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 […]

Income tax

Cross-check data from pre-filled forms when filing the tax return

The Income Tax Service (IR) now offers pre-filled forms to facilitate the filing of the income tax return (RTI). Nevertheless, you must have a certain number of documents at hand when filing the declaration in order to be able to cross-check the data of the pre-filled form. TO READ THE FULL […]

Income tax

SC Buyers Paid My $800 Income Tax Refund

If you’re like me — someone who paid at least $800 in SC income tax for 2021 — you’ve got plenty of thank you notes to write. Dear retired neighbor. Dear minimum wage grocery clerk. Dear single mother earning double the minimum wage. Dear middle-income homeowner with enough write-offs to not have to pay income […]

Income tax

Maharashtra Politics: Sharad Pawar’s swipe at center of income tax notice: ‘Love letter received’

Sharad Pawar’s party was part of the Maha Vikas Aghadi led by Uddhav Thackeray. Mumbai: Sharad Pawar, the leader of the Nationalist Congress Party (NCP), tweeted on Thursday that he had received a notice from the income tax department, calling it a “love letter”. He once announced that a new government led by Shiv Sena […]

Income tax

Research: Rating Action: Moody’s Assigns Aa1 to District of Columbia Guaranteed Income and Income Tax Refund Bonds, Series 2022A, B and C; stable outlook

No related data. © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. THE CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES CONSTITUTE THEIR CURRENT OPINIONS ON THE RELATIVE FUTURE CREDIT RISK OF THE ENTITIES, CREDIT COMMITMENTS OR INDEBTEDNESS OR SECURITIES ASSOCIATED WITH […]

Income tax

Springfield is expected to generate $45.2 million in income tax revenue for 2023

However, income tax revenue increased to 39.9 million in 2021. This information was recently shared with the City of Springfield Commissioners by Mark Beckdahl, the City of Springfield’s Chief Financial Officer. An ordinance adopting the tax budget was also approved by elected officials at their bi-weekly public meeting on Tuesday. The projected tax revenues are […]

Income tax

3 Income tax clerks siphoned off crores through bogus TDS refunds; CBI probes

The scam surfaced when one of the valuation agents detected the calculation of refunds under Section 154 of the Information Technology Act. The scam surfaced when one of the valuation agents detected the calculation of refunds under Section 154 of the Information Technology Act. The CBI has opened an investigation against three Department of Income […]

Income tax

7 special tax benefits for seniors

There are certain tax benefits for senior citizens that they can avail of. Apart from the tax advantages, the electronic income tax filing process has also been specially designed for them. Let’s take a look at the tax benefits available to seniors Different tax rates Income tax slab rates for seniors are different from those […]

Income tax

Seven Tax Benefits for Seniors Only

Senior citizens enjoy some additional advantages over other taxpayers when it comes to income tax. Besides the income tax roundups that are exclusively designed for seniors, the ITR electronic filing process is also easier for them. In accordance with applicable law, for income tax purposes, an elderly person is a natural person residing between the […]

Income tax

Top 4 Apps That Help You Save Income Tax (2022)

Those of you who are in the nation’s tax filing class know how tedious and tedious the whole tax filing process is. But the real struggle is finding various ways and means and understanding different financial policies so you can save a few dollars on income tax. Today there are millions of apps available on […]

Income tax

North Carolina lawmakers split over Medicaid, marijuana and income tax

RALEIGH, NC (WNCN) — A top Republican state lawmaker has voiced support for cutting the personal income tax rate in half as legislative leaders prepare to present a budget proposal to the Governor Roy Cooper (D) in the coming days. Senate Leader Phil Berger (R-Rockingham) said one of his priorities is to accelerate the already […]

Income tax

Income tax on initial donation to HUF

My CA says that for the initial contribution to my newly formed HUF, I can take any amount of money from my father as a gift and also claims that there is absolutely no tax liability on such a gift transaction for the first time. Subsequent donations received would be taxed according to his opinion. […]

Income tax

Income Tax Department conducts research at J&K and Delhi

Income Tax Department conducts research at J&K and Delhi The search action led to the seizure of unaccounted cash of over Rs. 46 million. posted on June 17, 2022 | Author RK Online Office The Income Tax Department carried out search and seizure operations on a major manufacturer and seller of Jamawar, Pashmina […]

Income tax

Biden Administration Proposes Partnership Tax Changes – Income Tax

June 16, 2022 Proskauer Rose LLP To print this article, all you need to do is be registered or log in to Mondaq.com. On March 28, 2022, the Biden administration proposed some limited changes to the taxation of partnerships. In short, the Administration’s proposals (i) would prevent related partners in a partnership that […]

Income tax

cost inflation index: the income tax department notifies the cost inflation index for the current fiscal year

The Income Tax Department released the cost inflation index for the current fiscal year to calculate long-term capital gains resulting from the sale of real estate, securities and jewelry. The Cost Inflation Index (CII) is used by a taxpayer to calculate gains from the sale of fixed assets after adjusting for inflation. The cost inflation […]

Income tax

Cal HC rescinds Department of Income Tax notice to TMC

BY Team DeputyJune 13, 2022 8:15 p.m. GMT Kolkata: The High Court in Calcutta on Monday quashed an order from the Income Tax Department and a subsequent notice to the Trinamool Congress (TMC) regarding alleged anomalies in the income of Bengal’s ruling party for the year of 2018-19 evaluation. The court said there was a […]

Income tax

Capital Gains Tax Battle Will Remain in Court » Publications » Washington Policy Center

The next steps on whether Washington will remain exempt from income tax will be in court as the I-1929 campaign to repeal the capital gains tax has suspended operations. Earlier this year, a judge appointed by Inslee ruled that the capital gains tax was unconstitutional. The Attorney General is asking the State Supreme Court to […]

Income tax

Income tax cuts and rebates at center of SC’s $13.8 billion budget

COLUMBIA, SC (AP) — Many South Carolina taxpayers could soon receive several hundred dollars in tax rebates in addition to a reduction in their regular tax rates after a group of powerful House and Senate lawmakers agreed to a compromise on the state budget on Friday. State lawmakers have $13.8 billion to spend on the […]

Income tax

The FBCCI requests the early withdrawal of income tax

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has called on the government to abolish the withholding tax on income (AIT). The country’s top trade body made the call in an immediate response to the draft national budget for the financial year 2022-23 on Thursday. “Overall, the proposed budget is development and welfare […]

Income tax

Government says no data breaches found; Ask Infosys to repair; Know more

Income Tax Portal Glitch: The income tax portal, which was in the news a few months ago for developing glitches, has again developed snags, the government confirmed on Tuesday. The Department of Income Tax, which took note of the problem after receiving several complaints from users, asked the portal’s developer, Infosys, to look into the […]

Income tax

Argentina proposes ‘extraordinary income’ tax amid grain bargains

BUENOS AIRES, June 6 (Reuters) – Argentina’s government on Monday proposed a bill to tax companies that earn “extraordinary income” from the war in Ukraine, a move that would particularly hit the country’s grain industry. The move is seen as an attempt by Argentina’s centre-left government to reduce the budget deficit and help Latin America’s […]

Income tax

Legislation passed by the General Assembly will reduce state income tax for Kentuckians starting in 2023

By Tom LateKkentucky today Kentuckians can expect a drop in their personal income tax rate next year, due to legislation enacted by the General Assembly in the 2022 session that ties the tax rate on the income to the income of the general fund of the State. The provisions of House Bill 8 would gradually […]

Income tax

Business groups support expansion of working income tax credit

MACKINAC ISLAND — Business groups on Thursday backed legislation to expand a state tax credit for low-wage workers, backing a key aspect of Gov. Gretchen Whitmer’s budget plan that recently won legislative backing. The earned income tax credit would increase from 6% of the federal credit to 20% under the Democratic governor’s proposal, where it […]

Income tax

Tax authorities seize Mehul Choksi’s assets worth more than Rs 150 crore under Benami law

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 of Nirav Modi, in under the Benami Transactions (Prohibition) Amendment Act (BTPA) which came into force […]

Income tax

Tax Exemption and Unrelated Business Income Tax (UBIT): The Framework (Part 1 of 3) | law of the free man

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”). This Part 1 sets the framework and outlines the organizational and operational tests applicable to tax-exempt […]

Income tax

Jay Inslee talks gas prices, emergency powers and income tax

By BRETT DAVIS THE CENTER SQUARE (The Center Square) – Governor Jay Inslee says help is on the way for some motorists in Washington next year. “We passed a low-income tax credit to partially help low-income people with some of their oil prices,” Governor Inslee said on the “Seattle Morning News” podcast. “That’s an average […]

Income tax

Income Tax Department Opens Investigation Against Perfume Baron Piyush Jain, Files Statement in Jail

The Income Tax Department has launched an investigation against Kanpur-based perfume baron Piyush Jain. On Friday, officials recorded Jain’s statement at the jail where he is currently being held. Piyush Jain was arrested in 2021 after authorities found 32 gold biscuits weighing 23kg in his house (Picture: File) After the General Directorate of GST Intelligence […]

Income tax

IMF urges RBF to raise income tax and GST

FBR office. – APPLICATION FBR will recover 7.2 trillion rupees in taxes for the next budget as dictated by IMF. The board proposes a tax collection target within a range of Rs 6.9 trillion. Income tax reforms aim to increase progressivity. ISLAMABAD: The Federal Board of Revenue (FBR) has been asked to recover 7.2 trillion […]

Income tax

Tax watchdog is optimistic that ‘surprising’ income tax haul can be maintained

The independent watchdog, which by law monitors the government’s budget plans, said the rise in income tax revenue was “surprising” but could probably continue nonetheless. In a new study, the Irish Fiscal Advisory Council, or Ifac, said income tax revenue last year generated revenues of €26.7 billion, or some €4 billion. euros more than expected […]

Income tax

These companies have paid $0 in Australian income tax for the past SEVEN YEARS

These companies have paid $0 in Australian income tax for the past SEVEN YEARS and most of the profits have gone offshore The companies had a combined revenue from Australian operations of $138 billion All but one are owned by foreigners, so all the profits they made went overseas All members of the Australian Petroleum […]

Income tax

Social Security taxes eliminated, tax cut included in Minnesota deal but no Walz checks – Reuters

ST. PAUL – Minnesotans could stand to see an income tax cut, the elimination of state tax on Social Security benefits and a change to make more people available for a tax credit for tenant as part of a compromise plan to be reviewed at the Capitol. But that’s only if lawmakers can fast-track a […]

Income tax

Man charged with tax evasion in Brown County

GREEN BAY, Wis. (WBAY) – A Portage County man has been charged in a Brown County tax evasion case. A criminal complaint obtained by Action 2 News shows Elton J. Schenk, 46, Custer, being charged with fraud/submitting a tax return or obtaining a refund with fraudulent intent. This is a felony charge that carries a […]

Income tax

Family Office Considerations for Partnership Audits – Income Tax

To print this article, all you need to do is be registered or log in to Mondaq.com. Families and Family Offices engaged in managing private capital often use partnerships to consolidate and aggregate capital from related and/or unrelated parties and trusts. This is true for family investment programs, joint ventures, joint ventures and/or […]

Income tax

Australia Institute: Big gas companies pay no income tax in seven years

Five fossil fuel giants making billions of dollars in profits in Australia without paying income tax have been exposed in a new report. A shocking new report claims that five gas company giants have paid no tax on their Australian operations for seven years. The Australia Institute published a paper analyzing Australian Taxation Office data […]

Income tax

The new amendments to the Charities Income Tax Act 1961: what does it mean for the common man?

Form 10BD and 10BE to take advantage of the Section 80G tax deduction as the May 31, 2022 deadline approaches. In accordance with the application of amendments to the Income Tax Act 1961, from the financial year 21-22, the method of applying the tax deduction under section 80G on gifts facts to NGOs has changed. […]

Income tax

Income Tax Refund, Education Legislation Remains for South Carolina Legislature | Caroline from the south

(The Center Square) – As South Carolina’s regular legislative session ended Thursday, several bills are still in the works, including a proposed income tax refund as well as a proposed legislation to create new education savings accounts. These bills, S1087 and S935has reached the point of the conference committee and could be ready for when […]

Income tax

Eggs and Stakes: State Income Tax Reform | Free News

Sen. Juan Barnett (D-Heidelberg), Rep. Robin Robinson (R-Laurel) and Rep. Donnie Scoggin (R-Ellisville) discussed the implications of the largest tax cut passed in Mississippi history and how the eventual elimination of state income tax would affect the state. Governor Tate Reeves has signed a bill that begins in 2023 to reduce state income tax collected […]

Income tax

Income Tax: Should I Advertise for a Maternal Health Fund? – 05/10/2022

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 considered a dependent if, in 2021, she has an income, taxable or not, of R$22,847.76. […]

Income tax

New income tax system: is the reduced tax rate option right for you?

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 optional. The new tax regime gives you preferential rates up […]

Income tax

Income tax wing has four months to reach remaining 50% target

Published: 07 May 2022 18:10:37 The National Board of Revenue (NBR) has taken tougher steps to increase its collection from the income tax wing by widening its net and carrying out unpaid taxes, because in the first eight months of the current financial year, it has collected just over 50% of its income. target for […]

Income tax

Mottley to Attend Ohio Business Tax Conference – Income Tax

May 06, 2022 Taft Stettinius & Hollister To print this article, all you need to do is be registered or log in to Mondaq.com. Taft of Counsel Don Mottley will be a panelist at the Ohio Business Tax Conference, taking place June 8, 2022 in Akron, Ohio. Mottley will speak on “Ohio Municipal […]

Income tax

A 1% income tax is on the ballot again in Beavercreek, Ohio

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 tax issue has been on the ballot. Opponents claim it is taxation without representation, while supporters say the […]

Income tax

Raising an extra dollar in personal income tax costs the Canadian economy $2.86 – Lake Superior News

Select a month: Select a monthMay 2022June 2022July 2022August 2022September 2022 Mon Mar Sea Game Fri Sat Sun 25 26 27 28 29 30 1 2 Thunder Bay Museum hosts traveling Holocaust exhibit Thunder Bay Museum hosts traveling Holocaust exhibit THUNDER BAY, ONTARIO ~~~~ March 1, 2022 (LSNews) The Thunder Bay Museum would like to […]

Income tax

New Ohio Bill Would Kill State Income Tax

Ohio House 80th District candidate Steve Huffman, 2014 Ohio House 80th District candidate Steve Huffman, 2014 Named after economist Arthur Laffer, its namesake “curve” postulates an “optimal” tax rate that maximizes tax revenue. In fiscal 2020, Ohio’s personal income taxes generated nearly $8.3 billion, less than the state’s sales and use taxes, which generated $10. […]

Income tax

Mayor Barlow proposes disability, limited income tax exemption and increase for seniors exemption – Oswego County Today

Mayor Billy Barlow OSWEGO – Oswego Mayor Billy Barlow today announced a proposal to introduce a new tax exemption for people with disabilities on limited incomes in the City of Oswego. If approved, the exemption would provide tax relief to eligible persons with disabilities under the property tax law on a sliding scale with incomes […]

Income tax

💸 Income Tax Refund + OBJ House + Boxer Sentence Commutation

Can Ohio afford to give you back your income tax money? You must have plenty of cheddar, $3.3 million to be exact, to afford the old Odell Beckham Jr. digs in northeast Ohio. These are just two of our titles to watch today. ☔ Weather: A cold shower in the morning on a cold day. […]

Income tax

Income tax hurdle now stands in the way of high-speed train project

Riddled with ongoing delays, the prestigious high-speed rail project faces another hurdle: income tax. The Japanese side, which is a partner in the project, has warned of “inevitable delays” if its multiple petitions seeking exemption from income tax provisions for its consultants engaged in the design aspects of the train project at Mumbai Ahmedabad High […]

Income tax

Oman set to introduce personal income tax

After two years of suspense, the Gulf state of Oman could pull the trigger next year. “Income tax is still on track,” a source with the Sultanate’s National Balanced Budget Program told Al-Monitor on condition of anonymity. “We have just finished drafting the law and are making operational preparations. We expect personal income tax to […]

Income tax

Eliminate state income tax, temporary sales tax

Editor’s Note: Below is a guest column submitted to USA Today Network Louisiana newspapers by Louisiana House Republican Caucus Chairman Blake Miguez of Erath. Just like the weather in the Bayou State, the state of Louisiana’s finances can change very quickly. Since my election to the legislature in 2015, I have experienced numerous state budget […]

Income tax

Evers campaign: TAX DAY: Wisconsin residents see their income tax reduced thanks to Governor Tony Evers

MADISON, Wis. – Today is tax day, and this year Wisconsinans are keeping more of their money thanks to Governor Tony Evers. During his first term, 86% of Wisconsin taxpayers receive an income tax reduction of 15% or more. Globally, 2.4 million Wisconsin taxpayers to get relief. Last year Governor Evers signed the first bipartisan […]

Income tax

Know the income tax rules on cashing out leave during service or job change

Generally, all employees are eligible for a certain amount of paid time off each year. Paid time off is an integral part of the incentives offered by employers to join this company. The income tax laws grant an exemption for the cashing of these paid holidays in part or in full. Let’s discuss in detail. […]

Income tax

Raise Income Tax Levels for Wealthy Ugandans – Tax Auditor’s Report

The latest tax auditor’s report proposed that the government introduce new tax brackets for Ugandans earning higher incomes to ensure a fair and inclusive tax system. Speaking at the launch of the Third Fair Tax Monitor 2021 report in Kampala on Wednesday, Daniel Lukwago of Oxfam described some of the recommendations as necessary due to […]

Income tax

Deadline for filing personal income tax returns is April 18, with some extensions granted due to tornadoes

FRANKFORT, Ky. (WBKO) – The Kentucky Department of Revenue (DOR) reminds taxpayers that the 2021 personal income tax filing deadline arrives on Monday, April 18, 2022. The April 18 deadline of this year gives Kentucky taxpayers a few extra days to file their tax returns due to the Emancipation Holiday in Washington DC on Friday, […]

Income tax

Everything you need to know about income tax e-notices

Since the advent of technology, most communications from the Income Tax (IT) department to an assessee are delivered to their registered email address. The Delhi High Court at Venad Properties Pvt. ltd. v. Commissioner of Income Tax (2013) 212 Taxman 20, held that the object and purpose of the notice is to inform and inform […]

Income tax

Avon seeks increased income tax to develop park land – Morning Journal

The City of Avon is seeking to raise its income tax rate to raise about $2 million a year for 10 years to purchase land for its park system. The proposed income tax increase will be on the ballot in the May 3 primary election. If voters approve the measure, the funds raised from the […]

Income tax

Amalgamating corporation’s income tax assessment when not erroneous

The Supreme Court has ruled that the question of whether the corporate death of an entity during a merger per se invalidates an assessment order, generally cannot be determined on the simple application of section 481 of the Act. on the 1956 corporations, but would depend on the terms of the merger and the facts […]

Income tax

State income tax plan for $300 homeowners advances amid wide debate

On Wednesday, the Democratic-dominated General Assembly Finance, Revenue, and Liability Committee crafted a set of budget proposals, including an election-year extension of the Connecticut property tax credit that, since 2017, is limited to seniors and families with dependents. Minority Republicans have failed in their efforts to increase credit beyond Gov. Ned Lamont’s proposed $300 credit […]

Income tax

No income tax? No thanks.

When I moved to Connecticut in 1986, my new boss assured me that while I wouldn’t get rich on my paycheck, the state didn’t have a personal income tax, so that meant a little extra money in my pocket. I thought I had heard her wrong. I was from Kansas, where state income tax had […]

Income tax

10 new tax rules in effect this month

With the start of the new fiscal year, there are several changes regarding the income tax rules that are due to take effect on April 1, 2022. Let’s take a look at the new income tax rules that have introduced for this exercise: 1) Interest earned on the employee’s contribution to the Provident Fund (PF) […]