The Finance Act, 2023 introduced Clause (h) under Section 43B of the Income Tax Act, which disallows deduction for payments due to Micro and Small Enterprises (MSEs) if not made within the prescribed ...

ITAT Surat held that interest paid in respect of business profit attributable to section 80P (2) of the Income Tax Act is allowable. Accordingly, AO directed to consider direct nexus of interest paid ...

The company expressed confidence in its position, stating that it has strong grounds to challenge the order and is taking ...

The freeze on income tax thresholds ... top are now liable to pay income tax. The stealth tax freeze to thresholds also hits savers, dragging more of people's savings interest, dividend income ...

However, this rule is subject to certain exceptions. One can claim income tax benefits on interest paid when the personal loan proceeds are used for any of the following purposes. I. For ...

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

Read on to avoid paying fines in the form of interest. March 15 is the last date to pay advance tax for the current financial year. Advance tax is essentially the tax you pay on all other income ...

Eligibility for federal student financial aid is primarily based on income as reported for tax purposes. However, tax-exempt ...

Businesses that own, lease, or charter aircraft should prepare for increased IRS scrutiny by closely reviewing their ...

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

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 income generated from interest and dividends.

Since we withdrew money from our 401 (k), we expect to owe the IRS money this year. However, by itemizing and deducting the interest paid on our mortgage debt, along with several additional tax breaks ...