ITAT held that once income is accounted in the Profit & Loss statement, further addition by the tax authority is unlawful. The order restores the correct claim of losses and eliminates double ...

The ITAT held that the PCIT incorrectly invoked Section 263 to substitute the AO's plausible view, ruling that a business disallowance under Section 37(1) does not automatically become deemed income ...

Households are bracing for a sharp increase in their health insurance premiums if Congress doesn't extend enhanced subsidies ...

The Treasury Department and Internal Revenue Service are issuing rules that provide hundreds of billions of dollars in tax relief to big companies and the ultrarich.

The IRS has released the inflation-adjusted tax brackets for 2025. See the new income thresholds, standard deduction amounts, ...