In a fair tax system, everyone pays their fair share, no one pays more than they can afford, and the government raises enough ...

Tax calculation: In Budget 2025, the Finance Minister announced that no income tax is payable up to an annual income of Rs 12 lakh, providing a tax rebate for individuals earning up to this amount.

Income tax is charged on most types of income but tax allowances protect some from the taxman. As the end of the tax year, which falls on April 5, nears, we look at the income tax rates and tax ...

That, in turn, is based on your taxable income and filing status. But there are several ways you can lower your taxable income without taking a pay cut — from putting more into retirement to ...

The central government has given a big relief to the employed citizens in this year's budget. Income up to Rs 12 lakh has ...

The Union Cabinet has approved the New Income Tax Bill, which aims to replace the 1961 Act by simplifying direct tax ...

What is the Earned Income Tax Credit? The earned income tax credit (EITC) is a federal tax break for low- and moderate-income workers with or without children. Also known as the earned income ...

The IRS treats interest earned on money in a savings account as taxable income. Your financial institution issues a 1099-INT form if you earned at least $10 in interest in the previous tax year.

which are taxed at your federal income tax rate (up to 37% for the 2024-2025 tax filing season). However, you may only pay up to 20% for capital gains taxes. And unlike ordinary income taxes ...

37% of taxpayers qualify. Simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and Student Loan Interest). Who's this for? TurboTax guides you through ...

We've rated and reviewed four top tax software providers — TurboTax, H&R Block, TaxSlayer, and TaxAct — comparing features, pricing and ease of use to help you find the best filing program for ...

The billionaire also runs Tesla, which paid zero in federal income taxes in 2021, according to a report from CNN. Piloted in a dozen states last year, Direct File expanded to 25 states in 2025.