DECODING BUDGET 2021-2022

TOPIC: COMPARISON OF TAXATION STRUCTURE OF INDIA AND USA

Date:15th February, 2021.

Speaker: CA Rinkesh Shah, Prominent Chartered Accountant

Highlights: CA Rinkesh Shah started his talk by making a comparison between the US Tax structure and Indian Tax structure. He explained the types of standardized forms required to be filed for salaried employees – Form 16 and corporate entity both in India as well as in US. He explained the progressive tax system applicable in US including tax rates for an individual as well as corporate entity. He discussed that in India, the tax slabs are different as per the age of individual but in US a single return will be filed for unmarried or divorced person. In US, a married person can file jointly with social security number (SSN) or separately as well. As per his varied experience of practically working in the US, he interestingly involved students in the discussion of calendar years to be taken into consideration for India as well as US where double tax avoidance agreement will be taken into consideration for global taxable income.