A liability can be owed by an individual, business ... Because your taxable income is over $100,000, you use the IRS tax computation worksheet to calculate your tax liability.

The House Republicans’ budget bill calls for a bigger 199A deduction for qualified business income. If enacted, here’s who ...

Social Security benefits were tax-free, but changes in legislation now mean that retirees with higher incomes may face taxes ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Vikki Velasquez is a researcher and writer who has managed, coordinated, and directed ...

In the appeal of the revenue, the AO is aggrieved with deletion of addition u/s. 68 by CIT (A) by admission of the additional evidence without giving proper opportunity to the AO & in clear violation ...

Achieve explains how understanding your DTI can give you an important edge when you’re looking for a home equity loan or ...

Note:The slabs and rates of tax in the 'Proposed New Tax Regime Slab Rate' column apply to taxpayers of all ages. The new income tax slab rates result in lower taxes for individuals with net ...

The Income Tax Department has come out with a brochure outlining tax benefits for retired employees in both the public and ...

The tax department has recently notified the ITR forms for filing tax return for FY 2024-25 (AY 2025-26). However, certain ...

Bombay High Court held that reopening of the assessment would be permissible without there being any new or additional material available to the Assessing Office. Accordingly, reassessment notice is ...

"Now they're taking $350 a fortnight out of our bank account .. we actually can't afford that," says Phoenix Ruka.

The strategy is reinforced by Section 56(2)(x) of the Income Tax Act, which states that gifts to parents are fully tax-free, regardless of the amount. The 2025 ITR filing season has begun ...