In the Union Budget 2025, Finance Minister Nirmala Sitharaman mentioned that the ‘nil income tax’ slab would be raised to ₹12 lakh; however, it is often misunderstood as a tax exemption or ...

Filing a tax return is required for you to receive a tax refund, but filing a return doesn't guarantee you'll receive a tax ...

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

Differences between the two country groups in wage income, in the sophistication of the tax administration, and in the political power of the richest segment of the population are the primary ...

A revenue deficit arises when a government's total income is insufficient to meet its total expenditures, excluding any borrowing or debt repayments. This situation signifies the government's failure ...

Like any other taxes, tariffs provide income for the government that levies them. In fact, tariffs were the primary source of revenue for ... from other countries between early 2018 and 2022.

For income between Rs 12-16 lakh, the tax rate is set at 15%. These changes have sparked discussions on social media, with many people trying to understand the differences between gross income, ...

Any taxpayer can create a free ID.me account to see what forms they should expect to receive this year, since anyone issuing a W-2 or 1099 will also issue a copy to the IRS. Employees receive a W-2, ...