Partnership firms face a new reality as they are now required to calculate TDS on payments to partners exceeding ₹20,000.

Principle of Substantial Justice V/s Technical Consideration – Not Condoning Delay Would Amount to Legalising an Illegal ...

Chokalingam Srinivasan filed a writ petition with the Madras High Court, challenging an assessment order from the Deputy State Tax Officer I, citing a violation of natural justice principles. The ...

As FY 2024-25 ends, ITR season 2025 starts in April. Suresh Surana advises finalizing tax-saving investments, submitting ...

As FY25 is coming to an end, taxpayers need to finalise investments if opting for old tax regime, adjust TDS, pay advance tax ...

Come April 1, you will see some major changes in financial and tax rules ... income from April 1. Apart from this, TDS will also increase and no credit will be given in Form 26AS.

CPA personal financial planners’ ability to discern the story inherent in a client’s tax returns brings unique value to the ...

Federal income tax is a necessary evil, but residents in a few parts of the country don't have to pay state income taxes. Eight U.S. states don't impose any kind of income tax and one only taxes ...

Capital gains on investments held under one year are taxed at your ordinary income tax rate. Investments held longer than a year are taxed at different rates: 0%, 15%, or 20%. Higher capital gains ...

Simple Form 1040 returns only (no schedules except for earned income tax credit, child tax credit and student loan interest). TurboTax reports that 37% of files qualify for the free edition.

First, the net taxable income needs to be calculated. It will be calculated as follows: The income tax will be calculated on the net taxable income. You will be required to calculate income tax on Rs ...