Income tax

By Gayathri CH - On November 11, 2022 11:34 The Income Tax Appeal Tribunal (ITAT), Bombay benchrecently, in an appeal before it, ruled that no addition should be made due to a typographical error in the tax return by the…

Eeven if you will not have to produce your 2022 income tax return until the end of January at the earliest, there are a few steps you can take now that may come in handy when it's time to complete your Form 1040 on April 18, 2023. Taking…

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Many people in the United States have decided that it would be a good idea to switch to a low-income tax state - or to a tax-free state - for to save money. Although it might sound like a good idea - it's time to find out - is it worth it?…

The Income Tax Department has issued a show cause notice to liquor trader Sameer Mahendru and his wife in connection with an alleged liquor scam in Delhi.Bombay,UPDATED: October 31, 2022 4:54 PM ISTSameer Mahendru is the owner of!-->!-->!-->…

Income tax rules for selling property under construction vs. move-in readyThe income tax law, 1961 contains special provisions for the computation of capital gains from the sale of immovable property. Real estate disposal capital gains tax…

Capital transfer income is other income for the calculation of corporation tax. It is necessary to know the calculation of corporate income tax from capital transfer.Scope of capital transfer incomeClause 1, article 14, circular n°…

The Supreme Court observed that the state cricket associations' claim for exemption from income tax on the grounds of "charitable purposes" requires further consideration as their activities are run on commercial lines.A bench comprising…

It's probably fair to say that the Australian Taxation Office is not seen as the fairest or most beloved organization - taking a huge chunk of hard-earned funds from residents each year and often undeservingly allocating a large chunk to…

You may be one of six million residents who should earn an Illinois income and property tax refund check under the state's Family Relief Plan. . However, you'll need to make sure you've completed the necessary forms to…

Oct. 14—Kirtland voters in the Nov. 8 general election will decide whether to approve a charter amendment allowing the city council to raise income taxes to fund the city's road program.Currently, Article VI, Section 1 of the charter sets…

ENHANCED BUSINESS: Strong corporate tax revenue would give the national treasury a fiscal surplus of NT$300 billion this…

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Economists and policy pundits slam Republican gubernatorial candidate Heidi Ganahl's plan to eliminate Colorado's income tax as a short-sighted idea that would drastically reduce the state's ability to…

MINOT, ND — We are now in the height of election season, but just months after the vote, lawmakers are entering a new legislative session and some of the state leaders already have big plans for this session.Governor Doug Burgum…

Click to enlarge UnSplash / Kelly Sikkema In Texas, if your household earns less than $55,000 a year, for example, more than 10% of what you earn is directed to the state capital. If you're in the top 1%, only 3% do.…

ED ties property worth Rs 7.3 crore from income tax officer in disproportionate assets case Pursuant to the Prevention of Money Laundering Act 2002 (PMLA), the Enforcement Directorate (ED) provisionally seized real estate worth Rs 7.33…

Taxpayers are now witnessing a new era where economic crimes are no longer caught with a laissez-faire attitude. Even where a person assessed has failed to file his tax return on time and to pay the tax due before the due date for filing…

No less than Governor Jared Polis has publicly called for the elimination of Colorado's income tax. He is…

Gov. Jim Justice, a former proponent of property tax cuts for businesses, concluded that the state would gain more economic benefit from an income tax cut — and that it cannot afford to do so. both.The governor says the state's current…

Angela Rayner hints Labor could RESCIND Kwasi Kwarteng's income tax cut from 20p to 19p if they win next general electionDeputy Labor leader tells Radio 4 that cutting income tax is 'the wrong priority'She swore her party would…

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The new chancellor has drawn up a mini-budget to cut taxes as he fights to revive Britain's economy. Instead of providing more cost-of-living payments, it can put more money in people's pockets by reducing the tax burden.As we reported on…

By Chirag Nangia Can a professional (individual entrepreneur and self-employed person) who opted for the new tax regime during the previous financial year switch to the old tax regime this year when filing the tax return? And if I do,…

The Department of Income Tax has revised the guidelines for the accumulation of offenses under the Income Tax Act 1961. While on the one hand the revised guidelines for offenses relating to the removal, concealment, transfer or delivery of…

LINCOLN — Nebraskans are not claiming their refunds from a major tax relief passed by the state legislature, and Gov. Pete Ricketts joined other state leaders Thursday in urging Cornhuskers to stand up.…

Owners with an annual business or property income of over £10,000 will be required to submit quarterly tax assessments, in addition to a full annual tax return. This means that instead of filing a single annual tax return, owners…

Financial relief in the form of one-time tax refund checks is being provided to millions of eligible Illinois residents under Governor JB Pritzker's Illinois Family Relief Plan. "Illinois' Family Relief Plan continues to…

By Chirag Nangia What are the tax advantages of taking out a mortgage?— Brijesh KumarA deduction of up to Rs 1.5 lakh is allowed under Section 80C due to the repayment of the principal of a home loan taken out for the…

(JHe Center Square) - North Dakota Sen. Merrill Piepkorn, D-Fargo, said residents want property tax relief and aren't as concerned about income tax relief. Gov. Doug Burgum presented his tax relief plan…

On Wednesday, Income Tax (IT) officials carried out search operations at several locations linked to Rajasthan's Home Affairs Minister, Rajendra Yadav, who said: "It appears that (the search ) is done maliciously". Searches were carried out…

Miller, Canfield, Paddock and Stone PLC…

On Sunday, the Central Board of Direct Taxes (CBDT) said the Finance Law 2022 introduced a new provision for the filing of income tax law updated tax returns. “Over 1.55 lakh updated ITRs have been filed till September 2. Over 20,000…

LOUISVILLE, Ky. — Kentuckians will see a reduction in their income taxes next year. What do you want to know The decline is triggered by legislation passed earlier this year According to the Department of Revenue, the reduction…

While there are plenty of ways to save money for education, 529 accounts are widely considered the best. Not surprisingly, questions about how to manage 529 accounts are an increasingly important topic in estate planning. This three-part…

Breadcrumb Links Policy Publication date : August 30, 2022 • 6 hours ago • 2 minute read • 14 comments Premier Jason Kenney at the McDougall Center in Calgary on April 12, 2022. Photo by Darren…

News that Pennsylvania is tough Corporate income tax (CNIT) will be reduced five percentage points over the next nine years is welcome and long overdue. But the big questions are whether the Commonwealth can maintain the phased reduction,…

Republican gubernatorial candidate Scott Jensen wants to eliminate the state income tax, which would create a $15 billion hole in the state budget each year. Income tax accounts for just over half of…

Subscribe to Alarm Clock, cleveland.comThe free morning newsletter from , delivered to your inbox weekdays at 5:30 a.m.My husband and I filed our tax returns in March, like every year. But this year, since I hadn't worked more than a few…

BISMARCK, ND — Governor Doug Burgum and other officials announced a plan to save North Dakota taxpayers about $250 million a year by moving to a single flat rate that would eliminate income tax on individuals for nearly 60% of…

In preparation for the upcoming state Supreme Court hearing on capital gains income tax (the date for oral argument is not yet set), I wanted to see how many times lawmakers have proposed a tax on income.…

ISLAMABAD: The filing date for the annual tax return for the 2022 tax year expires on September 30, 2022, official sources told PkRevenue.com on Saturday. Senior Federal Board of Revenue (FBR) officials said all taxpayers other than…

Introduction The Income Tax Act 1961 ('IT law') provides various benefits for trusts set up for charitable or religious purposes and registered under the IT Act. Sections 11 and 12 of the Information Technology Act are the substantive…

By Chirag Nangia My employer is based in the USA and the salary is directly credited to my account in India from the US account. What is the applicable tax rate and under which section of the Income Tax Act am I required to file the…

A team from the Income Tax Department dressed as baraatis launched a well-planned raid in Jalna,…

Do you know when the Income Tax Department conducts searches, what do they do…

The Income Tax Department took major action in Jalna against black money in the first week of August 2022 in which unrecorded assets worth Rs 390 crore were taken restored so far. A number of teams from the IT department carried out the…

July 31 brings apprehension and fear into the hearts of many honest taxpayers - it is suspected that dishonest taxpayers, anyway, are not subject to attacks of conscience. The reason for the apprehension, of course, is that July 31 is the…

Classroom oi-Kuntala Sarkar | Posted: Friday August 5th 2022, 11:53 PM According to income tax regulations in India,!--QLINKS_ON-->!--QLINKS_OFF-->…

The Income Tax Department conducts research in Mumbai; Seized unaccounted deposits of more than Rs 55 Crore The Income Tax Department carried out a search and seizure operation on 28.07.2022 on a former fund manager and chief stock…

Electronic filing of updated Section 139(8A) tax returns is now enabled for Forms ITR-5 and ITR-6 for AY 2020-21 and AY 2021-22, according to the website. 'income tax. “The electronic filing of ITR u/s 139 (8A) update has also been…

While tax filing (ITR) was initially slow, the pace picked up as the deadline approached While tax filing (ITR) was initially slow, the pace picked up as the deadline approached A record 72.42 lakh tax returns were filed on the…

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A home loan or home loan granted to purchase property can help taxpayers save money every year. In fact, many taxpayers are not fully aware of the benefits of the home loan when filing tax returns – the due date of which falls on July 31…

Individuals wishing to file an income tax return (ITR) can pay tax under the new structure with lower rates but without many deductions or under the old with higher rates but with applicable exemptions. The new taxation regime was…

A social media post that claims US laws don't support income tax collection makes its case using debunked information and features speakers who have been convicted of federal tax crimes. "To date, no one has been able to demonstrate that…

Heidi Ganahl, the Republican gubernatorial candidate, is campaigning on a bold pledge to eliminate Colorado's 4.55% personal income tax, the state's largest source of general fund revenue, during his first four-year term."I'm going to get…

The deadline for filing the income tax return for the 2022-23 tax year or the 2021-22 fiscal year is approaching soon. An individual must file a tax return or ITR if their total income exceeds the basic tax exemption limit in a fiscal…

Gov. Jim Justice wants lawmakers to pass an income tax cut in a special session beginning Monday. The Republican majority in the House of Delegates seems ready to go along with it.But Republican leaders in the Senate have said their…

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The annual information declaration (AIS) is a tool that informs taxpayers of the information available to the tax authorities about them. The AIS is a detailed statement which lists all your financial transactions for a given financial…

The state treasurer issued a press release last week highlighting Washington's strong credit rating and the impact on savings tied to the bond sale. The The treasurer said this about the Standard and Poor's…

The Income Tax Department said on Friday it carried out a search and seizure operation on July 7 on…

A new court ruling is good news for Hamptons real estate owners who work in New York but have their full-time residence in another state. This could mean that they will no longer be subject to paying New York State…

Jason Mercier of the Washington Policy Center has been following the income tax issue for years. He knows perfectly well the history of it in the State of Washington. He knows voters rejected attempts to…

By Chirag Nangia I bought 1500 shares of DHLL in 2015-2016. After the resolution, the shares of DHFL are no longer listed and the value of my investment is zero. Can I claim a long-term capital loss?—PV KrishnaThe capital gain or loss…

The Income Tax Department conducted search and seizure operations on a pharmaceutical group, which covered 25 premises in Delhi-NCR and Haryana. Representative image.The Income Tax Department has carried out search and seizure operations on…

© Shutterstock The $45 billion 2022-2023 state budget passed by the Pennsylvania General Assembly this week will deliver a historic reduction in net corporate income tax (CNI), bringing it down from 9.99% to 8.99% next year, a…

New Delhi: The Income Tax Department carried out search and seizure operations on 30.06.2022 on a group engaged in coal transportation and other related activities. The premises of a senior government official were also…

How can I benefit from tax advantages for a…

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To facilitate the filing of income tax returns (ITR), the Income Tax service offers pre-filled forms. Keeping these documents handy…

Subscribe to Alarm Clock, cleveland.comThe free morning newsletter from , delivered to your inbox weekdays at 5:30 a.m.A very hot day is shaping up for northeast Ohio, with highs around 90 degrees and mostly sunny skies. It will remain…

The ITR form used by many, if not most, employees is ITR-1. This ITR form is also known as Sahaj. ITR-1 is probably the easiest form to complete as it requires income information from a limited number of sources such as salary, home…

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Tax Return Filing (RTI) is now available on the e-filing portal and the Income Tax Department has asked taxpayers to become an early filer. "Check your Form 26AS, AIS and other relevant documents before submitting. Be an early filer," the…

TOPEKA — Republican gubernatorial candidate Derek Schmidt on Wednesday proposed eliminating state tax on benefits and income from Social Security, IRAs, annuities and other retirement vehicles to reduce…

The Revolutionary Sales Tax Case South Dakota vs. Wayfair may have been decided by the U.S. Supreme Court four years ago, but the ripple effect of the case for multistate income taxes is likely to continue long into the future .What began…

I am considering buying a residential apartment by investing the redemption proceeds from my mutual fund investment. Will I be eligible for the capital gains exemption if I reinvest the redemption proceeds for the purchase…

(Yicai Global) June 17 - China's personal income tax revenue fell for a third straight month in May as Covid-19 outbreaks and other factors weighed on coffers of the government. Tax revenue from personal income fell 5.7 percent from a year…

June 16, 2022 Cooper Grace Ward…

Attention to detail is paramount when filing the income tax return (ITR). In mid-June, employees receive Form 16 from their employer.…

KUALA LUMPUR (June 14): The High Court here on Tuesday June 14 declared Eric Tan Kim Loong, who is believed to be an associate of fugitive businessman Low Taek Jho or Jho Low, bankrupt after failing to pay tax on the income of…

The deadline for filing non-tax audit returns for assessment year (AY) 2022-23 will be July 31, 2022. All new returns and their utilities are firmly in place.Tax year means the twelve-month period beginning on April 1 and ending on March 31…

Indore (Madhya Pradesh): Senior Chartered Accountant Rajesh Mehta said that whenever a person files their tax return, it is mandatory to provide information on all their bank accounts. It is therefore very important to check with the…

The Central Direct Tax Commission has issued a notification for the forms required for filing the income tax return (ITR). Taxpayers can download the ITR SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR4, ITR-5 and ITR-6 forms. These forms are…

Fugitive diamond dealer Mehul Choksi. (File photo)New Delhi: In a major move, Income Tax (IT) authorities took physical control of real estate worth more than Rs 150 crore belonging to Mehul Choksi, the fugitive diamond merchant and uncle…

Most individuals invest in various tax saving programs and claim a tax deduction to reduce the overall tax payment. Although the Union Budget 2020-21 introduced a new tax regime which offers preferential rates with seven brackets without…

This Knowledge blog is part 1 of a 3-part series that provides a focused overview of unrelated business income tax rules for the nonprofit organization that is tax-exempt under section 501 (c)(3) of the Internal Revenue Code (the “Code”).…

MV Bhanumathi, Consignment Indian Revenue Service Officer in 1987, has served in various Income Tax Commissions across India and has investigated high profile cases during her career. MV Bhanumathi retired today after 35 years of serviceOne…

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The Central Board of Direct Taxes (CBDT) notified the Income Tax Return Forms (ITR) for the financial year (AF) 2021-22 (tax year or AY 2022-23) on March 30, 2022 and also activated the deposit option for ITR 1, ITR 2 and ITR 4 through its…

Metro Manila (CNN Philippines, May 25) — The Ministry of Finance has recommended boosting tax collection efforts under the new government of Ferdinand "Bongbong" Marcos to help settle the country's debt which has soared under the…

By Chirag Nangia *I opted for the new tax regime at the beginning of the year 2021-22 and there is an excess tax deduction. How do I switch to the old tax regime when filing the ITR? —Atoul Khare It has been clarified by the CBDT that…

Almost a year after the initial announcement by the Federal Ministry of Finance (Bundesministerium für Finanzen or BMF) draftthe BMF has just published its last letter on the tax treatment of cryptocurrencies. Completed definitions As can…

Fadley Faisal On May 16, the High Court overruled a lower court order in an income tax case by finding the lower court's decision "untenable". Chief Justice Dato Seri Paduka Steven Chong reviewed the decision due to the prosecutor's…

Income tax is a levy imposed by the government on your total income. Whether you are an employee, self-employed or business owner, you will have to pay income tax depending on the category to which your income tax bracket belongs.It can be…

By Chirag Nangia I have been working in Zambia since 2000 and send my salary to my NRE account in India. Is it taxable in India? If it is taxable, in which section should I indicate it when filing the computerized declaration?—RajaIt…

Shiv Sena leader and BMC Standing Committee Chairman Yashwant Jadhav is overflowing with the Income Tax (IT) Department expanding the list of properties acquired during the Covid19 pandemic lockdown from 36 to 56, with jewelry…

After the announcement of the introduction of a federal corporate income tax in the UAE ("ICT”) on January 31, 2022, the United Arab Emirates Ministry of Finance (“Ministry of Finance”) recently published a public consultation document on…

It's May again, which means the deadline for submitting our annual tax return is fast approaching. Avoid sticking to the last minute – if you are earning income from various sources and/or from abroad, it can sometimes get a bit…

I pay for my mother's health insurance. The invoice is in my name. Can I deduct these expenses? (NBC) As an insured person, you cannot deduct amounts related to your mother if you declare it separately. Your mother can be…

WYOMING, MI — Wyoming city leaders are considering several different property tax increase options to offer voters to fund approximately $6 million in annual public safety and parks needs.The discussion in the Wyoming City Council on…

AVON, Ohio — Mayor Bryan Jensen remains hopeful the city will be able to preserve land for future parks, even as voters on May 3 rejected an income tax hike that would have paved the way to this future.The city was seeking a 0.15% increase…

There is a lot of confusion about the new tax regime. People are not able to decide which one to go for. The new tax regime is available only to individuals as well as to a HUF whether you are resident or non-resident and is…

WYOMING, Mich. — Two ballot proposals failed Tuesday that would have cut property taxes and enacted a city income tax. Both proposals had to be approved for either to pass. The first proposal would have reduced property taxes in the town,…

Beavercreek is one of only three cities in Ohio with no income tax. However, that could change after voters head to the polls on May 3. In nearly 40 years, this is the fifth time the controversial…

My father bought a house in 1995. He died in 2009. We are three brothers who inherited the house equally. I bought one brother's share in 2013 and another brother's share in 2014. Now I have become the owner of the whole building.…

April 29, 2022 law of the free man…

To print this article, all you need to do is be registered or log in to Mondaq.com. It has been said that two things in life are certain: death and taxes. Although a corporation can cheat death, taxes are certain and if…

By Chirag Nangia I live in Japan on a long-term deputation. My wife stays in India. Can I claim HRA benefits from my company for the rent I pay for my wife's stay in India? My company in India deducts hypotax from my salary.— Sudheer…

New Delhi | Manich Mishra: If you are employed and your income is more than Rs 2.50 lakh, you have to pay income tax to the government. Do you know that income tax is linked to the 1857 revolt against British rule? You will be surprised…

It is said that perception is stronger than reality. Perception is what we perceive with our senses in the presence of some level of consciousness. Since our early childhood, our repository of notions continues to be built up on the basis…

The Income Tax Department has notified the Income Tax Return Forms (ITR) for the 2021-22 fiscal year or AY 2022-23. A tax year (AY) is the year followed by the fiscal year and AY is the year in which income earned by an individual during…

With the April 30 deadline fast approaching, many will be rushing to file our tax returns. As you check off your checklist, you may be wondering if you forgot any taxable items. If you are a landlord and you rent your premises, did you…

BEAVERCREK, Ohio (WDTN) — The May 3 primary is two weeks away. In Beavercreek, voters will decide whether the city will impose its first income tax. Voters declined a similar levy in November, but city officials say they have…

April 17 - CUMBERLAND - Allegany County officials announced Thursday that they are closing in on an agreement on income tax rate reduction plans.The Allegany County Board of Commissioners discussed a rate reduction, sometimes called a…

At Wednesday night's meeting, members of the Jersey City City Council approved a feasibility study of a possible income tax to fund the Jersey City School Board. He also greenlighted a residential development project on Route 440,…

By Tashriq Ahmad Each country must have infrastructures and equipment for its citizens which must correspond to their standard of living. It requires a large amount of money to create advanced infrastructure and provide better facilities…

The government is working on a cryptocurrency taxation FAQ, which will provide nuanced clarification on the applicability of income tax and GST on virtual digital assets, an official said.…