The proposed income tax amendments, following stakeholder engagement have been Gazetted (No. 8442) on 16 September 2024 with respective effective dates. Herewith a brief summary of the income tax amendments with high level comments. PwC will be hosting a Tax Amendment update session where these ...
The legislation was passed into law by parliament on 26 March 2024. Read the Income Tax (Amendment) Act 2024KPMG observation Interest income (or amounts similar or equivalent to interest) received by insurance companies or DLT firms, which previously may not have been subject to tax in Gibral...
Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • March 21, 2025 03:04 PMOVERVIEW If you discover a mistake after filing your income tax return, you can make an amendment using Form 1040-X. This allows you to correct errors, claim missed tax brea...
On February 18, 2025, the Thai Senate approved an amendment to the Act on the Establishment of and Procedures for the Tax Court. This follows the July 2024 approval by the Thai cabinet and subsequent preparation of supporting secondary legislation. This important amendment to procedural law, once...
Filing personal income tax in Malaysia is a vital responsibility for individuals earning above the taxable threshold. The Year of Assessment (YA) 2024 pertains to income earned in 2024, which must be filed in 2025. Starting from YA 2024, the Inland Revenue Board (LHDN) mandates that all ...
Last but not least, Russ Latino’s column in National Review celebrates the abolition of the income tax and other good reforms. Under the Build Up Mississippi Act, the Magnolia State will become the tenth state to operate without a tax on work. Only one other state, Alaska, has ever elimi...
Income-tax (Tenth Amendment) Rules, 2025 - Central Government notifies form ITR-B for taxpayers on whom search, or requisition operation has been initiated. - 30/2025 - Income Tax Exemption of specified income under Section 10(46A) of the Income-tax Act, 1961, to Prayagraj Mela Pradhikar...
INCOME-TAX G.S.R. 338(E).—In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— 1. Short title...
Amendment to the Income Tax ActThe limit for the maximumamount of tax deductibleinterest on credits and loanswhen these are providedbetween related parties isintroduced. Such limit isestablished as 25% of theadjusted EBITDA indicator, i.e. the sum ofNovember...
Changing Landscape of Interest on Delayed Payment of Tax on Accreted Income : Clause 352(7) of Income Tax Bill, 2025 Vs. Section 115TE of Income-tax Act, 1961 Reforming the Exit Tax Regime for non-profit organizations (NPOs) or charitable institutions : Clause 352 of the Income Tax Bill,...