Fraud
The income tax department has conducted raids across 19 districts in southern Tamil Nadu, exposing a large-scale scam involving fabricated income tax returns. Preliminary findings reveal that several tax professionals and intermediaries helped thousands of taxpayers file fraudulent refund claims by inflating deductions under various sections of the income tax
Fraud
The Income Tax Department has initiated a significant crackdown on fraudulent claims of deductions and exemptions in Income Tax Returns (ITRs), following the identification of organized patterns of false filings through advanced analytics and artificial intelligence tools. The probe targets sections like 80G, 80D, and 10(13A), often misused through
Fraud
The Income Tax (IT) Department has launched a large-scale verification operation targeting individuals and entities facilitating fraudulent claims of deductions and exemptions in Income Tax Returns (ITRs). Investigations have revealed organised rackets operated by ITR preparers and intermediaries, who have been filing returns claiming fictitious deductions and exemptions. These fraudulent
Income tax
The Social Security Administration recently sent an email to Americans celebrating the new tax bill signed into law by President Trump, claiming it eliminates federal income taxes on most retirees' benefits. However, this statement is misleading and oversimplifies the actual provisions of the law. In reality, the law provides
Income tax
The Federal Board of Revenue (FBR) has issued a clarification on the tax rates for overseas Pakistanis engaged in property transactions, specifying that they can enjoy the 'filer rate' for advance income tax if they meet certain conditions. This clarification is aimed at streamlining the tax process for
Income tax
The US Social Security Administration (SSA) has sent an email to recipients claiming that Donald Trump's recent spending bill has eliminated taxes on benefits for most recipients, but critics argue that this claim is misleading. The reconciliation bill, which Trump signed on Friday, includes provisions that will strip
Income tax
The federal government has notified a 10 percent increase in salaries for its employees, including personnel from the armed forces and civil armed forces, as approved in the 2025-26 budget. This hike also includes a 10 percent increase in pensions for government employees. The Ministry of Finance has issued separate
Income tax
As a UK resident and holder of Australian superannuation funds, you may be wondering if you can transfer your money without incurring UK income tax. Unfortunately, the tax rules for overseas pensions are complex, but the starting point is that income from non-UK pension schemes is taxable in full in
Income tax
As tax filing season for FY 2024-25 begins, salaried employees must navigate a labyrinth of documents and deadlines. However, one document stands out - Form 16. It's not just a tax certificate but a complete record of income, deductions, and tax payments. For most salaried individuals, Form 16
Income tax
As Congress votes to end government incentives for renewable energy and energy-efficiency oriented purchases, homeowners and car buyers are racing against time to take advantage of thousands of dollars in federal tax credits before they disappear. The sudden deadlines for federal EV tax credits and green home improvements are causing
Income tax
The AJK State Inland Revenue Department, Circle-03 Kotli, has achieved a record-breaking tax revenue collection of over Rs. 1.32 billion in the fiscal year 2024-25. This significant increase, from Rs 1.10 billion in the previous fiscal year, marks a notable improvement in the department's performance. The
Income tax
The government's net revenue collection for the first eight months of fiscal 2025 was 1.70 trillion baht, a 0.7% shortfall from the targeted amount. Despite this, the collected revenue was 28.8 billion baht or 1.7% higher than the same period last year. The shortfall
