As long as the total of your liabilities exceeds the value of your assets when your debt is canceled, you may claim the ...

Taxpayers have two years from the end of the relevant assessment year to voluntarily correct errors or omissions in their ...

If you file Income Tax Return (ITR) every year, then you will need to be more cautious than before while filing it next time.

Finance Minister Nirmala Sitharaman provided this relief against income tax searches and requisition cases; Know more ...

Taxpayers can enjoy a 25% reduction in additional tax and interest by filing updated ITR for AY 2023-2024 by March 31, 2025, ...

The income tax department will check and match your current income tax return filed with the previous year's ITR from next ...

The United States federal income tax is levied by the Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities. Federal income taxes for ...

One key contention was the computation of taxable surplus from the life insurance business. The assessee argued that the assessment was not in accordance with Section 44 and Rule 2, which should be ...

Bombay High Court overturned a reassessment notice issued to Indusind Media & Communications Ltd. under Section 148 of the Income Tax Act for the assessment year 2007-08. The core issue revolved ...

The Delhi High Court has made it clear that the power of the Central government to relax conditions prescribed under Rule 9C of the Income ... losses and unabsorbed depreciation of the ...

It’s never been easier to do your taxes online. In fact, online filing gets you access to the benefits, credits, and refunds you may be eligible for even faster! Last year, approximately 93% of ...

It depends on how much you withdrew during the year and whether your savings were pre-tax or Roth, among other things. Your retirement account withdrawals might not be your only taxable income ...