Income tax

Illinois lawmakers could expand earned income tax credit, create child tax credit

SPRINGFIELD, Ill. (WGEM) – Thousands of low-income people in Illinois have received federal earned income tax credits and child tax credit payments under the U.S. bailout. However, those appropriations ended Dec. 31, and Illinois lawmakers hope to fill the void before the end of the spring session. 3.6 million people in the state currently receive […]

Income tax

South Carolina Legislature Passes Competing Income Tax Bills | Caroline from the south

(The Center Square) – South Carolina taxpayers could get an income tax reduction or an income tax reduction and refund, but the details will depend on how his two legislative bodies are negotiating after the state House and Senate passed various income tax reduction bills. these last weeks. The South Carolina Senate approved S.1087 by […]

Corporate profits

Corporate profits soar, filling Oregon’s tax coffers

Oregon’s corporate tax payments jumped an astonishing 46% last year, topping $1 billion for the first time, as businesses large and small reaped huge profits following the pandemic. Oregon collected nearly $1.4 billion in corporate excise taxes, a tax on business income, in 2021. It’s the highest tally on record and another indicator that many […]

Annual profits

NEA’s annual profits expected to exceed Rs 15 billion – myRepublica

The authority recorded a profit of over Rs 12 billion in the first six months of the current financial year KATHMANDU, Feb. 20: The Nepal Electricity Authority (NEA) has made a profit of Rs. 12.12 billion in the first six months of the current fiscal year – financial year 2021/22. According to NEA financial statements […]

Annual profits

Bitcoin Price Impacts Tesla’s Annual Profits as Automaker Loses Money on $2.1 Billion Crypto Purchase

A risky investment didn’t pay off for the tech company – and they had to admit the mistake very publicly. Electric vehicle giant Tesla lost US$101 million (Australian $141 million) after a risky gamble failed to pay off. The tech company revealed in its annual report to the U.S. Securities and Exchange Commission, released last […]

Income tax

The income tax deductions and benefits that employees expect from the 2022 budget

The 2022 budget is fast approaching. Standard deduction hike, income tax relief, tax relief for saving for children’s education are among the expectations of the working class in Nirmala Sitharaman’s Union Budget 2022 . Some key expectations are mentioned below. Tax-exempt homework allowances for employees “The 2021 budget could introduce tax-free homework allowances for employees. […]

Income tax

Ducey proposes earned income tax credit in $14 billion budget plan | Arizona Politics

PHOENIX (AP) — Gov. Doug Ducey proposed a tax credit for Arizona’s working poor on Friday, the first time in eight years of tax cuts that he’s launched a benefit aimed at low-income taxpayers. In his final budget proposal before leaving office, Ducey proposed a $14.2 billion spending plan that includes more corporate tax cuts […]

Income tax

188 lawmakers did not pay income tax for fiscal year 2019: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) released a list of 188 lawmakers who failed to file their tax returns in the 2019 tax year, while 35 parliamentarians, including former Prime Minister Yousuf Raza Gilani , declared their taxable income to be zero. According to documents available from The Express Tribune, Najeeb Haroon tops the […]

Income tax

I found a job in the United States. How my residency status will be determined

My son worked in Bangalore and was taxed as a resident. Then he left to continue his studies in the United States (August 2019 to June 2021), after which he found a job there in August 2021. During this period, his stay in India was also under- 1) 136 days in the 2019-20 fiscal year […]

Income tax

Over 44.3 million tax returns filed until December 25 for 2020-2021

More than 4.43 crore of tax returns (ITR) for fiscal year 2020-21 have been filed, including more than 11.68 lakh returns filed on December 25, the IT department said on Sunday. This includes over 2.41 ITR-1 crore and 1.09 ITR-4 crore deposited for fiscal year 2020-21 (valuation year 2021-22) through December 25, 2021. “A total […]

Income tax

A list of IT rules that have changed this year

The economic growth of any country depends on the strength of its income tax system. The Ministry of Finance examines the existing rules and submits them for discussion in Parliament. The Union budget presented by the Minister of Finance also contains changes to the provisions relating to income tax, if necessary proposed by the income […]

Foreign investments

Initiatives to stimulate domestic and foreign investment | Udaipur News | Latest news from Udaipur

The government has taken various measures to boost domestic and foreign investment in India. These include reducing corporate tax rates, alleviating the liquidity problems of NBFCs and banks, improving the ease of doing business, FDI policy reforms. , reduction of the compliance burden, policy measures to boost domestic manufacturing through government orders, phased manufacturing program […]

Income tax

Income tax return due date 2021 deadline RTI filing Online payment Refund status New portal website

New Delhi: Due date of the income tax return (RTI) is December 31, 2021. All taxpayers, who have not yet completed their tax returns for tax year (YY) 2021-2022 must file their returns early to avoid the last minute rush. When filing the ITR, taxpayers should be aware of the details provided by Income Tax […]

Corporate profits

Industrial growth declines even as corporate profits hit all-time highs

Amid the pandemic gloom and weak economic recovery, corporate profits have skyrocketed to all-time highs, as have the stock markets. In FY21, net profit of listed companies (over 4,000) hit an all-time high, rising 57.6% to 5.31 lakh crore, and its share in GDP peaked in 10 years of 2.63%. Commenting on the performance of […]

Corporate profits

Recent Rise in Corporate Profits and People’s Return to Work Help Reduce Federal Deficit

The recent increase in corporate profits and the return to work are helping to reduce the federal deficit, bringing it below the federal deficit for the same period last year. For the period October-November, the US budget deficit stood at $ 356.4 billion, a decrease of 17% compared to the same period in 2020. It […]

Income tax

Here’s how taxpayers can file an ITR on the new portal in minutes. Follow the step by step guide

Last update of the income tax return: The deadline for filing income tax returns is almost near. According to the notification from the CBDT, the last date to file an RTI is December 31. Many have already filed their ITRs and those who have not yet filed must do so by the last date. Failure […]

Income tax

GOP leaders in search of “moonlight” for Iowa income tax | New policies

ALTOONA – With a state surplus approaching $ 2 billion, a key Senate Republican has said his majority caucus is seeking a “moonlight” change in state tax policy, in the ultimate goal of eliminating income tax at some point. Sen. Dan Dawson, R-Council Bluffs, chairman of the Senate Ways and Means Committee, told an Iowa […]

Income tax

6 key changes from December

Main changes in December 2021: As the year draws to a close, with December already beginning, Indians are expected to face a host of changes early in the month in terms of money matters. These regulatory and operational changes are likely to change for most people. As we move towards the end of the year, […]

Income tax

Large Value Transactions That May Qualify You For An Income Tax Notice – View Full List

Deposits and withdrawals of cash from a bank account exceeding the limit of Rs 10 lakh during a financial year must be disclosed to the tax authorities. If a person conducts high value cash transactions, it is quite possible that they will receive a notice from the income tax department. Large value transactions should always […]

Income tax

Income tax declaration: besides income tax, software compatibility issues hamper equity, MF investors

Page 112A of the ITR forms (except ITR 1 and ITR 4) requires investment details for each redemption. Following the introduction of Section 112A, once the long-term capital gain (LTCG) on equity has become taxable, in addition to paying a 10 percent tax on those gains over Rs 1 lakh in one fiscal year filing […]

Foreign investments

FG seeks foreign investment to stimulate the mining sector

By Modupe Gbadeyanka The 2022 finance bill submitted to the National Assembly by President Muhammadu Buhari was adopted by the Senate on Wednesday. The passage follows consideration of a report of the Appropriations Committee by its chairman, Mr Barau Jibrin, who said the income projections for the 2022 budget were based on the medium-term expenditure […]

Foreign investments

New measures to attract foreign investment to Cyprus announced by the Ministry of Finance – Government, Public sector

To print this article, simply register or connect to Mondaq.com. On Friday, October 15, 2021, the Ministry of Finance of Cyprus announced its new action plan to attract foreign investment and strengthen business activity in Cyprus, encompassing various policies that will come into effect in the first quarter of 2022. The new policies that will […]

Income tax

Income tax change could reduce the state’s case for borrowing money

One of the issues most watched by Mississippians when the Legislature meets on Jan.4 will be Gov. Tate Reeves’ proposal to eliminate personal income tax. But Mississippians won’t be the only ones watching. Prominent New Yorkers will also be on the lookout who may impact the state’s ability to issue and pay debts to fund […]

Income tax

State Senator Miller submits law to repeal state income tax

Repealing income taxes could also put more people back into the workforce, Miller said, and a consumption tax system would broaden the tax base and compensate for lost income. The bill, currently pre-tabled for the January 2022 legislative session, does not specify any consumption or sales tax. He said models from other states show that […]

Annual profits

Siemens Annual Profits Rise Despite Supply Chain Problems

German industrial giant Siemens on Thursday reported an increase in annual net profit despite a fourth quarter troubled by global supply chain issues which the company says will improve next year. After the split of its energy subsidiary last year, the company has had “a very successful start as a specialist technology company,” CEO Roland […]

Annual profits

Marks & Spencer Boosts Annual Profit Outlook For Second Time In Less Than Three Months

The retail giant posted pre-tax profits of £ 187.3million for the six months to October 2 from losses of £ 87.6million a year earlier at the height of the pandemic . On an underlying basis, pre-tax profits jumped to £ 269.4million, up 52.8% from two years before the pandemic, and from losses of £ 17.4million […]

Annual profits

Most Pharmaceutical Companies Post Higher Annual Profits

Pandemic Helps Drug and Personal Care Manufacturers Record Strong Sales Increase 09 November 2021, 22:30 Last modification: 09 November 2021, 22:43 Infographic: SCT “> Infographic: SCT Most of the listed pharmaceutical and chemical companies recorded a higher profit in fiscal year 2020-2021 compared to the previous year thanks to increased sales during the Covid-19 pandemic. […]

Foreign investments

New measures in an effort to attract foreign investment to Cyprus – Government, public sector

Cyprus: New measures to attract foreign investment to Cyprus 08 November 2021 AGP Law Firm | AG Paphitis & Co. LLC To print this article, simply register or connect to Mondaq.com. From January 1, 2022, this new action plan, which facilitates the sectors mentioned below, will come into force. The new measures aim to attract […]

Foreign investments

Cypriot government announces new action plan to attract foreign investment to the island – Government, Public Sector

To print this article, simply register or connect to Mondaq.com. Friday 15e from October 2021, the Cypriot government announced its new action plan to attract foreign companies to establish or expand their activities in Cyprus. The announcement came a year after the abolition of the previous investment program. The announced new strategy aims to turn […]

Income tax

How to pre-validate your online bank account for an income tax refund?

Steps to check if your bank account is already pre-validated or not By following the steps below, you can easily check if your bank account Visit https: // www. Incometax.gov.in/iec/foportal and click “Login” to log into your account. In the “Login” section, enter your PAN (permanent account number), Aadhaar number or other user ID only […]

Income tax

Worthington collects tax revenue for the Township of Sharon through JEDD

The Town of Worthington begins collecting tax revenue for the Township of Sharon as part of a Joint Economic Development District. On September 20, the city council created a special JEDD income fund with the aim of collecting tax revenue. “Worthington will collect income tax for the Township of Sharon,” said board chair Bonnie Michael. […]

Foreign investments

Foreign investment: Indians invest record amounts in global debt, stocks and bank deposits

Resident Indians have invested in assets abroad for a record amount since the central bank led the way through the Liberalized Discount System (LRS). Indians have invested $ 1.53 billion in debt, stocks and bank deposits through the LRS since the pandemic-induced lockdown in March 2020, the highest since 2004-05 when the window was introduced, […]

Income tax

YOUR REQUESTS: INCOME TAX: Seniors can claim a tax deduction on medical expenses up to Rs 50,000

Since the shares are considered “movable property”, it is not compulsory to sign a deed of gift. By Chirag Nangia I retired in November 2020 and took out a Mediclaim policy in February 2021. In the meantime, I incurred medical bills for preventive checkups, medical consultation fees, and dental treatment. Can I apply for a […]

Foreign investments

India will continue to attract significant foreign investment: Goyal

Trade and Industry Minister Piyush Goyal on Saturday expressed confidence that India will continue to attract high foreign direct investment (FDI) in the current fiscal year. He said India received the most FDI on record during the Covid-hit period of 2020, unlike a contraction in global investment inflows. In 2020-2021, FDI in the country increased […]

Foreign investments

India will continue to attract significant foreign investment: Piyush Goyal

NEW DELHI: Trade and Industry Minister Piyush Goyal on Saturday expressed confidence that India will continue to attract high foreign direct investment (FDI) during the current fiscal year. He said India received the most FDI on record during the Covid-hit period of 2020, unlike a contraction in global investment inflows. In 2020-2021, FDI in the […]

Foreign investments

United States: Bangladesh will continue to attract foreign investment

US State Department report finds Bangladesh lucrative for FDI despite pandemic-induced economic downturn across the world Bangladesh will continue to be resilient and attract foreign direct investment (FDI) to live up to its image as a preferred location for global investors, despite the economic downturn induced by Covid, according to a new report released by […]

Foreign investments

India’s strong fundamentals, market size will continue to attract foreign investment: FM

Claiming that the Indian economy is showing signs of recovery from the peak of the second wave of COVID in May, the government said on Monday that the country’s strong fundamentals and market size will continue to attract investment to create new markets. . Citing the World Investment Report 2021, Finance Minister Nirmala Sitharaman in […]

Foreign investments

India’s strong fundamentals and market size will continue to attract foreign investment: FM Sitharaman

The Union budget 2021-2022 estimates India’s nominal GDP growth at 14.4% in the current fiscal year ending in March 2022. India’s strong fundamentals and market size will continue to attract investment to create new markets, Finance Minister Nirmala Sitharaman said on Monday in a written response to Lok Sabha. Citing the World Investment Report 2021, […]

Annual profits

New Geothermal Capacity Significantly Contributes to KenGen’s Annual Profit Increase | Think GeoEnergy

Construction of the Olkaria V geothermal power plant, Kenya October 2018 (source: LinkedIn / Roberto Razo) KenGen reports higher profits for the fiscal year ended June 2020, largely attributed to the new 165 MW Olkaria V geothermal power plant and revenues from the geothermal services business. The target for 2021 is now to deliver the […]

Annual profits

Haymarket Reports Annual Profits of £ 8.3million Despite Effects of Covid-19 | Media

Haymarket Media Group reported annual profit of over £ 8million in the last fiscal year as strong performance in its US medical business offsets the worst of the coronavirus slowdown. Haymarket, which owns more than 70 brands including What Car ?, Autocar, Campaign, GP Online, PR Week, MyCME and Finance Asia, said earnings before interest, […]

Corporate profits

Corporate profits hit record high in September quarter: Crisil

Corporate profits rose 15% to an all-time high in the September quarter as margins widened on lower input costs and better utilization levels, the research industry said on Monday. from the main rating agency Crisil. From an absolute standpoint, earnings before interest, taxes, depreciation and amortization (Ebitda) hit a record Rs 1.60 lakh crore in […]

Corporate profits

Corporate profits hit record high in September quarter: crisis

Corporate profits rose 15% to a record high in the September quarter as margins widened on lower input costs and better utilization levels, the research arm said on Monday. from the main rating agency Crisil. From an absolute perspective, Earnings Before Interest, Taxes, Depreciation and Amortization (Ebitda) hit an “all-time high” of Rs 1.60 lakh […]

Annual profits

Tyson Foods Beats Estimates with Strong Quarterly and Yearly Profits

Tyson Foods beat expectations amid the lingering challenges of COVID-19, posting strong fourth quarter earnings per share of $ 1.81 on an adjusted basis, compared to the $ 1.18 Wall Street predicted. Revenue topped $ 10.641 billion, below the $ 10.8 billion forecast by analysts. Profits increased by 50% compared to the same period last […]

Corporate profits

Corporate profits and government spending explode as wages and the economy languish

The supreme irony of the latest listless GDP data is that private demand has been supported by “brisk” public spending. There are serious questions about the government’s competence to run the economy, reports Alan austin. Australia continues to lag behind the rest of the world. Many of the latest published results are at historically low […]

Corporate profits

Chinese company profits rise, but outlook grows gloomy

Last year, the profits of China’s largest publicly traded companies grew at their fastest pace since 2010, but don’t expect a repeat in 2018. Earnings per share of companies in the MSCI China Index, which includes 152 large and mid-cap stocks mostly listed in China, Hong Kong and the United States, likely rose more than […]

Corporate profits

Decline in corporate profits continues in first quarter of 2017-18 due to GST

Another season of quarterly results ended with lackluster numbers from India Inc. Aggregate net income of 2,418 companies fell 8.63% in the first quarter of 2017-18, compared to the same period a year. latest. Destocking before the introduction of the goods and services tax (GST) is the main reason for the low figures. This was […]

Foreign investments

A tax dilemma: foreign investments and your retirement account

Question: Someone told me that every year I pay taxes on dividends from foreign equity funds held in my IRA. If I’m not supposed to pay tax on dividend payments in my IRA, how can that be? Reply: To understand why you can pay taxes on foreign dividends held in your IRA (and your 401 […]