Large financial transactions like cash withdrawals, property sales, and investments are automatically reported to the Income Tax Department via the Statement of Financial Transaction (SFT) mechanism.

Every year, thousands of individuals leave Canada, earn income from Canadian sources while living abroad, or arrive in Canada without establishing permanent ties, and each of these situations creates ...

The ITAT Bangalore held that penalty under Section 271FAA cannot be imposed mechanically where delay in filing the correction statement of financial transactions (Form 61A) is caused by genuine ...

While still open for stakeholder consultation, the Income Tax 2026 draft offers the clearest indication yet of how the ...

The 2026 tax filing season has begun, and the Internal Revenue Service (IRS) is now receiving and processing millions of returns. Preparing taxes can cost hundreds of dollars, but several programs ...

Many Americans will see bigger refunds and new deductions, while others may be revisiting the dreaded alternative minimum tax. Don’t panic just yet. Credit...Joanne Joo Supported by By Tara Siegel ...

The enhanced deduction for seniors applies on 2025 tax returns to adults born before Jan. 2, 1961. If you're 65 or older now, you can claim an additional deduction of up to $6,000 or $125,000 for ...

Tax season officially began Jan. 26, which makes now the time to file. But before you sit down to file your taxes, here's what's needed to properly file. Also, make sure you know the deadline. The ...

As tax season kicks off, families with minor children can now register for Trump accounts. To open the account, an election must be made on IRS Form 4547. Form 4547 can be filed separately or with ...

The IRS has a straight-forward process for requesting a tax filing extension through several methods, any of which will push your tax filing deadline to Thursday, Oct. 15. "Use IRS Free File to ...

Tax season requires more than filling out a few forms. For many people, it means tracking income from multiple sources, understanding new tax rules and deciding when and how to file to avoid delays, ...

A new year means fresh goals and resolutions. But it also means another tax season is nearly upon us. This year's filing season will look a little different from previous years, as several new tax law ...