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Tag: Income Tax

Income Tax: Explained: What is the new Discard Income Tax Return option? Benefits for taxpayers & all FAQs answered
28Nov By adminNo Comments
Business

Income Tax: Explained: What is the new Discard Income Tax Return option? Benefits for taxpayers & all FAQs answered

Discard Income Tax Return explained: The Income Tax Department, in an attempt to streamline the process of filing income tax returns further, has this year come up with a new feature called “Discard return”. As the name suggests, the new option allows an income tax payer to “discard” their IT return, instead of filing a revised one in case of any error.However, there is a catch! You can only avail the “Discard” ITR option if you have not verified your income tax return for the assessment year 2023-24.Let’s understand this better:What is the “Discard” ITR option?If you “discard” your tax return on the income tax return filing website, www.incometax.gov.in, it will be deleted from the records of the Income Tax Department forever and there is no way of retrieving it by the taxpayer. The proc...
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Dalton City Council agrees to move money to stormwater, recreation projects | Local News
14Nov By adminNo Comments
Money

Dalton City Council agrees to move money to stormwater, recreation projects | Local News

City of Dalton officials have agreed to redirect $6 million from a 2020 bond issue that was originally allocated for a proposed aquatics center to recreation and stormwater projects.City Council members informally agreed to the proposal when they met as the Finance Committee last week. The council members will have to vote to approve any specific contracts.Citing soaring construction costs and large projected operating deficits, the council members voted in October to cancel the aquatics center. The city had budgeted $13 million for the project, with $6 million coming from bond funds.City Administrator Andrew Parker said th...
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The IRS’s New 2024 Tax Brackets: Inflation Adjustment Could Save Taxpayers Money
9Nov By adminNo Comments
Money

The IRS’s New 2024 Tax Brackets: Inflation Adjustment Could Save Taxpayers Money

Updated Nov. 9, 2023 5:05 pm ETHere’s an upside to persistent inflation: More of your income will be taxed at lower rates next year.The Internal Revenue Service announced its annual inflation adjustments to federal income-tax brackets for 2024 Thursday, an increase that slightly outpaces the current inflation rate. This means some Americans will pay less in taxes, said Jim Young, an accounting professor at Northern Illinois University.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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IT Returns: ITR filing by individuals grows 90 per cent to 6.37 crore in AY 2021-22
26Oct By adminNo Comments
Business

IT Returns: ITR filing by individuals grows 90 per cent to 6.37 crore in AY 2021-22

NEW DELHI: The income taxdepartment on Thursday said I-T returns filed by individual taxpayers have risen 90 per cent in 8 years to 6.37 crore in AY 2021-22, indicating a widening of the taxpayer base. The returns filed by individual taxpayers have increased from 3.36 crore in Assessment Year (AY) 2013-14 to 6.37 crore in AY 2021-22, registering an overall increase of 90 per cent.During the current fiscal too, 7.41 crore returns have been filed for AY 2023-24 till date, including 53 lakh first-time filers, the Central Board of Direct Taxes (CBDT) said in a statement. Giving a breakup of the returns filed by individual taxpayers across various ranges of gross total income, the CBDT said the ITRs filed by individual taxpayers earning between Rs 5 lakh and Rs 10 lakh have increased 295 per c...
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A Two-Faced Tax at the Supreme Court
20Oct By adminNo Comments
Business

A Two-Faced Tax at the Supreme Court

When is an income tax not an income tax? In Washington state, the answer is whenever Democrats pretend it’s something else. To get around restrictions in the state constitution, they passed a 7% levy on capital gains, while calling it an excise tax. Remarkably, the state Supreme Court went along. Now it’s up to the U.S. Supreme Court to step in under federal law.The Justices will soon decide whether to hear Quinn v. Washington, a taxpayer challenge to the state’s excise shenanigan. Washington doesn’t have a progressive income tax, because the state constitution forbids it. As the petitioners explain in their brief, any such tax must be “uniform and capped at 1%,” meaning higher earners “cannot be made to pay more as a percentage of their income.”Copyright ©2023 Dow Jones & Company, In...
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35 Lakh Tax Refund Cases ‘Held Up’ For Various Reasons; Here’s What Top Official Said
10Oct By adminNo Comments
Business

35 Lakh Tax Refund Cases ‘Held Up’ For Various Reasons; Here’s What Top Official Said

The new tax regime aims to end various deductions and claims and offer a flat and lesser tax rate to the taxpayers. (Representative image)In some cases refunds are held up because the taxpayer has not validated their bank accountAround 35 lakh cases for issuance of refunds are currently “held up” with the Income-Tax Department owing to mismatch and validation of the taxpayers’ bank accounts and the taxman is reaching out such assessees via a special call centre, CBDT Chairperson Nitin Gupta said on Tuesday.The direct taxes body chief said the department was “in correspondence” with such taxpayers and it is their aim to expeditiously resolve these issues.“We want to credit the refunds to the correct bank accounts of the taxpayers quickly,” he said.Also Read: House Rent Allowance Tactics: R...
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