Millions of U.S. workers who earn tips and overtime pay may be eligible for a federal tax break when they file their 2025 income taxes next year.

Salaried employees will soon receive their Form 16 for Assessment Year 2025–26, featuring a more detailed breakdown of salary components and newly integrated tax disclosures.

Reject offers to file bogus deductions promising 100% refunds -- penalties now reach 200% for false claims. Don't Ignore AIS Alerts: Address discrepancies in AIS or Form-26AS before filing.

CBDT disallows I-T deductions for expenses incurred to settle proceedings under SEBI Act, Competition Act & 2 other laws. New rule via Finance Act 2024 clarifies no business expense claims for ...

The Other SALT Deduction That Needs to Go The Capitol building is seen in Washington, D.C., December 18, 2023.(Elizabeth Frantz/Reuters) ...

The CBDT circular has been issued on 20 February 2025, and it will be applicable to the tax returns of the financial year 2024-25 (i.e. assessment year 2025-26).

Form 1120-S is a tax document used by S Corporations in the United States to report their financial activity to the Internal Revenue Service (IRS). An S Corporation is a special type of business ...

Will the new year be any different? There are changes coming in the form of taxes, payments and deductions. The CBC’s Scott Peterson has more.

Through the Form 12BAA, the employees are required to use the newly introduced Form 12BAA to inform their employers about the deductions made from income derived from sources other than their ...