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 April 1, 2025, deadline for required minimum distributions (RMDs) is fast approaching for retirees who turned 73 in 2024.

The first batch of 2024 income tax refunds worth $27.8 million has been released. The Department of Revenue and Taxation, together with the Department of Administration, announced the release of ...

After months of Republican backlash against a Biden-era plan, the Department of Education suspended four of the agency’s ...

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

The financial year 2024-25 is nearing its end, making March 31 a critical deadline for taxpayers. Failing to meet tax-related obligations by this date can result in significant financial losses. Here ...

Lea Uradu, J.D., is a Maryland state registered tax ... should pay taxes on your benefits. Combined income is determined by totaling your adjusted gross income (AGI), nontaxable interest, and ...

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 ...

For non-senior citizens (general citizens), the government has increased the TDS threshold for interest income from Rs 40,000 to Rs 50,000, effective April 2025. This move aims to reduce the tax ...

the Income Tax Department has updated the list of banks authorized under the e-Pay Tax Service on its e-Filing portal. With 30 banks now included, taxpayers have more options to make direct tax ...