parties.</p><h2>Congress can't reach a deal</h2><p><div type="image" title="Mitch McConnell mask senate congress coronavirus relief stimulus bill" height="1666" width="2500" msid="77441531" hostid="261"></div></p><p>The Democratic House and the Republican Senate have been fighting for weeks over the next stimulus bill. The two parties are still <a href="https://www.politico.com/news/2020/08/08/trump-executive-actions-coronavirus-relief-392715">more than $1 trillion apart</a> in <a href="https://www.usatoday.com/in-depth/news/2020/07/31/second-coronavirus-stimulus-checks-schools-how-proposals-differ/5528514002/">their proposals</a>.</p><p>Meanwhile, nearly 31 million Americans are on unemployment, and the US GDP plunged by a <a href="https://www.businessinsider.com/us-q2-gdp-record-decline-coronavirus-pandemic-recession-lockdowns-economy-2020-7">record 33%</a> in the first quarter.</p><p>One of the biggest sticking points between the two parties was the additional $600 a week the federal government had been providing in addition to state benefits to jobless Americans.</p><p>Republicans <a href="https://www.businessinsider.com/trump-unemployment-because-it-paid-people-to-stay-home-2020-7">argued the weekly boost "paid people to stay home"</a>, while Democrats insisted it was necessary. "They don't understand the crisis in the country," Senate Minority Leader <a href="https://thehill.com/homenews/house/510892-dems-dig-in-on-600-jobless-benefit">Chuck Schumer said of the Republicans</a>.</p><p>But Schumer didn't like Trump trying to take action when Congress couldn't, either.</p><p>He and House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer said in a statement on Saturday that the administration's moves amounted to little more than empty gestures.</p><p>"These policy announcements provide little real help to families," Pelosi and Schumer said. "Instead of passing a bill, now President Trump is cutting families' <keyword id="414451" type="PERSON" weightage="60" keywordseo="unemployment-benefits">unemployment benefits</keyword> and pushing states further into budget crises, forcing them to make devastating cuts to life-or-death services."</p><p><div type="image" title="2020 08 07T202641Z_290739011_RC289I9CC5FB_RTRMADP_3_HEALTH CORONAVIRUS USA CONGRESS.JPG" height="1666" width="2500" msid="77441534" hostid="261"></div></p><h2>1. Trump's memo on the $400 a week unemployment boost could take months to implement</h2><p>The <a href="https://www.businessinsider.com/end-federal-unemployment-benefit-extra-jobless-americans-economy-impact-rent-2020-8">weekly $600 federal unemployment insurance expired on July 31</a>, so Trump proposed a $400 a week boost.</p><p>But as <a href="https://www.businessinsider.com/when-will-americans-get-trump-unemployment-benefits-400-dollars-2020-8">Business Insider's Joseph Zeballos-Roig pointed out</a>, the president's memo outlines a "lost wages program" outside of the usual unemployment insurance system that experts say could take months for overwhelmed states to implement. And states may not be able to pay the 25% Trump says they should.</p><h2>2. Trump's memo on the payroll tax could gut Medicare and Social Security, and companies probably won't follow it</h2><p>Even though <a href="https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/">Trump's memo</a> directs the treasury secretary to defer payroll taxes through the end of the year, <a href="https://www.businessinsider.com/trump-payroll-tax-cut-threatening-executive-action-workers-extra-cash-2020-8">experts told Zeballos-Roig</a> that companies will likely hold on to the money in case they end up on the hook for it, so workers probably won't see it in their paychecks.</p><p>Furthermore, <a href="https://www.businessinsider.com/trump-executive-order-payroll-tax-cut-social-security-medicare-weakened-2020-8">the payroll tax funds Medicare and Social Security</a>, two popular programs that millions of Americans rely on for health insurance and financial support.</p><p>Presumptive Democratic presidential nominee Joe Biden called the move "<a href="https://thehill.com/homenews/campaign/511197-biden-says-trump-executive-orders-are-a-reckless-war-on-social-security">a reckless war on Social Security</a>."</p><h2>3. Trump's order on evictions and foreclosures is light on details</h2><p><div type="image" title="trump bedminster supporters executive actions coronavirus" height="1667" width="2500" msid="77441536" hostid="261"></div></p><p><a href="https://www.whitehouse.gov/presidential-actions/executive-order-fighting-spread-covid-19-providing-assistance-renters-homeowners/">Trump's housing order</a> passionately outlines how important it is to keep Americans in their homes during the pandemic, particularly so they can successfully socially distance themselves from others and prevent the spread of the novel coronavirus. It also lays out how Black and Hispanic Americans have endured the brunt of the pandemic's economic hardships.</p><p>It says "It is the policy of the United States to minimize, to the greatest extent possible, residential evictions and foreclosures during the ongoing COVID-19 national emergency."</p><p>But the text is light on details of <em>how</em> the Trump administration will keep Americans from getting foreclosed upon or evicted.</p><p>Perhaps more specifics will come from the Department of Housing and Urban Development and Centers for Disease Control and Prevention in the coming days.</p><h2>4. Trump's memo on federal student loan relief could let borrowers defer payments until the end of the year</h2><p>CARES Act help for student loan borrowers was set to expire at the end of September, so <a href="https://www.whitehouse.gov/presidential-actions/memorandum-continued-student-loan-payment-relief-covid-19-pandemic/">Trump's memo</a> extends his administration's policy to set Department of Education loan interest rates to 0% and let borrowers defer payments through the end of 2020.</p><h2>Does Trump have the authority to take these actions?</h2><p>Before Trump signed his signature in Sharpie, <a href="https://www.reuters.com/article/us-health-coronavirus-usa-orders-explain/explainer-trump-wants-to-bypass-u-s-coronavirus-aid-talks-with-executive-order-can-he-idUSKCN2531W0">people started speculating whether he had the power</a> to take executive action on these economic issues.</p><p>The Constitution gives Congress the power to decide how the federal government spends its money. The executive branch carries out those directives. Therefore, a court battle is likely on one or all of the executive actions, challenging Trump's authority to make them.</p><p>When asked about possible legal challenges at the press conference on Saturday, Trump said he believed they would go "very rapidly through the courts, if we get sued — maybe we won't get sued."</p><h2>Below are links to the full text of the 4 executive actions Trump signed on Saturday:</h2><ol><li><strong>Extending federal unemployment benefits:</strong> "<a href="https://www.whitehouse.gov/presidential-actions/memorandum-authorizing-needs-assistance-program-major-disaster-declarations-related-coronavirus-disease-2019/">Memorandum on Authorizing the Other Needs Assistance Program for Major Disaster Declarations Related to Coronavirus Disease 2019</a>"</li><li><strong>Enacting a payroll tax holiday:</strong> "<a href="https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/">Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster</a>"</li><li><strong>Preventing evictions and foreclosures:</strong> "<a href="https://www.whitehouse.gov/presidential-actions/executive-order-fighting-spread-covid-19-providing-assistance-renters-homeowners/">Executive Order on Fighting the Spread of COVID-19 by Providing Assistance to Renters and Homeowners</a>"</li><li><strong>Suspending student loan payments:</strong> "<a href="https://www.whitehouse.gov/presidential-actions/memorandum-continued-student-loan-payment-relief-covid-19-pandemic/">Memorandum on Continued Student Loan Payment Relief During the COVID-19 Pandemic"</a></li></ol><p><em>Joseph Zeballos-Roig and Connor Perrett contributed reporting.</em></p>

It doesn't look like Trump's executive actions on coronavirus relief will actually do much

<ul><li><strong>The government has announced in what it believes are easier processes for startups to claim exemption from <keyword id="6406536" type="UNKNOWN" weightage="20" keywordseo="Angel-Tax">Angel Tax</keyword>. <br /></strong></li><li><strong>Startups incorporated before April 2016 can also apply for exemption. <br /></strong></li><li><strong>However, startups need to be recognised by <keyword id="6391107" type="UNKNOWN" weightage="20" keywordseo="DIPP">DIPP</keyword> for the same.</strong></li></ul>Indian startups have long been fighting the demon that came into their lives with the ‘angel <keyword id="45031" type="PERSON" weightage="20" keywordseo="Tax">tax</keyword>,’ which requires them to pay up for money they received from early investors.<br /><br />Now, the government has introduced changes to tax laws under the Section 56(2) (vii b) of the Income Tax Act that will exempt ‘genuine’ investors in recognised startups – but not without another red tape. They have to be registered with the government’s Department of Industrial Policy and Promotion (DIPP) in order to get the exemption.<br /><br />The angel tax, which was introduced in 2012, mandated that angel investments should be treated as “income from other sources” if the <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> issues shares at a price that exceeds the fair market value of the shares. <br /><br />The Indian government believes it is now providing a simpler mechanism to claim exemption from the tax. While earlier, exemption from this tax was available only for startups incorporated after 2016 under the government’s ‘Startup India program’ – a much-touted initiative of the Modi government to boost entrepreneurship.<br /><br />“All previous and future investments are covered, startups incorporated before April 2016 also covered,” DIPP secretary Ramesh Abhishek told <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/angel-tax-wont-haunt-startups-any-longer/articleshow/67566526.cms">Economic Times.</a><br /><br />Since the launch of the Startup India program, 15,113 companies have been recognised under DIPP; India is home to a total of over 40,000 startups until June 2018 according to a <a href="https://yourstory.com/2018/06/presenting-india-startup-report-yourstory-overview-startup-ecosystem/">YourStory report</a>. <br /><br />With the new rule in place, DIPP-recognised startups applying for the exemption to the Central Board of Direct Taxation will be able to get an approval in 45 days. <br /><br />All in all, the rule becomes another added layer of bureaucratic hoops that startups now have to jump through, even though culturally speaking, a startup’s way of functioning is very different than that of a typical ‘registered company’. <br /><br />Experts believe that investments in a startup by an individual is a commercial decision that needs to be treated like one. “The government’s intent is to check if anyone is misusing the methodology for money laundering. If the source of the money is not tainted then why should there be an angel tax,” said Ved Jain, a tax expert and past president of The Institute of Chartered Accountants of India. <br /><br />The question that most experts are weighing in on is – why do we really need an angel tax? By implementation of the rule to register under DIPP, the government gets a say on how and when you startup – and that might not exactly be the ‘ease’ of doing business that the government is promoting. <br /><br />“Why are we moving with a presumption that whichever company is receiving the share capital with a difference in the fair market value, there is something wrong with the deal. There has to be a difference between a commercial and government decision. However if there is an allegation that it has been misused, only then additional rules should be implemented,” said Jain.<br /><br /><strong>See Also:</strong><br /><a href="https://www.businessinsider.in/the-indian-government-may-roll-back-a-tax-on-angel-investments-that-is-said-to-be-hurting-the-countrys-startup-ecosystem/articleshow/67177981.cms">The Indian government may roll back a tax on angel investments that is said to be hurting the country’s startup ecosystem</a><br /><br /><a href="https://www.businessinsider.in/the-indian-government-has-reportedly-invested-just-19-of-its-fund-dedicated-to-boosting-startups/articleshow/67323307.cms">The Indian government has reportedly invested just 19% of its fund dedicated to boosting startups</a><br /><br /><a href="https://www.businessinsider.in/taxed-for-being-an-angel-several-start-ups-wont-benefit-even-as-angel-tax-is-revoked-say-experts/articleshow/52831043.cms">Taxed for being an ‘angel’? Several start-ups won’t benefit even as angel tax is revoked, say experts</a><br />

Indian government just added a lot more red tape for startups while trying to fix the devilish ‘angel tax’

<p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Mitt Romney escalated the pressure for Donald Trump to release his tax returns,&#xa0;doubling down on his belief that the presumptive Republican nominee has something to hide.</span><span></span>&#xa0;</p><p>"Your imagination can run wild," Romney said in an interview with CNN's Wolf Blitzer on Friday.</p><p>"He doesn't pay taxes. He doesn't have much income. He's receiving income from unsavory sources. He has ownership in enterprises that are perhaps associated with unsavory enterprises or nations or groups."</p><p><span></span><span>Romney, one of the most prominent Republican critics of Trump,&#xa0;said <a href="http://www.businessinsider.com/mitt-romney-donald-trump-tex-returns-2016-5">in a Facebook post</a> last month that&#xa0;it's "disqualifying" for&#xa0;presidential candidates not to release their tax returns, and said Trump's returns could contain a "bombshell of unusual size."</span></p><p><span>Romney is just one of a growing number of voices calling on Trump to make his tax returns public, a&#xa0;tradition observed by major-party presidential candidates <a href="http://politicalticker.blogs.cnn.com/2012/07/16/presidential-candidates-have-long-history-of-releasing-tax-returns/">since the early 1970s</a>.</span></p><p><span>Trump has resisted the call thus far, and Romney said "there is no question" that Trump will never come around.</span></p><p><span>"There's something in those taxes that's even worse than shooting someone on Fifth Avenue," Romney&#xa0;said, referencing <a href="http://www.businessinsider.com/donald-trump-joke-shoot-somebody-2016-1">a joke Trump made during his primary campaign</a>&#xa0;that he could shoot somebody in the middle of the street and not lose the backing of his supporters.</span></p><p><span>"He will follow one excuse after the other to say why he can't. And he'll never release them, because there's something in there that he feels is worse for him than shooting someone on Fifth Avenue."</span></p><p><span>Trump has cited an ongoing IRS audit as the reason why he has not made his tax returns public.</span></p><h2><span>Watch a segment from&#xa0;the interview below:</span></h2><p><span><div></div></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/footage-things-donald-trump-claimed-did-not-say-hillary-clinton-2016-6">Donald Trump claims he never said these things - let's look at the footage</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NueXV3MzE6HwMqHV5e19MwKBJD0MH7d6" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

'There's something in those taxes that's even worse than shooting someone on Fifth Avenue': Romney demands Trump's tax returns

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Senate Majority Leader&#xa0;Mitch McConnell joined the growing chorus of voices calling for Donald Trump to release his tax returns.<p>In an interview promoting his newly released memoir,&#xa0;"<a href="http://www.amazon.com/Long-Game-Memoir-Mitch-McConnell/dp/0399564101" target="_blank">The Long Game</a>,"&#xa0;McConnell pointed out that for decades, every major presidential candidate has released his or her&#xa0;tax returns, a tradition intended to shed light on whether a candidate attempts to take advantage of the tax structure.</p><p>"For the last 30 or 40 years, every candidate for president has released their tax returns, and I&#xa0;think Donald Trump should as well," McConnell told Business Insider on Tuesday.</p><p>Over the past several months, Trump has resisted calls to release his returns, citing supposed legal advice to wait until the IRS finishes an audit of his returns.&#xa0;</p><p>The majority leader previously suggested he was&#xa0;<a href="http://www.mcclatchydc.com/news/politics-government/election/article78109292.html">puzzled</a> by Trump's decision not to release his tax returns, but didn't explicitly call for the real-estate mogul&#xa0;to do so.&#xa0;</p><p>While McConnell asserted that Trump should release his records, he stopped short of supporting a bill backed by Democratic Sen. Ron Wyden that would <a href="http://blogs.wsj.com/washwire/2016/05/25/sen-ron-wyden-targets-donald-trumps-tax-returns/">require all presidential nominees</a>&#xa0;to publicly disclose&#xa0;their tax returns.&#xa0;</p><p>Many prominent&#xa0;Senate Republicans have echoed their party's leader in calling on&#xa0;Trump to&#xa0;disclose his tax records.&#xa0;</p><p>Wyoming Sen. John Barrasso, a top-ranking Republican in Senate leadership, told CNN earlier this month that it would be a "<a href="http://www.cnn.com/2016/05/16/politics/john-barrasso-donald-trump-tax-returns/">good idea</a>" for Trump to release his tax returns.</p><p>Other prominent Republican figures have also frowned on the presumptive Republican presidential nominee's refusal to release his tax returns.&#xa0;</p><p>Former Massachusetts Gov. Mitt Romney has repeatedly suggested&#xa0;that Trump's hesitancy could stem from a potential&#xa0;"<a href="http://www.businessinsider.com/mitt-romney-donald-trump-tax-returns-2016-2">bombshell</a>"&#xa0;in the returns&#xa0;tax returns.&#xa0;</p><p>"It is disqualifying for a modern-day presidential nominee to refuse to release tax returns to the voters, especially one who has not been subject to public scrutiny in either military or public service," Romney <a href="http://www.businessinsider.com/mitt-romney-donald-trump-tex-returns-2016-5">wrote in a recent Facebook post</a>.</p><h3>Watch McConnell's comments below:</h3><p><div><div id="container"></div><div id="player"></div><div id="pod"></div></div></p><h3>And watch more of our interview with the Senate majority leader here:</h3><p><div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/obama-washington-dc-president-white-house-kalorama-neighborhood-2016-5">Here's the $5.3 million mansion the Obamas will reportedly live in after the White House</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9jc3ZxMzE6QOCQ6ydkxJ3LsB84vAV-S-" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Mitch McConnell: Donald Trump should release his tax returns

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Former Florida Gov. and Republican presidential candidate Jeb Bush released more than three decades of tax returns Tuesday afternoon, seeking to present a contrast in transparency among himself and other past and present contenders for the White House.</p><p>His returns, which were <a href="https://jeb2016.com/news/my_career_through_33_years_of_tax_returns?lang=en" target="_blank">posted on the campaign's website</a>, show he paid an average effective tax rate of 36%. He noted that this was higher than Democratic frontrunner Hillary Clinton, who had an effective tax rate of about 30% in 2014, "even though I earned less income."</p><p>In a statement along with the release, Bush said his tax records show the need for a comprehensive reform of the tax code.</p><p><span>"In the spirit of transparency, this release will show voters how I earned a living over the past three decades and how much of that living I paid in taxes to the federal government," Bush said. </span></p><p><span>"Like most Americans, I know it is time for a flatter, fairer tax code. The labyrinth of rules and special interest carve outs need to go. One thing you can count on if I'm president is that it will finally be addressed. It's critical if we are going to ensure more people have a chance at earned success."</span></p><p>Bush also released a chart that displayed his disclosure as the most comprehensive of any recent presidential candidate:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>The release is intended to provide a contrast with Clinton, the presumptive Democratic nominee. Bush's release came just hours before the State Department is set to make public thousands of Clinton's emails from her time as secretary of state, under an order from a federal judge.</p><p>But it also presents a different approach from that of Mitt Romney, the 2012 GOP nominee. His refusal for a long time to release any returns - in the end, he relented and released two years of returns - was used by the Obama campaign as a key point of attack. It also could serve to insulate him from those types of attacks, since he paid a much higher effective tax rate. In 2014, records show, Bush paid 40% of his income in taxes, almost triple Romney's 2011 rate.</p><p>Bush's net worth currently is between $19 million and $22 million, according to his campaign.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/drinking-president-obama-beer-white-house-chef-2015-5">Here's what it's like to have a drink with President Obama </a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="g5N2k1dTpbqGHAWRP2frbDM_g03Mu_ud" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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