Standard vs. Itemized Deduction: Which One Should You Take as a Homeowner?
The standard deduction nearly doubled as a result of the Tax Cuts and Jobs Act, which went into effect in 2018. For taxes ...
What is standard deduction in income tax and who is eligible?
The Budget 2025 is expected to feature some tax reforms potentially taking place as inflation is rising. A standard deduction hike is one of those expectations ...
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Which tax bracket am I in, and how much is the standard deduction?
Each year the Internal Revenue Service (IRS) sets new income thresholds for the various tax brackets to keep up with ...
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What Is Standard Deduction Benefit In New Tax Regime That Helps Raise Income Tax Slab?
Union Finance Minister Nirmala Sitharaman on Saturday announced a major relief for the salaried class. The salaried class ...
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7 key tax terms you should know
By lowering your taxable income, deductions lower the taxes you owe, though not directly like a tax credit. The standard deduction is the fixed amount set by the IRS that taxpayers can subtract ...
Union Budget 2025: No income tax up to Rs 12 lakh
With a focus on the middle class and easing compliance, Union Finance Minister Nirmala Sitharaman proposed in Budget 2025-26 ...
No tax on income up to Rs 12 lakh, but it's a rebate, not an exemption
"By virtue of the rebate only taxpayers with incomes up to Rs 12 lakh under the new regime would not have to pay any tax ...
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Income Tax Rates for FY 2025-26 & No Tax on Income up to Rs. 12 Lakh: FAQs
Ans. Earlier the limit of income for nil tax payment was Rs 7 lac. By increasing this limit to Rs 12 lakh around one crore assessees who were earlier required to pay tax varying from Rs 20,000 to Rs ...
New Tax Regime 2025: These exemptions, deductions will be available for taxpayers
In the Budget 2025, Finance Minister Nirmala Sitharaman increased the income tax rebate limit from Rs 7 lakh to Rs 12 lakh in the New Tax Regime. Effectively, individuals earning up to Rs 12 lakh will ...
No income tax up to Rs 12 lakh: What it means if you earn more
In a major relief for the middle class, Finance Minister Nirmala Sitharaman announced that individuals earning up to Rs 12 ...
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What is standard deduction in income tax and who is eligible?
Standard deduction is a flat amount which is automatically deducted from an individual's annual income. This reduces the total taxable income and therefore, lowers the tax liability.