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The Income Tax Department is the central government's largest revenue generator; total tax revenue increased from ₹ 1,392.26 billion (US$16 billion) in 1997–98 to ₹ 5,889.09 billion (US$67 billion) in 2007–08. [3] [4] In 2018–19, direct tax collections reported by the CBDT were about ₹ 11.17 lakh crore (₹11.17 trillion). [5]
The taxation of a nonresident alien’s US-source income depends on the category of income and whether an income tax treaty is in effect between the person’s home country and the US. A resident alien is generally subject to federal income tax as if they were a US citizen (taxed on worldwide income and allowed deductions from income).
Image source: Getty Images. 1. Your spouse must qualify for benefits. If your spouse is eligible for either retirement or disability benefits, you could receive up to 50% of their full benefit ...
The Office of the Board of Investment or “BOI” was established in 1966 in accordance with the provisions of the Industrial Promotion Act. Their core mission is to promote investment by offering both tax-based and non-tax-based incentives. In addition, their mission also includes providing support to Thai investors looking to invest abroad.
Hybrid and remote workers who commuted to another state to work in 2023 may face an ugly surprise for tax season: double state taxation.
The corporate income tax rate was 29% for tax year 2019 and onwards, whereas the corporate tax rate is 35% for the banking industry for TY 2019. Alternative Corporate Tax (ACT) in Pakistan applies to all corporate entities and is the higher of 17% of accounting income or the corporate tax liability under the Income Tax Ordinance 2001, including ...
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The U.S. federal estate and gift tax marital deduction is only available if the surviving spouse is a U.S. citizen. For a surviving spouse who is not a U.S. citizen, a bequest through a Qualified Domestic Trust defers estate tax until the principal is distributed by the trustee, a U.S. citizen or corporation who also withholds the estate tax.