The announcement of Nil tax for those with taxable income of up to Rs 12 lakh has brought cheer to all who fall in that category. However, many who are marginally above that ceiling will end up taking ...

Adhil Shetty, CEO of BankBazaar, urges Finance Minister Nirmala Sitharaman to raise the 30% income tax threshold to ₹18 lakh in Union Budget 2025, restructure the tax brackets, and introduce a ...

"Certain types of investment products can get you some tax-free income, like government bonds," said Colvin. "The tax benefits you get from federal or municipal bonds are a nice perk, but they won ...

President Donald Trump on Monday proposed abolishing income tax for American citizens, aiming to increase disposable income for families and individuals. In a bold move to reshape the U.S. tax ...

Monday marks the first day that the IRS will start accepting and processing 2024 income tax returns. So whether you’re in a rush to get your refund or just wondering how long you can postpone ...

FreshSplash / Getty Images Ordinary income is income earned by an entity or an individual that is taxable at marginal tax rates. It can include wages, salaries, tips, bonuses, commissions ...

Getting the right tax advice and tips is vital in the complex tax world we live in. The Kiplinger Tax Letter helps you stay right on the money with the latest news and forecasts, with insight from ...

although the risk is “primarily an employee relations issue,” rather than one of being offside the Income Tax Act. This is the second consecutive tax-filing season that claiming home office expenses ...

The late filing penalty may be higher if the CRA issued a demand to file the return and assessed a late filing penalty on a return for tax year 2021, 2022 or 2023. If you have a balance owing for 2024 ...

The Government of Canada sets the federal income tax rates for individuals. Each province and territory determines their own income tax rates. Provincial or territorial income tax rates apply in ...

If your client is 65 or older, help them make the most of this tax-filing season with the following list of credits, benefits, deductions and expenses to claim (not all are age-specific). The CRA has ...

The Global Trade Research Initiative (GTRI) has proposed that the income tax exemption threshold be increased to Rs 5.7 lakh to align with inflation. This suggestion aims to simplify the Tax ...