For example, Shyam has a salary of 7.5 lakhs and he takes a deduction of 1.25 lakhs then using both old and new tax system tax is the same.But If Shyam claims tax deductions less than 1.25 lakh say 1 lakh. Then under the old regime, the tax is Rs 44,200 and the new regime is ...
Income Tax Return Processing AY 2024-25: Over 6.58 crore income tax returns (ITRs) have been filed so far for the Assessment Year 2024-25, according to latest update shared by the Income Tax Department on Wednesday. Over 5.53 crore ITRs have been verified and...
The CBDT department has announced an extension for the filing deadline of income tax returns under section 92E is 15th December 2024 from 30th November 2024. Read Circular The deadline to submit your income tax return for 2024-25 has been extended to November 15, 2024, for audit cases. Re...
The UK's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) entered into force on 15 December. The CPTPP is a free trade agreement (FTA) between 12 countries (including the UK). From 15 December, UK traders will be able to trade under the agreement...
HASiL Media Release – Mandatory submission of e-107D for 2% withholding tax from payment made to a resident individual agent, dealer or distributor and changes to tax payments which are acceptable at PPTHKL from 1 January 2025 HASiL – Filing Programme for Documents specified under Section 82B ...
Gifts for religious holidays and other events Gifts in the form of food, drinks, or meals for religious holidays, such as Eid-al Fitr, Christmas, Chinese New Year, Nyepi, and Waisak are not taxable. There is no limit on this value. ...
New tax regime for trusts.(The Experts)Murphy, Brian
88/2023 has been published for public debate. The law introduced new VAT exemptions with the right to deduct in the medical sector, with applicability from 12 June 2023. However, it was established that these VAT exemptions will apply under the conditions set out in the methodological norms, ...
Writing for the Foundation for Economic Education, Ross Marchand explained why territorial taxation is the way to go. Here are some excerpts. Under American law, citizens working abroad must report their income to the Internal Revenue Service (IRS) and pay their “fair share” to Uncle Sam in...
Nigeria’s Federal Ministry of Finance has announced changes to the withholding tax regime. The changes technically entered into force on 1 July 2024, except for gaming sector regulations, which will take effect from 1 October 2024.