Input tax credit (ITC) helps reduce the tax outgo for the GST payer. A retrospective amendment, which comes into effect from July 1, 2017, debars entities, such as commercial real estate companies ...

Life insurance companies have opposed a proposal to exempt term insurance premiums from goods and services tax (GST), saying the move would block input tax credit (ITC) and result in higher costs ...

have arrested a person after discovering that he had availed himself of fake input tax credit to the tune of ₹227 crore. He had passed on a substantial amount of the fake input tax credit to his ...

A new Budget amendment necessitates suppliers to ensure buyers reverse input tax credits (ITC) before claiming adjustments when issuing a credit note. This change aims to prevent revenue leakage ...

Thus, it is important for taxpayers to adequately substantiate their claims for input tax credits and comply within the prescribed time limits set by the Bureau of Internal Revenue (BIR), which ...

The Earned Income Tax Credit (EITC) offers a refundable tax credit to low-income working individuals and families. Eligibility depends on income, filing status, and qualifying children ...

Thanks to the 2017 Tax Cuts and Jobs Act, the child tax credit is capped at $2,000 per eligible child – down from a maximum of $3,600 per child during the pandemic, but double that of tax year 2016.

A tax credit directly reduces your tax liability on a dollar-for-dollar basis. This makes it a better option than a tax deduction, which simply lowers your taxable income. In some cases ...

While you get your tax information together this year, make sure you know which tax credits you are eligible for. Here’s what you need to know about tax credit qualifications and how to ...

reduce fraudulent input tax credit claims, and improve accuracy in tax reporting. “IMS will streamline the audit process, reduce reconciliation challenges for businesses, and foster greater data ...

Trump’s Take On EV Tax Credits: In November, Reuters reported that Donald Trump‘s transition team plans to kill the $7,500 tax credit available on EV purchases. On Monday, after his ...

The case pertains to Section 17(5) of the GST Act which limits the eligibility for Input Tax Credit (ITC) for any item listed under the section. Read more on the proposed amendment here.