Threshold limit for deduction of TDS in case of rent is increased to Rs. 2, 40,000 from existing Limit of Rs. 1,80,000. Exemption limit for gratuity is increased from Rs. 20,00,000 to Rs. 30,00,000. Tax rates for Multiple Income Slabs (Individuals below 60 years, Senior and Super...
This extension provides the necessary flexibility to ensure timely audit submissions. The Finance Minister announced a cut in the corporate income tax rate for foreign companies, reducing it from 40% to 35% in the Union Budget 2024. New regulations governing share buybacks will come into effect...
The Multistate Tax alert archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last four years. These external alerts highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summ...
Someone who has become a “covered expatriate” might want to know – whether the IRS audit of expatriate tax returns is high or low? What if I do not even have a social security number (e.g., as a U.S. citizen born outside the U.S.) from my date of birth, and I have lived...
(known as the minimum allowance). Net financial expenses exceeding this 30% EBITDA limit can be carried forward and deducted in the following years, subject to the same 30% EBITDA limit. Additional restrictions apply for leveraged buyouts (when a merger takes place, or the CIT consolidation ...
The assessee has to pay income tax if his total Income after allowing Chapter VI-A Deduction is more than the taxable income limit.Due Dates of ITR for Different Categories of Taxpayers for FY 2024-25 (AY 2025-26)Category of TaxpayerDue Date (Original Return) Company (whether tax audit ...
Income Tax Calculator for Assessment Year (AY) 2019-20 Financial Year (FY) 2018-19 as amended by Finance Act, 2017, HRA Exemption, Cost Inflation Index Calculator, Gratuity Calculator, Home Loan Tax Benefit Calculator, Provident Fund Calculator, Public P
When can this notice be issued:“There is no time limit for issuing thistax noticeunder section 245. This means that if as per the income tax department, a taxpayer has an outstanding tax demand for FY 1999- 2000 (AY 2000-01), and for FY 2022- 23 (AY 2023-24) has a ta...
ARPA generally eliminated the upper income limit and increased the amount of the premium tax credit (the percentage of household income that individuals are required to contribute to their health insurance coverage decreased to 9.61% in 2022). For 2023, even more taxpayers may qualify for the tax...
Someone who has become a “covered expatriate” might want to know – whether the IRS audit of expatriate tax returns is high or low? What if I do not even have a social security number (e.g., as a U.S. citizen born outside the U.S.) from my date of birth, and I have lived...