Millions of taxpayers face paying more income tax due to frozen tax allowances. We explain how income tax is calculated.

An updated tax return, filed as per Section 139(8A), permits taxpayers to correct omitted or inaccurate income declarations.

Notably, the income tax department recently released excel utilities for ITR forms ITR-2 and ITR3 to ... However, there is no automatic rebate calculation done by the utility and the rebate ...

This means that such deposit holders may not need to file self-declaration forms ... Income Tax Budget 2025 LIVE: Let us assume you earn ₹12.10 lakh annually. The first thing to do is calculate ...

When employers deduct tax from salaries at source, they are responsible for issuing a TDS certificate for the same. This TDS certificate is commonly known as Form 16 and outlines the salary paid to ...

Gross income is an average of 2020 to 2022 items on your income tax return. However, we must wait on USDA for regulations to ...

The tribunal reviewed legal precedents, including rulings by the Orissa, Telangana, and Bombay High Courts, which consistently held that procedural delays in filing Form-10B should be condoned if ...

ITAT Agra held that merely uploading of the communication in the Income Tax department e-portal is not sufficient mode of communication in view provisions of Section 282 of the 1961 Act and Rule 127 ...

W-2 forms should have arrived in mailboxes and inboxes by Jan. 31. Here's why you need that form for the 2025 tax season and ...

And unlike ordinary income taxes, your capital gain is generally determined by how long you hold an asset before you sell it. Use our capital gains calculator for the 2024-2025 tax season to ...

Even though the 2025 tax season has only been open less than two full weeks, the IRS has already been busy processing tax ...

Learn how to calculate income tax in retirement and optimize your tax liability. Understand retirement income sources, ...