ITAT Delhi held that disallowance made u/s. 14A under the normal provisions of the Act not justified as section 44 overrides ...

The AO initially assessed total additions amounting to ₹5.10 crores under sections such as 40a(ia) for non-deduction of TDS, unexplained cash credits under Section 68, and income from other sources.

163(j), the deduction for business interest is limited to the sum of (1) business interest income ... to potential disallowance under amended Sec. 163(j), in the same manner as any other business ...

Since you haven't yet paid taxes on the interest income you report on your tax return, you'll owe money to the IRS if the taxes due outweigh the amount of taxes you paid throughout the tax year.

Overview of the Tax Cuts and Jobs Act (TCJA) of 2017 The TCJA was an overhaul of federal tax rules that impacted individuals and businesses. The law lowered income tax rates from many individuals.

including interest. There is some good news, though. Since the IRS adjusts federal income tax brackets each year for inflation, you could pay a lower tax rate for 2025 than you paid last year.

That means your CD interest is taxed at your ordinary federal income tax rate based on your tax bracket. Tax rates for the ...

Additionally, deducting mortgage interest isn't the right choice for everyone. Here’s what you should know about claiming the mortgage interest deduction on your federal income tax return.

Imagine realizing in March that you owe additional taxes—plus interest—because you missed your advance tax payments. For many salaried individuals earning extra income from fixed deposits ...

1099-DIV for dividend income and 1099-INT for interest income. Investors who need time to pay the full amount of their tax liability can apply for a monthly installment plan using IRS Form 9465.