Income tax

Your Questions – Income Tax: You can deduct up to Rs 3 lakh on royalty income

In either case, a deduction up to an amount of Rs 3 lakh from royalty income under Section 80QQB is permitted, provided that Form 10CCD is furnished and duly verified by the person responsible for making this payment with the return of the income. By Chirag Nangia Can income from royalties received from an Indian […]

Income tax

Should you move to a state with no income tax? – Forbes Advisor

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. The advantage of moving to a state with no income tax is quite simple: you don’t have to pay state income tax on the money you earn. Currently, seven states (Alaska, Florida, […]

Income tax

Canada’s 2022 income tax season: CRA plans to fully resume collection efforts, documents say

OTTAWA — The federal minister responsible for the Canada Revenue Agency learned after the election that the agency plans to ramp up debt collection just in time for tax season. Briefing materials for Revenue Minister Diane Lebouthillier indicate that the agency plans to resume full collection activities early this year. The move was the latest […]

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 […]

Income tax

What makes more sense, a minimum income tax or a maximum income?

How much would Scott’s proposal cost Americans who currently pay no federal income tax? Scott’s plan – which chairs the Republican National Senate Committee, the deep-pocketed group coordinating the push for a GOP majority in the Senate — offers no details. Tax policy groups have filled the void. Adopting Scott’s plan, calculated the Institute on […]

Income tax

Georgia House Approves $1 Billion Income Tax Cut |

Representative of Georgia Shaw Blackmon ATLANTA — The Republican-controlled Georgia House of Representatives on Wednesday passed a $1 billion state income tax cut despite objections from Democrats that most of the benefits would go to high-income taxpayers while some Georgians would pay more. The bill, which passed 115 to 52 and is now moving to […]

Income tax

Income Tax on Cash Gifts to Wife: How Much Can You Gift on Women’s Day Tax-Free?

Wife Cash Gift Tax: Experts say a cash gift of up to Rs 50,000 from anyone will have no tax implications under normal circumstances. On this Women’s Day, how about giving a cash gift to your wife? Giving a cash gift can be a good idea because it is something useful in all circumstances. But […]

Income tax

South Carolina offers valuable income tax credits to eligible homeowners | Business

There are two valuable tax breaks South Carolina homeowners should know about this tax season, and they’re surprisingly easy to overlook. The first is quite simple and is worth up to $1,250. This is a state-specific tax break, and I’ve found in over a decade of writing this personal finance column that many homeowners and […]

Income tax

Brook Park notifies other cities and agencies when issuing income tax refunds

BROOK PARK, Ohio — People who worked from home during the pandemic instead of their usual office in another city can apply for an income tax refund, but Brook Park wants to make sure it gets its share of any income tax due. As of March 1 municipal Council Meet, Chief Financial Officer Greg Cingle […]

Income tax

Proposed State Working Income Tax Credit | News, Sports, Jobs

Senator Mario Scavello, R-Monroe/Northampton, speaks on the floor of the State Senate. By JOHN WHITTAKER [email protected] Legislation was introduced to add Pennsylvania to the states offering an earned income tax credit on state taxes. Sen. Mario Scavello, R-Monroe/Northampton, introduced Senate Bill 1082 with bipartisan support of two Republicans, two Democrats and […]

Income tax

The North Carolina Department of Revenue is ready for your 2021 tax return

RALEIGH, NC (WGHP) – North Carolina tax preparers, start your returns. Stay up to date with the latest news and weather with the FOX8 mobile app. Delayed due to state budget adjustments that changed income tax rates, the North Carolina Department of Revenue declared itself open for business beginning Tuesday to accept tax returns of […]

Income tax

New year, new corporate income tax rate for ROHQs

It has been almost a year since Republic Act No. 11534, otherwise known as the Business Recovery and Tax Incentive Act (CREATE), was signed into law. It took thffect on April 11th. Its main objective is to reduce tax rates for domestic and foreign corporations in order to mitigate the effeffects of the COVID-19 pandemic […]

Income tax

If your life has changed in 2021, watch for tax surprises

The investment information provided on this page is for educational purposes only. NerdWallet does not provide advisory or brokerage services, and does not recommend or advise investors to buy or sell particular stocks or securities. The events of 2021 have not always gone as planned. A lingering pandemic, shifting government response and a flurry of […]

Income tax

Proposal to scrap Wisconsin income tax would blow $9.3 billion hole in state budget

Already a failure in Kansas, the idea would cut a huge chunk — last year, 46% — of what the state uses for schools, roads, medical assistance and vital services. A Republican-drafted proposal to phase out state income tax would further tilt Wisconsin’s tax system in favor of rich and hungry essential services like public […]

Income tax

Senate approves Democrats’ bill creating tax credit for low-income earners

The proposed $74 million plan would give the average Arizona family $128 a year. PHOENIX — A Democratic proposal that creates a new tax credit for low-income Arizona workers has passed the Arizona Senate. Democratic Sen. Sean Bowie’s proposal won support from 10 of 16 Senate Republicans and 11 Democrats voting on Wednesday. Ducey included […]

Income tax

GOP plan cuts Minnesota Social Security income tax, DFL sees it as a gift to the well-to-do

GOP plan cuts Minnesota Social Security income tax, DFL sees it as a gift to the well-to-do Republican lawmakers say the answer to stopping more snowbirds from leaving Minnesota is to get rid of the state Social Security income tax. ST. PAUL, Minnesota (FOX 9) – Republican lawmakers say the answer to stopping more snowbirds […]

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 […]

Income tax

Free Tax Help Available at 2 New Orleans Libraries | Entertainment/Life

The New Orleans Public Library is once again partnering with the AARP Foundation Tax-Aide to provide in-person tax preparation assistance. This free service is available to everyone, but is designed with a focus on low to middle income taxpayers over the age of 50. Through April 11, the Algiers Regional Library, 3014 Holiday Drive, and […]

Income tax

Eligible taxpayers can claim Earned Income Tax Credit (EITC)

iStock/Getty Images In tax times, the only thing better than a tax deduction is a tax credit. And if you have low to moderate incomes, the Earned Income Tax Credit (EITC) is indeed a very good thing. A deduction reduces your taxable income, which in turn reduces your taxes. A tax credit, however, reduces the […]

Income tax

This Valentine’s Day, think about…the income tax savings of trusts!

Trusts generally have the highest marginal tax rates in the US tax system, but there are ways to save with good tax planning and thoughtful timing. A very important date for a tax-saving opportunity is fast approaching, and the holiday I use to remind myself to look to take advantage of every year happens to […]

Income tax

What to choose in 2022?

How to choose between the new and the old tax system? The new tax system differs from the old one in two respects. First, it has more slabs with lower tax rates. And second, all major exemptions and deductions available to taxpayers under the existing old tax system are disallowed if the new tax system […]

Income tax

Armada Hoffler Properties Announces Tax Treatment of

VIRGINIA BEACH, Va., Feb. 11 12, 2022 (GLOBE NEWSWIRE) — Armada Hoffler Properties, Inc. (NYSE: AHH) announced the tax treatment of its 2021 dividend distributions to holders of the company’s common stock and preferred stock. This information represents the final income allocations as they will be reported on Form 1099-DIV. The tax information provided should […]

Income tax

Bill to cut W.Va.’s personal income tax advances through House of Delegates

CHARLESTON, WV (WOWK) — Workers in West Virginia could get a healthy cut in their income tax, though critics say it would be better to cut the sales tax. A bill to reduce state personal income tax passed the finance committee and is now before the full House. This would reduce West Virginia income tax […]

Income tax

Free Income Tax Preparation for Fremont Residents

FREMONT, CA – If the thought of filing taxes makes your head spin, here’s good news – free help is available for middle- and low-income residents of Fremont. The United Way Bay Area partners with IRS-certified volunteers to provide the service. “We are pleased to offer free, secure and high-quality tax preparation services to eligible […]

Income tax

Good and bad news about the working income tax credit

Last week’s column promised more details on the Earned Income Tax Credit (EITC). Below is our fulfillment of the promise. There is mostly good news and some bad news in IRS publication 596 (Earned Income Credit). The good news starts on page 2: “The Earned Income Credit (EIC) is a tax credit for certain people […]

Income tax

Republican lawmakers and governor support cutting SC’s top state tax rate

CHARLESTON, SC (WCSC) – South Carolina currently has the highest income tax rate in the Southeast, but Republican leaders in the state House of Representatives and Gov. Henry McMaster are pushing to lower the top state tax rate. H.4880 would gradually reduce South Carolina’s top tax rate from 7% to 6% over the next five […]

Income tax

Appointments for Voluntary Income Tax Assistance (VITA) available

If your Annual Gross Income (AGI) is less than $73,000 and you are a member of the Eastern Band of Cherokee Indians (EBCI), you can have your taxes prepared free of charge at the EBCI Extension Office through volunteer income tax assistance (VITA). Due to the increase in COVID cases, this year will begin using […]

Income tax

Commentary: Respect the voters — repeal the capital gains tax | Opinion

Income taxes are unconstitutional in Washington State. Taxpayers have tried 10 times in the past 100 years to change this part of the state constitution, but Washington voters — the people who decide these things — said no. Then they said no again. And even. Again. Again. Again. Again. Again. Again. And even. The message […]

Income tax

Earned income tax credit | Eyewitness News

WILLIAMSPORT, LYCOMING COUNTY (WBRE/WYOU) — Statewide, United Ways is advocating for a tax relief program that will help lower- and middle-class households. United Way is pushing for an earned income tax credit. Through a recent study, they found that many households still need financial support and that a program that provides more refunds to taxpayers […]

Corporate profits

UAE tax haven to introduce corporate profit tax

The UAE is set to introduce a corporate profit tax as it juggles the need to remain attractive to international businesses and its agreement to support global tax transparency. The Gulf state, which includes Dubai and Abu Dhabi, has grown from a desert backwater to the region’s second-largest economy, in part due to its status […]

Income tax

Proposed corporate and personal income tax cuts spark support and anger | Nebraska

Proposals to cut Nebraska’s top personal income tax rate and corporate income tax won broad support Thursday from business interests, as well as stiff opposition, saying the plans bill would disproportionately help the wealthy while cutting state government revenue. Senator Lou Ann Linehan of Elkhorn, sponsor of the corporate tax cut plan contained in LB938, […]

Income tax

Free UISD Tax Preparation Services

LAREDO, Tex. (KGNS) – United ISD high school students, under the guidance of their IRS-certified teachers, will provide free income tax preparation services under the Voluntary Income Tax Assistance Program ( VITA). This program is an IRS/UISD partnership that provides free tax preparation services for low-to-middle income families and individuals earning less than $57,000. Services […]

Income tax

Volunteer Income Tax Assistance Open to Help With Free Tax Preparation | Ascent

Capital Area United Way’s Volunteer Income Tax Assistance Program is open for the 2021 tax season, which officially began Jan. 24, according to a news release. The VITA program provides free year-round tax preparation to people in the community, especially low-income workers, seniors and people with disabilities, according to the statement. VITA will run through […]

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

Opening of the personal income tax return on Monday | News

INDIANAPOLIS — The Indiana Department of Revenue (DOR) will begin accepting 2021 personal income tax returns on Monday, January 24, 2022, in conjunction with the Internal Revenue Service (IRS). Customers will have until Monday, April 18, 2022 to file their 2021 state and federal income tax returns and pay any taxes due. DOR encourages clients […]

Income tax

Washington senator introduces bill allowing local income tax if other taxes are cut

City Income Tax Proposal Some legislators have proposed adopting an income tax OLYMPIA, Wash. – Some Washington cities like Seattle have openly discussed a citywide personal income tax, despite the fact that the state constitution prevents cities from doing so. A state legislator is trying to pave the way for future implementation. The idea of […]

Income tax

The government could make the new simplified personal income tax system more attractive

Government aims to make new simplified personal income tax regime more attractive to working class, sources say CNBC-TV18. The government is considering fine-tuning the new tax regime to encourage taxpayer adoption. In addition, the standard deduction and interest against the home loan are expected to be associated, sources said. “Housing rent and medical insurance premium […]

Income tax

Gov. Reynolds Defends Proposed 4% Flat Income Tax: ‘It Makes Us Very Competitive’

Job : January 16, 2022 / 7:29 p.m. CST / Update: January 16, 2022 / 7:29 p.m. CST Iowa Governor Kim Reynolds salutes after delivering his statehood address before a joint session of the Iowa Legislature, Tuesday, Jan. 11, 2022, at the Statehouse in Des Moines, Iowa. (AP Photo/Charlie Neibergall) Part 1: Governor Reynolds Defends […]

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

Income tax reduction bill presented to Idaho House committee

BOISE, Idaho Legislation to reduce Idaho’s income tax and provide one-time discounts was introduced to the House income and tax committee on Wednesday. Gov. Brad Little described the proposal in his state-of-state address earlier this week, and the House committee moved at unusual speed to get it presented on the third day of the session, […]

Income tax

Replacing income tax with expenditure tax is the successful reform India needs

Each stimulus package aimed at stimulating the economy has its own impact on the country’s fiscal position. However, stimulus through tax reforms will be more helpful in building resilience in the economy in a sustainable manner. Finance Minister Nirmala Sitharaman seeks suggestions from stakeholders with a view to finalizing the annual budget for 2022-2023. It […]

Income tax

Alternative personal income tax regime finds few takers

NEW DELHI : The old personal income tax regime, which allows certain expenses to be deducted from taxable income, remains popular among taxpayers, relatively few opting for the new alternative tax regime introduced in the 2020 finance law, according to the professionals helping taxpayers complete their returns. They said softening the simplified tax system could […]

Income tax

Editorial: Other states have eliminated income tax and, with careful study, maybe Georgia can too

But it’s important to note here that the state doesn’t necessarily need to replace all income tax. The state government enjoys a large surplus of funds; returning some of that money to citizens and reducing taxes collected should be part of such tax reform. In most discussions of eliminating income taxes, the most likely compromise […]

Income tax

1.2 million more people will move into the 40p tax bracket

More than a million workers are expected to move into the top tax bracket over the next four years, it was claimed last night. Analysis from the House of Commons Library suggests that the Treasury’s decision to freeze the personal tax abatement and the higher-rate tax threshold until 2026 will push 1.2 million workers’ incomes […]

Income tax

Income Tax Department raids three shoe exporters linked to Samajwadi party in Agra

Two of the shoe exporters are Vijay Ahuja and Manu Alagh, residents of Lajpat Kunj. Manu Alagh would be Akhilesh Yadav’s friend and his classmate. The raids began simultaneously at 7:30 a.m. in all three locations. (ANI) The income tax department raided Agra’s three shoe exporters, all apparently supporters of Akhilesh Yadav and his Samajwadi […]

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

You never see boarded up towns in zero income tax states

Texas is the size of a large European country, in terms of population (30 million) and certainly geography. I lived there for sixteen years until last summer. You never see a barricaded town like this. You drive miles and miles and see development after development, business after business, campaign after campaign. Occasionally there is an […]

Income tax

Abbotsford Income Tax Program Volunteers Needed – Mission City Record

Abbotsford Income Tax Program Volunteers Needed Tax returns completed free of charge for low-income people Volunteers are now needed for a free income tax preparation program in Abbotsford for low income people. The program is looking for tax preparers and front desk volunteers, especially those who can speak a second language. Volunteers will take care […]

Income tax

Income Tax Service Detects 200 Black Money After Raids In Chhattisgarh

The Income Tax (IT) service detected black money from ??200 crore after raids on two trading groups in Chhattisgarh. The raids were carried out on December 22 on two groups from Raipur and Korba, engaged in the activities of steelmaking, coal washing and transport. The search action covered more than 35 locals spread across Raipur, […]

Income tax

Lawmaker wants to cut South Carolina income tax in half, eliminate it for businesses

MYRTLE BEACH, SC (WBTW) – A South Carolina lawmaker wants to cut state income tax for individuals in half and eliminate corporate income tax altogether. South Carolina has one of the highest income tax rates in the country, and neighboring states have significantly reduced their rates in recent years. South Carolina senators want those fired […]

Income tax

House leader considers income tax cut amid optimistic budget forecasts

Huston says he and Senate leaders continue to discuss their differing views on possible tax cuts. (IBJ Photo / Eric Appris) When it comes to pushing for state tax cuts and limits on employer vaccine mandates, Republicans in the Indiana House of Representatives are taking the lead. IBJ asked the House’s top Republican, Speaker Todd […]

Income tax

Over 100 MPs in Pakistan pay no income tax: The Tribune India

New Delhi, December 23 More than 100 Pakistani members of parliament do not pay income tax or are not registered with the Federal Revenue Office of Pakistan (FBR), The News reported. No less than 161 of the 1,170 MPs in Pakistan have not paid tax on their income and have not filed any income tax […]

Income tax

Estimation of tax liabilities using data from the Survey of Consumer Finances

In a forthcoming article, we describe a new methodology for estimating tax liabilities in public use Survey of Consumer Finances (SCF) microdata files. Conducted most recently in 2019, the SCF is a three-year household survey containing detailed information on the demographics, income and balance sheet of the designated survey respondent and, where applicable, the respondent’s […]

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 […]

Income tax

Impact of the law of session 2021-180 on the tax returns of individuals and companies in NC; NCDOR Now Accepting Business Takeover Grant Applications | Kilpatrick Townsend & Stockton LLP

On November 18, 2021, Governor Cooper enacted Sessional Law 2021-180 (Senate Bill 105). This legislation updated North Carolina’s reference to the Internal Revenue Code from May 1, 2020 to April 1, 2021. As enacted, any changes made on April 1, 2021, including any changes made by the Consolidated Appropriations Act, 2021 (CAA) and the American […]

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 […]

Income tax

Spokane County Latest to Oppose Local Income Tax »Publications» Washington Policy Center

Spokane County Commissioners today unanimously passed a resolution opposing a local income tax. Spokane County is the third county to act, joining Franklin County and Yakima County as well as 11 Washington cities with local income tax bans including Battle Ground, DuPont, Granger, Kennewick, Longview, Moses Lake, Richland, Spokane, Spokane Valley, Union Gap and Yakima. […]

Income tax

Focus Beyond Personal Income Tax, Sanwo-Olu told JTB

Babajide Sanwo-Olu, Governor of Lagos, called on the Joint Tax Board (JTB) to extend its scope beyond personal income tax (PIT) to other tax areas. JTB is the supreme body of all tax authorities in Nigeria. Gboyega Akosile, the governor’s chief press secretary, said Sanwo-Olu disclosed this on Tuesday at the 149th Joint Tax Board […]

Foreign investments

On foreign investments – Punch Newspapers

Posted December 13, 2021 Every country, developing or developed, wishes to have foreign investment, not because of its “foreigner” but, firstly, because of certain advantages attached to it and, secondly, no country can produce all that its citizens need or want to have. Even having foreign human beings in your country gives some recognition of […]

Income tax

How much income will you have to pay income tax on in 2022

Employees in a dependent relationship will start paying from January 1 on IWage income tax of $ 225,936.97 gross per month, according to private estimates based on the increase in the average taxable remuneration of stable workers (RIPTE) corresponding to the month of October published by the Ministry of Labor. The increase in the amount […]

Income tax

Mississippi House Speaker Talks About Infrastructure, Abortion, State Income Tax Elimination, and Other Priorities During Visit to DeSoto County | News

House Speaker Philip Gunn told a group of DeSoto County business leaders that Mississippi would receive more than $ 4 billion for infrastructure projects and that it faces a “unique opportunity “to improve its roads and bridges and expand broadband access. Gunn was the keynote speaker Friday at the DeSoto Economic Development Council’s quarterly lunch […]

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 hopes for 2022 want to eliminate state income tax

Legend Georgia Revenue Sources Credit: Isaac Sabetai Legend Georgia Revenue Sources Credit: Isaac Sabetai Credit: Isaac Sabetai House Appropriations Speaker Terry England R-Auburn, who has voted to lower the income tax rate in the past, said eliminating it altogether could spell disaster for the state’s finances . “Well, either you are taking K-12 education out […]

Income tax

CCP and Income Tax Workers Fight Over Parking Spaces | Goa News

Panaji: Employees of the Corporation of the City of Panaji (CCP) and employees of the income tax department have brawled in Cortin over the latter’s decision to block 12 parking spaces. The incident occurred after the Income Tax (IT) department erected signs reserving parking for 12 cars on the road and CCP workers attempted to […]

Foreign investments

Government of Pakistan pledged to encourage and protect foreign investment: Fareena Mazhar – News

In terms of incentives, Pakistan offers no income tax on exports of IT and IT services until June 2025 Posted: Mon 6 Dec 2021, 19:35 Pakistan Board of Investment Federal Secretary Fareena Mazhar said on Monday the government was determined to encourage and protect foreign investment in the country. She was speaking at a seminar […]

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 […]

Income tax

Appropriateness of the stamp duty value of the property under income tax laws

In order to arrive at the fair market value of the home ownership, you can either take the stamp duty calculation rates if available, or get a certificate of appraisal from a registered appraiser. In order to fill the gaps in real estate transactions and avoid litigation, the Income Tax Department compares the valuation of […]

Income tax

Tax return: taxpayers can electronically verify their returns in 6 different ways

Last update of the income tax return: As many taxpayers have already filed their tax returns and many still do, it’s a good time for everyone to check their ITRs. Taxpayers should note that the final process of filing a tax return is to verify it. In accordance with income tax laws, if the user […]

Income tax

Italy to cut income tax for low-paid workers

In the future, personal income between 28,000 and 50,000 euros will be taxed at 35% in Italy, compared to 38% currently. Income taxes between 15,000 and 28,000 euros will be reduced from 27% to 25%. The 41% tax bracket for income between 55,000 and 75,000 euros will be completely abolished, with all income over 50,000 […]

Income tax

Bill makes changes to child tax credit and earned income tax credit

The major spending bill passed by the House of Representatives earlier this month amends two major tax credits. The bill would extend the expansion of the child tax credit for one year. It would also make the credit fully repayable on a permanent basis, which would benefit low-income people, according to CNBC. Before the pandemic, […]

Income tax

Kansas man pleads guilty to tax evasion | USAO-KS

TOPEKA, KAN. – A Kansas man pleaded guilty to one count of making and making a false statement. According to court documents, Randall Brammell, 65, of Berryton owned and operated Brammell Construction Company and Lawn Mowing. He pleaded guilty to submitting a false 2016 tax return to the Internal Revenue Service after failing to notify […]

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 […]

Income tax

Two new income tax increases included in the Build Back Better law

On November 3, 2021, the House Rules Committee released a revised version of HR 5376, the Build Back Better Act, which would impose two new income tax “surcharges” on high-income taxpayers, effective January 3, 2021. January 1st. 2022. For individuals, a 5% surtax would apply on modified adjusted gross income (MAGI) over $ 10 million […]