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The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a government agency undertaking direct tax collection of the government of India. It functions under the Department of Revenue of the Ministry of Finance. [5] The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT).
Federal individual tax rates vary from 10% to 37%. [8] Some states and localities impose an income tax at a graduated rate, and some at a flat rate on all taxable income. [9] Individuals are eligible for a reduced rate of federal income tax on capital gains and qualifying dividends.
Form 1040, officially, the U.S. Individual Income Tax Return, is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid to or refunded by the government.
The Tax Credit for the Elderly or Disabled allows low-income Americans ages 65 and older to claim a tax credit of $3,750 to $7,500, depending on your income, marital status and other factors.
The deadline for Massachusetts state 2022 income tax returns is also April 18 — a few days later than normal, partially thanks to regional holidays like Patriots' Day. April 15 is traditionally ...
Tax returns in the United States are reports filed with the Internal Revenue Service (IRS) or with the state or local tax collection agency (California Franchise Tax Board, for example) containing information used to calculate income tax or other taxes.