An updated return, as outlined in sections 139(8A) and 140B of the Income Tax Act, offers taxpayers the opportunity to voluntarily amend returns.

Reviewed by Charlene Rhinehart Fact checked by Vikki Velasquez Businesses depreciate long-term assets for both tax and accounting purposes. For tax purposes, businesses can deduct the cost of the ...

How do corporate tax rate changes affect the economy? Corporate tax policy is a big election issue, partly because those taxes can be a key source of revenue for the government.