Rule 46A of the Income Tax Act 1961 from rule 46a of income tax act Watch Video

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Income Tax Appeals

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The government does not intend to introduce new taxation instruments but aims to implement a more equitable targeted subsidy system that meets the needs of the people, said Datuk Seri Anwar Ibrahim.<br/><br/>In his speech at the Madani Convention in Melaka on Saturday (May 25), the Prime Minister explained that the recent announcement regarding targeted diesel subsidies exempts low-income groups such as fishermen, smallholders, and taxi drivers from these taxes.<br/><br/>Read more at https://tinyurl.com/3c6emfzk<br/><br/>WATCH MORE: https://thestartv.com/c/news<br/>SUBSCRIBE: https://cutt.ly/TheStar<br/>LIKE: https://fb.com/TheStarOnline
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The IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.<br/><br/>Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.
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