Misreporting or underreporting income can lead to penalties of up to 200 per cent of the tax due. Tax experts warn that even ...

The $40,000 cap would begin this year, with the same $500,000 income phaseout, and both figures would rise by 1% annually ...

Filing your ITR for 2024-25 is essential for refunds, legal compliance, and financial credibility—even with zero tax.

The Income Tax Department provides guidelines for Income Tax Return (ITR) scrutiny. These guidelines ensure transparency in ...

The "no tax on tips" provision within the Senate version of the One Big Beautiful Bill Act allows tipped workers to deduct ...

Final tax reform bill preserves SALT and PTET deductions for traders and professionals, avoiding SSTB carve-outs and ensuring ...

The version of the ‘big beautiful’ spending bill that passed the Senate permanently extends Trump’s 2017 tax cuts.

Ahmedabad ITAT rules on Vardhman Stanakvasi Jain case, clarifying corpus donations and the procedural nature of Form 10B filing for tax ...

Mumbai ITAT set aside an income addition for property purchase, citing non-service of notices. The Tribunal accepted documented evidence of property funds from the assessee's son, husband, and bank ...

Republic Act (RA) 12214, or the Capital Markets Efficiency Promotion Act (Cmepa), was signed into law, amending certain ...

Late on May 18, the House Budget Committee advanced the “One Big Beautiful Bill Act,” a comprehensive 1,116-page legislative package that includes a provision: a 5% excise tax on all ...

The House-passed bill includes a large tax cut, as well as more money for defense and immigration enforcement, financed in part by slashing health, nutrition, education and clean energy programs.