business income, tips, gambling income, bonuses, or unemployment compensation, constitutes income for federal tax purposes. Filing Federal Income Taxes Federal income taxes are reported and ...
Taxpayers in India, including individuals under 60 earning more than Rs.2.5 lakh and those above 60 earning above the same threshold, are obligated to pay income tax under old regime. Resident ...
Section 139(3) of the Income Tax Act states the following: Any assessee or entity who has acquired or earned any income that falls under the heading ‘Profits and Gains of Business or Profession’ or ...