deductions

Income Tax is a direct tax that is levied on any individual’s or entity’s income during a financial year. It is directly paid to the government, like all the other direct taxes. Provisions in the Income Tax Act 1961 also provide for various Exemptions and Deductions under specified sections. Deductions can be claimed against Investments, Allowances, etc., which can reduce the taxable amount of an individual.Income Tax Exemptions of Allowances:1. Exemption on House Rent Allowance (HRA)Expenses incurred by employees on…

Colorado workers should see a new deduction on their paychecks starting in January, and if their employers are on top of things, it won’t come as a complete surprise. Voters passed Proposition 118 in November 2020, which creates a state program to provide up to three months, or in some limited cases up to four months, of paid family leave for workers who needed to step away from their jobs for a variety of reasons — a new child, caring for a seriously ill family member and dealing with severe health problems, domestic…

Income Tax is a direct tax that is levied on any individual’s or entity’s income during a financial year. It is directly paid to the government, like all the other direct taxes. Calculation of Income Tax?The net taxable income is considered to calculate the tax liability of the individual or entity based on the income slabs provided by the Income-tax Department for the current financial year. The amount of tax paid depends on the money earned by the individual in that particular financial year. Income Tax for the…

Governors of Nigerian states under the umbrella of Nigeria Governors’ Forum (NGF) have again resisted attempts to commence the deduction of $418 million Paris Club refund allegedly owed four contractors from the federation account. The governors in a letter to the federal government through the Secretary to the Government of the Federation (SGF), Boss Mustapha, argued that an attempt to restart the deduction process, which is being challenged in the courts and for which the Supreme Court has made pronouncement,…

Guy Benhamou sends a picture of gas prices to friends while pumping gas at an Exxon Mobil gas station on June 9, 2022 in Houston.Brandon Bell | Getty ImagesIf you're self-employed or own a small business, you may soon be eligible for a little relief from soaring gas prices.Starting on July 1, the standard mileage rate — used to deduct eligible business trips in a vehicle on tax returns — increases by 4 cents to 62.5 cents per mile, according to the IRS. The new rate applies to trips during the second half of 2022.The rate…