Income tax

Can the state really afford an income tax cut? | Columnists

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Income tax

Income Tax Department detects Rs 1300 cr of black money after raids in Karnataka

The Income Tax (IT) department said on Thursday that it had detected unrecorded income of Rs 1,300 crore after raids in Karnataka. The department conducted search operations on October 20, 2022 and November 2 on certain individuals who had signed Joint Development Agreements (JDAs) with various property developers. The raids covered more than 50 premises […]

Income tax

Employee tax return: 5 common problems and their solutions explained

Filing of income tax return (ITR) is a must for salaried employees with an annual income above Rs 2.5 lakh. The income tax rules contain several provisions through which employees can reduce their overall tax expenditures. However, we see that many employees do not take full advantage of these tax-saving measures. This article explains five […]

Income tax

Common income tax return form (RTI): will the CBDT proposal simplify the work of taxpayers?

Income tax declaration: In order to facilitate the task of taxpayers, the Central Direct Tax Board (DBDT) has proposed an income declaration form (RTI) common to all taxpayers. The CBDT proposed to merge all ITR forms except Form-7. Currently, taxpayers are required to file their tax returns in ITR-1 to ITR-7 depending on the type […]

Income tax

Massachusetts Voters Approve ‘Millionaire Tax’ as Californians Reject High Income Tax Hike

In the 2022 midterm elections, voters in Massachusetts approved the first question, a … [+] amendment that will create a new tax rate of 9% applicable to income over $1 million. Getty In the 2022 midterm elections, Californians, like those in Massachusetts, voted to give Democrats control of their state’s government. Yet these two left-leaning […]

Income tax

Husband, wife, brother arrested after preparing false tax returns for clients – FOX13 News Memphis

MEMPHIS, Tenn. — A husband, wife and brother are convicted after preparing false tax returns for clients and themselves, according to court documents. Robert L. Pryor, 46, Elaine Pryor, 43, and Joshua L. Pryor, 44, were convicted of preparing and filing false tax returns under the business name Better Dayz Tax Services, LLC, according to […]

Income tax

Undeclared work for additional income? Know the income tax rules

Major IT companies like Wipro, Infosys and TCS have recently raised concerns about moonlighting. The debate around moonlighting has been making headlines in the IT industry ever since Wipro chairman Rishad Premji flagged the issue on Twitter, calling it “cheating”. Moonlighting has experienced a surge following the covid-19 pandemic. What is moonlight Simply put, in […]

Income tax

EXCLUSIVE: After GST, income tax probes online gambling companies

The net is closing in on offshore online gaming platforms that could escape the long arms of the Indian tax authorities. Sources told Business Today TV that the Central Board of Direct Taxes (CBDT) is consolidating its plans to tackle the issue. “We have observed that many offshore applications generate huge business, but the corresponding […]

Income tax

Elimination of income tax sparks more debate in Louisiana

Texas, Florida and Tennessee — states with no personal income taxes and strong economies — are attracting the attention of Louisiana lawmakers who are considering whether they should follow suit. At a meeting of the House Ways and Means Committee in September, lawmakers began studying Louisiana taxes as part of a House resolution passed earlier […]

Income tax

Beware of the Fake Income Tax Department! CE malware attacks taxpayers; Know the tricks to avoid losses

The Drinik malware is back and is now attacking taxpayers. Know how to protect your data. This is an important alert for all taxpayers. A malware nicknamed Drinik is back. Recently, Cyble Research & Intelligence Labs (CRIL) identified an enhanced version of Drinik impersonating India’s income tax department and targeting 18 banks, including the National […]

Income tax

Mississippi government to push for total elimination of income tax

JACKSON, Miss (AP) — Mississippi Governor Tate Reeves has vowed to push for a complete elimination of state income tax in the 2023 legislative session. The move would make Mississippi the 10th State without income tax. Addressing a crowd of business leaders Thursday at an event hosted by the state Chamber of Commerce, Reeves touted […]

Income tax

Updating of income tax portal at the start of this fiscal year will not affect benefits for MSMEs from Udyam: Government

Ease of doing business for MSMEs: The Ministry of MSMEs has clarified that there will be no change in the benefits enjoyed by companies registered on the Udyam portal and classified under the definition of MSMEs between April 1 and June 7, 2022. The clarification has been made because that the portal of the Income […]

Income tax

Reward staking: is the IRS digging in or changing its mind? – Income tax

October 21, 2022 Cadwalader, Wickersham & Taft LLP To print this article, all you need to do is be registered or log in to Mondaq.com. Crypto industry groups had hoped to use the tax refund case of Jarrett v. United States, No. 3:21-cv-00419 (MD Tenn.) as a means of proving that staking rewards received by […]

Income tax

What happens if I am late filing my tax return?

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 dubious schemes and to the privileged. ; including millions to politicians already well paid for […]

Income tax

Brook Park considers future regional income tax collection

BROOK PARK, Ohio – Brook Park is currently processing income tax collections through its tax department, but the City Council caucus on Oct. 11 heard Regional Income Tax Agency Representative Brian Thunberg explained the benefits of having RITA take on these functions. RITA, a full-service municipal tax collection and administration agency, partners with 47 communities […]

Income tax

Tax consequences of undeclared work: Undeclared work with a regular job? Know the tax implications

By Nitesh Buddhadev Undeclared work means having a secondary job while continuing to work for the main employer. Often secondary work without the knowledge of the main employer. Secondary work can be outside the working hours of the main job, i.e. at night or on weekends. Recently, a company laid off employees for Moonlighting while […]

Income tax

Reform of personal income tax and the situation of entrepreneurs

The Tax Council of the Republic of Serbia published on September 29, 2022 the “Proposal for social and tax policy measures to reduce inequalities and poverty risks in the Republic of Serbia”. One of the proposed tax policy measures to reduce inequality is to double the limit on the amount of non-taxable salary, from RSD […]

Income tax

Michigan Romney was brainwashed – by income tax

During the summer, I played golf at a course near Nashville. The club paired me with a gentleman in his thirties. We both exchanged questions about what we were doing. His response: “I’m an auto worker. Of course he was. There are legions of them in Tennessee. I heard about the expertise in using sophisticated […]

Income tax

Free Trade Zone Manufacturers Oppose 30% Income Tax Increase in Writing to President

The Free Trade Zone Manufacturers Association (FTZMA) has written to President Ranil Wickremesinghe expressing its opposition to the proposed 30% tax on profits made, warning that it will have a serious impact on their survival and attract much needed FDI to Sri Lanka . In their letter to the President, FTZMA President […]

Income tax

Income tax: How to minimize the 30% rate on crypto-currencies?

The demand for cryptocurrencies is on a roller coaster this year due to the bearish movement in the global market. As of the end of the second quarter of 2022, emerging markets are currently dominating cryptocurrency adoption, with India ranking fourth. Cryptocurrencies continue to be hot topics for investment options despite their complexity and highly […]

Income tax

Colorado income tax changes are displayed more prominently

The GG proposition is a vote measure on vote measures. It represents Colorado’s latest battleground over the Taxpayer Bill of Rights as Democrats seek to circumvent the 1992 Constitutional Amendment, known as TABOR, and Republicans fight to prevent any change. The initiative, if passed, would require the state to more prominently display detailed information about […]

Income tax

U-turn on the elimination of the 45% income tax rate

After the Chancellor’s shock “mini-budget” on 23rd September, the government announced that it was abandoning its plan to abolish the additional 45% rate of income tax. The 45% top-rate income tax bracket for people earning over £150,000 was to be scrapped entirely. This has been estimated to cost the Treasury around £2 billion a year. […]

Income tax

And after? Personal income tax. Part Three – On fiscal policy, is the governor of Kentucky ahead on his skis?

We continue our examination of executive power and tax changes in Part 3 of this series (see part one and second part for a reminder). Kentucky levies an income tax on all income earned by Kentucky residents, as well as all income earned by nonresidents through Kentucky sources. The personal income tax rate is currently […]

Income tax

How to reduce income tax by reaping losses in a weak stock market – explained

Income tax calculator: After the bloodbath of Friday’s session, the Indian stock market has come under downward pressure over the past four sessions. But, this weakness in the stock market can be turned into a great opportunity by investors paying income taxes. They can reduce their income tax expenses by reaping the losses. According to […]

Income tax

The work could give councils the power to spend income tax locally

The work could give councils the power to spend income tax locally as part of a “big rebalancing” of decentralization, Lisa Nandy said. Ms Nandy confirmed her party would consider proposals that could give metro mayors and other local leaders an additional £6billion a year. She is exploring an idea first suggested by Onward, a […]

Income tax

Removing the top income tax rate is right – whether or not the Tories win the next election

In fact, the last two chancellors to cut the top tax rate went on to help their parties win the subsequent general election. Maybe this one will be too. It was definitely the hat rabbit. We already know about the cancellation of the National Insurance increase, the removal of the planned corporate tax hike, the […]

Income tax

Kwasi Kwarteng scraps top income tax rate in £45billion cut package

Kwasi Kwarteng, UK Chancellor, has taken a huge political gamble with a mini budget to boost the UK economy, with £45billion in tax cuts, including the scrapping of the 45p top tax rate for the highest incomes. The package will delight many of the City of Londoners and the wealthy. It removes the 45p rate, […]

Income tax

Income tax | Ways to save on your income tax

No matter where you’re from, where you live, or where you work, there’s one thing all earners have in common: taxes. The collection of personal income tax is the government’s main source of revenue. It is what funds the construction of roads and other essential infrastructure. It pays for the subsidies on LPG and food, […]

Income tax

Missouri Senate committee negotiates income tax cut

JEFFERSON CITY, Mo. — Missouri state senators offered two strategies Monday to cut income taxes, but behind-the-scenes negotiations were still ongoing. The Senate Appropriations Committee passed two income tax bills for the entire Republican-led chamber to debate. The first mirrors what Republican Gov. Mike Parson instructed lawmakers to pass when he called them back for […]

Income tax

Taxpayers will benefit as government decriminalizes certain offenses under income tax law

In line with the Government’s policy to facilitate the conduct of business and the decriminalization of offences, the Central Board of Direct Taxes (CBDT) has issued revised guidelines for the composition of various offenses under the Income Tax Act. revenue. Some of the key changes to benefit taxpayers include making the offense punishable under section […]

Income tax

Who finances the CPR, the “centrist” think tank under the income tax scanner?

funds and projects Over the past five years till 2020-2021, CPR has received over 140 crores for specified and unspecified projects. Of this amount, about 122 crore rupees was earmarked for specific projects or purposes – the domestic donor share was a meager 14.54 crore rupees. Funds received only for unspecified purposes have been included […]

Income tax

Increase in income tax charges

Despitee the high inflation that is rocking the Nigerian economy, Access Holdings Plc has announced that its profit after tax (PAT) reached N88.739 billion in the first half (H1) of 2022. This represents an increase of 2.21% as the group recorded N86.819 billion in the same period of 2021. According to the group’s first half […]

Income tax

Louisiana lawmakers discuss eliminating income tax

BATON ROUGE (AP) — Louisiana lawmakers are once again discussing a possible path to eliminating state income tax. Lawmakers acknowledged at Tuesday’s tax drafting committee meeting that proposals to eliminate the income tax would face huge tax hurdles, but others say there is a need to help retain and attract residents, businesses, and corporations to […]

Income tax

Crypto Not Foreign Currency For Income Tax Purposes: Bill Released

Taxpayers will benefit from greater certainty over the tax treatment of digital currencies, following the government’s release of law Project September 6, 2022. The exposure draft follows a announcement made in June 2022 by the Albanian government to clarify that digital currencies, such as Bitcoin and other similar digital currencies, will not be considered foreign […]

Income tax

Lawmakers will discuss sweeping tax reforms, including the elimination of income tax in preparation for next year’s legislative session

NEW ORLEANS (WVUE) — The House Ways and Means Committee will hold its first of several meetings Sept. 13 to discuss sweeping reforms to Louisiana’s tax system, which include eliminating the income tax on individuals. The meetings will be a way to explore how it would work, as well as discussions with local government officials, […]

Income tax

Measure to Cut Colorado Income Tax Rate Rises Least But Faces No Formal Opposition | Election 2022

With just two months to go until the November election, the race to raise campaign money is heating up, but a ballot measure to cut the state income tax rate appears to have cooled. Colorado Character, the countryside behind Move 31 asking voters to cut the state income tax rate from 4.55% to 4.40% has […]

Income tax

What is Prop 30? The High Net Worth Income Tax Measure for Electric Vehicles Explained

SAN FRANCISCO– Should taxes be raised on the wealthiest Californians to fund new climate projects, including subsidies for electric vehicles? This is the question at the heart of Proposition 30. The measure would raise taxes by 1.75% on people earning more than $2 million. These revenues would go to funding electric vehicles, charging stations and […]

Income tax

Filing of RTI: can taxpayers correct the tax return filed in previous years?

RTI deposit: The due date for filing the Unaudited Income Tax Return (ITR) has passed and those who have not filed their ITR by the due date indicated, they must file their return before the last filing date of the ITR, i.e. December 31, 2022. When filing this year’s ITR, some taxpayers may find financial […]

Income tax

Singapore Income Tax Review Board Issues First Capital Allocation Ruling in Over a Decade | Morgana Lewis

The judgment of ZF vs. income tax auditor was a landmark decision by the Singapore Court of Appeal in 2010, which influenced the way write-offs were sought and awarded in the years that followed. No challenge had been heard by the Income Tax Review Board for over a decade, until the Board’s decision in GEY […]

Income tax

Alberta to reindex income tax as surplus climbs to $13.2 billion: Kenney

Breadcrumb Links Policy Publication date : August 30, 2022 • 8 hours ago • 2 minute read • 16 comments Premier Jason Kenney at the McDougall Center in Calgary on April 12, 2022. Photo by Darren Makowichuk /Postmedia, file Content of the article Alberta Premier Jason Kenney said the province’s projected surplus for this fiscal […]

Income tax

Letter: Sales tax relief would help more North Dakotans than income tax relief – InForum

Governor Doug Burgum has proposed giving the citizens of North Dakota “permanent and meaningful relief” by eliminating state income tax for 60% of us and moving to a flat rate of 1. 5% for the rest. We have infrastructure, public education needs, including teacher and child care shortages. If we can meet those needs and […]

Income tax

Republicans may not waive Wisconsin income tax on canceled education debt

Even with a $5 billion budget surplus, Republicans could force borrowers to pay hundreds in state taxes, leaving Wisconsin among 13 states to count canceled student loans as taxable income. Republicans who control the Wisconsin Legislature have the power to waive state income tax on education debt relief for hundreds of thousands of Wisconsinites, but […]

Income tax

Colin McNickle: Pa.’s corporate net income tax cut is a good start

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, from 9.99% to 4.99%, reduce other business taxes and enact legislation to better retain and attract businesses […]

Income tax

Types of income tax notices you may receive and how to respond to them

By Anshul August 25, 2022, 3:52 PM IST (Released) mini Income Tax Refund: There may be many reasons why IT may send a notice. If you get one, understand what it is and respond accordingly. Filing of Income Tax Return (ITR) is an annual activity for all responsible citizens of India. When submitting the ITR, […]

Income tax

Governor Parson calls for special session for permanent $700 million income tax cut

(Jil Center Square) – The day after the nation celebrates Labor Day, the Missouri Legislature will convene in a special legislative session to work on cutting state income taxes. Republican Gov. Mike Parson has called for the General Assembly to meet at noon on Tuesday, September 6, with a specific agenda: cut the income tax […]

Income tax

You can pass under the scanner of the tax department to pay cash at banquets, hospitals

The income tax department, in an effort to prevent tax evasion, will monitor cash transactions in businesses that exceed the cash limit. The Income Tax Department will monitor cash transactions to prevent tax evasion. (Representative image) The income tax department will monitor cash transactions in hospitals, banquet halls and businesses to prevent tax evasion. According […]

Income tax

Tax return filing date expires September 30, 2022

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 corporate taxpayers are required to file an annual tax return for the 2022 tax year by September 30, […]

Income tax

India’s Income Tax Department freezes Viresh Joshi’s Rs 57 crore FD

Viresh Joshi – Advertising – New Delhi- In a latest development in the alleged high-profile case involving Axis Mutual Fund, the Income Tax Department has frozen fixed deposits worth Rs 57 crore belonging to its former chief trader and fund manager , Viresh Joshi. The IT department said the DFs of four separate banks were […]

Income tax

Governor aims for permanent income tax cut, rather than one-time refund, in Missouri legislative special session

JEFFERSON CITY, Mo. — With 40-year high inflation continually forcing citizens to spend more on everyday items, lawmakers and political leaders are gearing up for a special session to give Missourians tax relief. The Missouri House passed a $1 billion tax refund measure during this year’s legislative session to hopefully ease some of the financial […]

Income tax

President declares income tax on low-wage earners illegal

Islamabad: The President of Pakistan has declared the income tax of low paid employees illegal. According to the details, the President of the Islamic Republic of Pakistan dismissed 81 appeals filed by the Federal Board of Revenue and upheld Federal Tax Ombudsman orders to treat income of low-paid employees as wage income under Section 12. […]

Income tax

Green Party among those opposing proposed 30% income tax rate for budget – The Irish Times

A plan to introduce a new 30% income tax rate is facing opposition within the Green Party, with sources calling it impractical and unworkable, The Irish Times have learned. Tánaiste Leo Varadkar first floated the idea earlier this year and it was included in budget options papers produced for the government by officials which were […]

Income tax

The Atal Pension Yojana account of taxpayers who join after October will be closed

The eligibility rules for opening an Atal Pension Yojana (APY) account will change from October 1, 2022. From October 1, 2022, a taxpayer will no longer be able to subscribe to the Atal Pension scheme. The central government has clarified that if a taxpayer opens an APY account under the APY scheme, their account will […]

Income tax

Governor Mike Parson calls for largest income tax cut in Missouri history

Governor Mike Parson is seeking the largest income tax cut in Missouri history in the state’s next special legislative session. The governor is traveling across the state to discuss the need to cut taxes – meeting with Reps. Kent Haden, Chad Perkins and Tim Taylor on Tuesday. Haden says the proposal to cut state income […]

Income tax

Ministers back widening income tax brackets rather than new 30% rate – The Irish Times

Government ministers are expected to favor widening income tax brackets as a means of easing the tax burden on middle-income earners from a new rate of 30%. The annual Tax Strategy Group (TSG) papers, to be released by the Department of Finance on Wednesday, will set out the pros and cons of each approach, including […]

Income tax

Black income of ‘over Rs 200 crore’ detected in tax raids on Tamil Nadu film producers and financiers: CBDT : The Tribune India

PTI New Delhi, August 6 The Income Tax Department has detected “undisclosed” income of more than Rs 200 crore after raiding some film producers, distributors and financiers in Tamil Nadu recently, the CBDT said on Saturday. The searches were launched on August 2 and around 40 entity premises, which have not been identified, […]

Income tax

ITR AY 2022-23 Breaking news: tax return would become invalid if you didn’t do it soon

ITR Verification for AY 2022-23 Latest News (August 4): More than 1.8 crore tax returns have not been verified by taxpayers till July 31, 2022. In order to complete the tax return process, it is important to verify the ITR. Once the returns are verified, the Income Tax Department processes the ITRs, sends the Income […]

Income tax

Income Tax Department detects black income of over Rs 1000 Crore after raids on Gujarat Business Group

New Delhi: The Income Tax Department discovered “unaccounted for” income of more than Rs 1,000 crore after raiding a Gujarat-based business conglomerate last month, the CBDT said on Tuesday. “Unaccounted cash of Rs 24 crore and unexplained jewellery, bullion etc worth Rs 20 crore have been seized so far,” it said in a statement.ALSO READ […]

Income tax

How is cash received as a gift taxed for income tax purposes?

Classroom oi-Sunil Fernandes | Updated: Monday, August 1, 2022, 10:09 AM [IST] Often individuals ask a question, and if I receive a gift and cash or check, how will it be taxed. If you are an individual or a HUF, if the following conditions are met, any monies received (i.e., a monetary gift may be […]

Income tax

Tax return: what prevents you from selecting an ITR form?

To file your income tax return (ITR), the first step is to select the appropriate ITR form, which is determined primarily by a taxpayer’s sources of income. Employees have the advantage of selecting the simpler ITR form – ITR-1 or Sahaj, provided that such an assessee is not disqualified from selecting the form. Dr. Suresh […]

Income tax

2022-23 Tax Return for Foreign Equity Investors: How to Display Dividends, Capital Gains Taxation

Trends in ITR repository extensions: The final filing date for Income Tax Return (ITR) 2022-23 is approaching. The ITR filing deadline for tax year 2022-23 is July 31, 2022. Unless the government extends the ITR filing deadline, taxpayers should file on time to avoid filing fees. late. If taxpayers have foreign investments such as US […]

Income tax

North La. leaders praise investment in schools, suggest ending state income tax

RUSTON, La. (KNOE) – Lawmakers gathered in Ruston on July 27 to discuss funds Lincoln Parish received during the last legislative session. “We have over $80 million in capital expenditures that have been approved for Lincoln Parish and Ruston combined,” Sen. Jay Morris (R-35) explained. Some of the highlights include a new civil law building […]

Income tax

July 2022 U.S. Federal Income Tax Updates | Seward & Kissel LLP

This memorandum highlights several significant U.S. federal income tax developments over the summer of 2022, including: (i) the Supreme Court has agreed to hear an FBAR sanction case, (ii) the Internal Revenue Service (“IRS”) issued proposed Treasury regulations that clarify the meaning and federal tax treatment of certain foreign currency contracts, and (iii) the introduction […]

Income tax

Key things to know before filing an Itr for the deceased

Death and taxes are inevitable. It is strange but true that any person’s liability to tax remains even after death, so an income tax return (ITR) must be filed. Any tax incurred on income received by the family on behalf of the deceased must be paid if it exceeds the basic exemption ceiling. The legal […]

Income tax

Latest changes to income tax rules, including cash deposits. Read here

The latest income tax rule changes you should know about Three major changes to income tax rules, proposed in the EU budget for 2022, came into force on July 1. Every taxpayer should be aware of these latest updates. The three significant changes are related to Aadhaar-PAN linking, crypto investments, and benefits received by social […]

Income tax

Estate planning income tax: what is the basis?

Avoidance of estate taxes is a consideration in estate planning. Under current law, however, inheritance tax issues generally only affect the wealthiest 1% of the population, but everyone should be aware of income tax issues, especially basis when making estate planning decisions. Due to changes in tax laws over the past decade, estate plans and […]

Income tax

RIR 2021-22: How does a late tax return differ from a regular return?

The deadline for filing the income tax return (RTI) has been set for July 31, 2022 by the tax department (IT department). It is mandatory to deposit the ITR for people with an annual income above Rs 2.5 lakh. However, sometimes a taxpayer may miss the July 31 deadline. In this […]

Income tax

Parson Urges Legislative Leaders to Cut Missouri Tax Rate | Policy

Governor Mike Parson delivers his State of the State address at the Missouri Capitol in Jefferson City on Wednesday, January 19, 2022. David Carson, Post-Expedition JEFFERSON CITY — Gov. Mike Parson began laying the groundwork for an attempt to cut Missouri’s tax rate on Tuesday. In back-to-back meetings in his office with House and Senate […]

Income tax

Vinod Mahajan is the head of the Amritsar Income Tax Association : The Tribune India

Tribune press service Amritsar, July 17 At the 79th Annual General Meeting 2022-23 (AGM) of the Income Tax Practitioners Association (ITPA), Amritsar, lawyer Vinod Mahajan was elected its new chairman on Saturday. The AGM was chaired by CA Pankaj Khaneja. The association has about 400 members, including chartered accountants, lawyers, and the income […]

Income tax

The income tax department is raiding an engineering and construction company for tax evasion in 20 different locations. Read here

The engineering and construction company Power Mech Projects (PMPL) was raided by the Income Tax Department on about twenty of its premises. The sources told the news agency ANI, it is found that Power Mech Projects claimed an artificially inflated deduction under special provisions regarding certain income, by resorting to the suppression of expenses and […]

Income tax

Income Tax Law: Supreme Court Establishes Principles for Courts in Search, Seizure

In a landmark verdict, the Supreme Court on Wednesday set out principles for high courts in search and seizure under income tax rules, and said the formation of opinions and reasons to believe registered by the Ministry of Revenue is not a judicial or quasi-judicial function. , but of an administrative nature. A bench of […]

Income tax

CTA orders MRT Corp. to pay 1.73 billion in income taxes for 2007

THE Court of Tax Appeal (CTA) has upheld its ruling ordering the private owner of Metro Line 3 (MRT) (MRT-3) to pay at least 1.73 billion pesos in income tax for the year 2007. In a 13-page decision dated July 5, 2021 and written by Presiding Judge Roman G. del Rosario, the CTA en banc […]

Income tax

Pakistan Income Tax Plates 2022-23

Income Tax Plates 2022-23 Pakistan | Payroll tax calculator Here we are going to discuss everything you need to know about calculating income tax according to the last Payroll Tax Bracket Rates 2022-23 in Pakistan. They are different Income tax plates for the year 2022-2023 in Pakistan on salary income. Wage income is subject to […]

Income tax

CSR expenses, Contribution to the CM Relief Fund eligible for Income Tax Exemption: ITAT

By Rasheela Basher – July 8, 2022 4:15 p.m. The Delhi Bench of the Income Tax Appeals Tribunal (ITAT), consisting of GS Pannu, Chairman and Mrs. Astha Chandra, Judicial Member, ruled that the CSR expenses incurred by the company and the contribution to the CM relief funds are eligible for exemption under the provisions of […]

Income tax

How to Check Tax Return Electronically via Aadhaar OTP

Check here the step by step guide to check tax return online via Aadhaar OTP. Representative picture The last date to file the income tax return for fiscal year 2021-22 is July 31, 2022. For other taxpayers to whom the audit applies, the deadline for filing the return is October 31, 2022. A return income […]

Income tax

FIRS extends due date for corporate tax returns — Business — The Guardian Nigeria News – Nigeria and World News

The Federal Inland Revenue Service (FIRS) has extended the filing date for corporate income tax returns for businesses for the 2022 tax year to August 31, 2022. According to the FIRS, the extension concerns companies that were unable to meet the earlier deadline of June 30, 2022. The FIRS, in a statement signed by its […]