Category: Income Tax

Income tax News from varies Personal Finance media, we summarize all Income tax news into a sitemap summary with link to related Income tax News for the one who wanted to know updated Income tax information in timely manner.

Why Tax Refunds Are Taking Longer Than Usual

In its Covid-19 operations update, the Internal Revenue Service has added an explanation for why in many cases it taking longer than the typical 21 days to process tax refunds for individual taxpayers.. We’re talking about…

Commentary: Biden’s big fiscal gamble on America’s future

The last time the US budget deficit as a percentage of gross domestic product was in double digits for more than a year was during World War II.. Advertisement Advertisement As Biden approaches his first 100 days as president,…

I-T, corp tax mop up exceeds revised estimates in FY21

Income tax and corporate tax collections at Rs 9.45 lakh crore in the fiscal year ended March 31 exceeded the revised target by 5 per cent but were 10 per cent lower than the direct tax collections in the previous year, tax…

An Easier Way To Pay Fewer Taxes In Retirement

Making intelligent tax-planning decisions before and during retirement can have a significant impact on your net retirement income.. I recently had a married gay couple come in for a retirement planning consultation (I specialize…

CRA: 5 Tax Write-Offs Most Canadians Miss

Tax preparations for this year could be more confusing because of the numerous federal government transfers you must include in your 2020 tax returns.. However, taxpayers can derive substantial tax savings if they don’t…

Net direct tax mop up exceeds revised estimates in FY21

The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget.. Central Board of Direct Taxes (CBDT) chairman P C Mody on…

Tax tasks you must complete in April itself

On April 1, the Central Board of Direct Taxes (CBDT) notified all the income-tax related (ITR) forms for assessment year 2020-21.. While you have time to file your returns (for income earned during the FY 21), till July 31,…

2020-2021 Federal Income-Tax Rates and Brackets

Your tax rate is based on your taxable income, after benefits such as the standard deduction are applied, and your filing status such as single or married, filing jointly.. The 10% rate takes effect at the first dollar of…

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