The Congress accused the income tax department of indulging in double standards by slapping it with income tax demand notice of Rs 1,823.08 crore while “overlooking bigger violations” by the ruling BJP which, it said, required the ruling party to pay Rs 4,600 crore. The opposition party accused the ruling establishment of indulging in “tax … Read more
The Canada Revenue Agency (CRA) is hitting pause on a new “bare trust” reporting requirement with just a few days remaining before the deadline. New reporting requirements for such trust arrangements were introduced for the 2024 tax season. Anyone with a bare trust was required to file a T3 tax return form naming the trustees, … Read more
Last Updated: March 22, 2024, 17:49 IST Congress leaders Kamal Nath and Digvijay Singh have been mentioned in dubious transactions reported by I-T department. (PTI) Citing transactions around Lok Sabha Elections 2019 and Madhya Pradesh Assembly elections in 2018 and 2013, the I-T department says Rs 20 crore was transferred from Kamal Nath’s official residence … Read more
Last Updated: March 19, 2024, 21:15 IST On a gross basis, before adjusting refunds, the direct tax collection stood at Rs 22.27 lakh crore. (Representative Image) On a gross basis, before adjusting refunds, the direct tax collection stood at Rs 22.27 lakh crore, an 18.74 per cent growth over the year-ago period The net direct … Read more
Last Updated: March 15, 2024, 12:43 IST Advance tax: Last instalment deadline on March 15 Missing the payment deadline would mean the taxpayers will be liable to penalties under Sections 234B and 243C. Income tax alert: March 15 is the due date to pay advance tax. Taxpayers should carefully calculate the advance tax liability. Advance … Read more
The 2024 budget speech from Finance Minister, Enoch Godongwana, has had an adverse impact on income tax brackets in 2024. Essentially, employees who get a promotion or salary increase risk being pushed into higher income tax brackets in 2024. TRENDING: Academics say March 2024 SASSA old-age pensions inadequate As outlined by Business Tech, an additional … Read more
Canadians can begin filing their income tax returns online as of Monday, with several changes in store for the 2024 tax filing season. Those filing by paper should have received their income tax package in the mail by now, according to the Canada Revenue Agency (CRA). Most Canadians must file their tax return by April … Read more
Colorado Democrats are eying a large portion of the state’s $1.8 billion-plus surplus this year to provide child tax credits targeted to help lower-income families — along with another slice devoted to helping people working in health- and child-care fields. The proposals are costly policy moves that could put state lawmakers on a path for … Read more
For the second time in two months, Gov. Jared Polis on Wednesday signed a bill into law that temporarily doubles Colorado’s match of the federal Earned Income Tax Credit, boosting the amount of money that will go to working families this year. The new law — the first legislation signed by Polis during the 2024 … Read more
Finance minister Nirmala Sitharaman is set to present the interim budget on Thursday, February 1, ahead of the highly anticipated Lok Sabha polls. The comprehensive budget for the fiscal year, which runs from April 1, 2024, to March 31, 2025, will be presented after the new government is elected. The government has received a tax … Read more
