Income tax news

Here are some recent income tax news updates:

USA

  1. Tax Filing Deadline Extended: The IRS has extended the tax filing deadline for individuals and businesses affected by the COVID-19 pandemic. The new deadline is May 17, 2021.
  2. New Tax Brackets: The Tax Cuts and Jobs Act (TCJA) introduced new tax brackets for 2018 and beyond. The brackets are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
  3. Standard Deduction Increase: The TCJA also increased the standard deduction for 2018 and beyond. The new limits are: $12,200 for single filers, $24,400 for joint filers, and $18,350 for head of household filers.

Canada

  1. Tax Filing Deadline: The Canada Revenue Agency (CRA) has extended the tax filing deadline for individuals and businesses affected by the COVID-19 pandemic. The new deadline is June 1, 2021.
  2. New Tax Brackets: Canada introduced new tax brackets for 2016 and beyond. The brackets are: 15%, 20.5%, 26%, 29%, and 33%.
  3. Basic Personal Amount Increase: The basic personal amount, which is the amount of income that is tax-free, has increased to $13,229 for 2021.

UK

  1. Tax Filing Deadline: The HM Revenue & Customs (HMRC) has extended the tax filing deadline for individuals and businesses affected by the COVID-19 pandemic. The new deadline is January 31, 2022.
  2. New Tax Rates: The UK introduced new tax rates for 2017 and beyond. The rates are: 20%, 40%, and 45%.
  3. Personal Allowance Increase: The personal allowance, which is the amount of income that is tax-free, has increased to £12,500 for 2021-2022.

Australia

  1. Tax Filing Deadline: The Australian Taxation Office (ATO) has extended the tax filing deadline for individuals and businesses affected by the COVID-19 pandemic. The new deadline is May 15, 2021.
  2. New Tax Rates: Australia introduced new tax rates for 2016 and beyond. The rates are: 19%, 32.5%, 37%, and 45%.
  3. Medicare Levy Increase: The Medicare levy, which is a tax on income, has increased to 2.5% of taxable income for 2020-2021.

India

  1. Tax Filing Deadline: The Income Tax Department has extended the tax filing deadline for individuals and businesses affected by the COVID-19 pandemic. The new deadline is June 30, 2021.
  2. New Tax Rates: India introduced new tax rates for 2017 and beyond. The rates are: 5%, 20%, and 30%.
  3. Standard Deduction Increase: The standard deduction, which is the amount of income that is tax-free, has increased to ₹50,000 for 2021-2022.

Please note that these are general updates and may not apply to your specific situation. It's always best to consult with a tax professional or the relevant tax authority for personalized advice.