The CBDT has notified the ITR-2 form for FY2024-25, effective from April 1, 2025, which will be applicable to the majority of ...

ITAT Ahmedabad held that no disallowance under Section 43B of the Act can be made when deduction is not claimed in the profit and loss account [P&L account], and the liability is disclosed as a ...

The new financial year began on Apr. 1, and it’s time for the taxpayers to gather all documents to file the Income Tax Return ...

ITAT Raipur held that disallowance under section 43B of the Income Tax Act towards unpaid VAT liability cannot be sustained since the amount was not claimed as an expenditure in P&L account.

Once you know your adjusted gross income, you then have to make ... deductions. Tax rates of between 1% and 6% will then apply depending on your tax bracket to determine your total tax due.

Backdoor Roth IRAs: If you exceed income limits for direct Roth IRA contributions, you can convert after-tax dollars into a ...

Under the new income tax regime, taxpayers can now avail of a standard deduction of up to Rs 75,000, which makes an annual ...

Calculate net profit margin by dividing net income by total revenue and multiplying by ... Profitable businesses can make for good investments, so if you'd like to get started investing today ...

What is the difference between standard vs. itemized deductions? Both methods allow you to deduct expenses from your taxable ...

This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance ...

Each pays 7.65%, for a combined total ... deductions and margins don’t apply to FICA taxes. In fiscal year 2024, the Treasury Department collected $2.43 trillion in individual income taxes. They ...