Income Tax

WASHINGTON—The U.S. Treasury Department is softening its limits on foreign tax credits, responding to corporations that have been warning about double taxation. The department issued corrections Tuesday to rules released in December that have drawn furious complaints from multinational companies. The change makes clear that foreign income taxes don’t have to precisely mirror U.S. income-tax rules for when certain costs can be deducted in order to qualify for foreign tax credits.…

Scott Olson | Getty ImagesIf you manage to beat the odds and land the next Mega Millions jackpot, don't forget that Uncle Sam will snatch a slice of the windfall.The top prize has surged to $790 million for Tuesday night's drawing after no ticket matched all six numbers pulled Friday night. If won at that amount, it would mark the fourth-largest lottery prize ever awarded.And, it would come with a sizable tax bill. Whether the prize is taken as an annuity of 30 payments over 29 years or as an immediate, reduced cash lump…

Taxpayers are advised to file their ITR for FY 2021-22 before July 31 to avoid paying the penalty of up to Rs. 5000. Check the process here to file the ITR online. File Income Tax Returns for FY 2021-22 Online: Taxpayers are advised to file their Income Tax Returns (ITR) for the financial year 2021-22, before July 31, 2022 in order to avoid paying the penalty of Rs. 5000. The process to file the ITR is very simple and can be done online by visiting the…

Companies are racking up hundreds of millions of dollars in income taxes on pay for top executives, a growing bill that in some cases makes up a sizable chunk of their annual tax expense. Tesla Inc. booked $447 million in taxes on executive pay over three years. Pay for officers generated nearly 20% of all tax costs booked by defense contractor Howmet Aerospace Inc. in the same period. At cosmetics retailer Ulta Beauty Inc.,…

Income Tax calculator 2020 has now become a big requirement for a whole bunch of people because Finance Minister Nirmala Sitharaman's Union Budget 2020 introduced new tax slabs. Now you can either opt in to the new tax regime and stop claiming any deductions to taxable income, or you can continue to pay as per the existing tax slab with several deductions. If all this has got you confused, here's a very simple income tax calculator that will tell you whether the old tax regime will benefit you or if the new tax regime is…

From his new office in Miami Beach, real-estate investor Barry Sternlicht is only steps from the ocean. His waterfront mansion is just a short drive away. Cold winters and state income taxes are a thing of the past now that he has relocated here from Connecticut.Mr. Sternlicht, known for launching the trendsetting W Hotel brand, moved his Starwood Capital Group to the city in 2018. He’s part of a booming migration of financial firms, technology companies and venture capitalists that has…

As taxpayers face issues in accessing the e-filing portal, the Income Tax department on Saturday said software provider Infosys is taking "proactive measures" to deal with the 'irregular traffic' on the portal."It has been noticed that taxpayers are facing issues in accessing ITD e-filing portal. As informed by @Infosys, they have observed some irregular traffic on the portal for which proactive measures are being taken,” the I-T department tweeted.The new e-filing portal www.incometax.gov.in, launched on June 7, 2021,…

You need to avoid these 6 common errors or mistakes while filing Income Tax Returns for FY21-22 online. Have you filed your Income Tax Returns (ITR) for the financial year 2021-2022 (FY21-22)? ITR can be filed online by visiting the official website of Income Tax Department. It can be noted that for the individual taxpayers, to whom tax audit is not applicable, the due date to file ITR for FY 2021-22 is July 31, 2022. You are advised to file the returns prior…

You can file your income tax returns online by visiting the official website of the Income Tax Department- incometax.gov.in. Check the documents required and other details here. Income Tax Return for FY 2021-22: The due date to file your Income Tax Returns (ITR) for the financial year 2021-22 is nearing that is July 31, 2022. If you have not yet filed your ITR you can do it online simply by visiting the official website of the Income Tax Department at…

Aadhaar card holders can apply for ePAN online using their Aadhaar by visiting the official website of Income Tax Department- incometaxindia.gov.in. Check step-by-step guide here. If you are an Aadhaar card holder, you can easily apply for instant ePAN and that too online. It can be known that having documents like Aadhaar Card, Permanent Account Number (PAN card), Voter ID, among others is very important as these documents help you to prove your identity and…