Archive for the
‘Tax Preparation’ Category

What is Section 80TTA? Under the Income Tax Act of India, the Indian taxpayer is granted several deductions to reduce his tax liability and thus reduce his tax expense. These deductions may be based on wages, investments or payments. Therefore, In other words, under section 80TTA of the Income Tax Act, tax credits are available […]

  Filing taxes for an agricultural operation can be challenging, and many producers may not have the funds to hire accountants or tax professionals to assist. USDA’s Farm Service Agency (FSA) and the National Farm Income Tax Extension Committee are offering two free webinars: Tuesday, July 12, 2 p.m. Eastern: An Introduction to Ag Taxes: […]

The American Institute of CPAs offered up suggestions to Congress, focused on the trust and estate proposals found within the fiscal year 2023 revenue proposal, as the legislative branch considers the White House Budget request. In a July 28, 2022, letter sent to Democrat and Republican leadership on both the Senate Finance Committee and the House Ways […]

Income Tax Preparation software in Excel with Discount u/s 87A was introduced by the Government of  India in the year 2013-14. 87A discount benefits your tax liability. Rebates under Section 87A can be  claimed if your taxable income does not exceed the predetermined limit for the relevant financial year. You can claim a maximum deduction of Rs 12,500 under […]