tax – pressnews

[ad_1] India expects to manufacture more mobile phones this year after the government eliminated import tariffs on some components used to assemble high-end phones from global companies such as Apple Inc , a tax official told Reuters on Friday. Indian mobile phone exports nearly doubled year-on-year to $5 billion between April-October in 2022, primarily supported by the government's key scheme to offer incentives to local manufacturers. At the annual budget for 2023/24 on Wednesday, Finance Minister Nirmala Sitharamam eliminated the 2.5% customs duty on select parts of mobile camera phones. "The duty structure now encourages them (phone manufacturers) to import parts and assemble here," V. Rama Mathew, member of India's Central Board of Indirect Taxes and Customs, said in an int...

[ad_1] Learn the IRS rules and act promptly, and you could get a tax benefit for years to come to ease your pain. Investors in Bitcoin and other digital assets have been pummeled recently by the longest losing streak since 2011. If that's you, you might be glad to hear that there are ways to ease some of the sting of those losses: Act promptly and you can cut your tax bill for next April and beyond.The Internal Revenue Service allows taxpayers to use losses in stocks and other investments, including crypto, to offset gains. If your losses exceed your total gains for the year, you can deduct up to $3,000 against your taxable income. Losses beyond $3,000 can be carried forward every year until death to offset gains in future years. Here's the rub: You have to actually sell the investmen...

Tag: tax

India’s customs duty change to dial up local phone production-tax official

Crushed by Crypto Losses? Here Are Some Tax Tips.