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Here’s a breakdown of what you can still claim under the revamped system. Deductions For salaried individuals who opt for the new tax regime, there’s a standard deduction of ₹ 75,000 ...

Tax calculations: The Centre has once again aimed to enhance the appeal of the New Tax Regime by introducing lower tax rates and reducing deductions. This restructuring aims to simplify taxation ...

How is it different from tax deductions? Tax deductions are claims made to reduce taxable income from various investments and expenses incurred by a taxpayer, reducing the overall tax liability.

filing status and any tax credits or deductions for which you qualify. You pay your federal income tax liability through withholding from your paycheck, estimated tax payments (usually if you’re ...

The new income tax regime became the standard tax regime in Budget 2023-24. Standard Deduction: Salaried employees and pensioners can avail a standard deduction of Rs 75,000. Retirement Benefits ...

Additionally, salaried taxpayers will benefit from a Rs 75,000 standard deduction, effectively raising the tax-free threshold to Rs 12.75 lakh. The revised tax structure also introduces a 25% tax ...

If you paid interest on your student loan debt in 2024, you may be able to deduct up to $2,500 from your taxable income.

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TaxAct's Deduction Maximizer tool can suggest options for deductions based on your situation. TaxSlayer offers cloud-based tax preparation programs available from its website or mobile app.

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 ...