In the Union Budget 2025, the Finance Minister announced significant changes to the new income tax regime Under the new tax system, people will not have to pay income tax on annual earnings up to Rs ...

As such, it must be included in taxable income when filing your T2 corporation income tax return for the year in which the rebate was received. The Government of Canada has proposed that the rebate be ...

Less: Exemptions on Salary income (other than HRA) which are not allowed under New Regime (e.g. Leave travel allowance, Education allowance, Hostel allowance etc.) Less: Exemptions on Salary ...

Corporations generally pay their income tax in instalments during the year followed by a balance of tax that is paid 2 or 3 months after the end of the tax year depending on your balance-due day.

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