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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 ...
Zero tax till Rs 12 lakh: What's difference between rebate under Section 87A, exemptions & deductions?
Finance Minister Nirmala Sitharaman implemented changes to the slabs, rates, and rebates under the New Tax Regime to ...
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 ...
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 ...
Indiatimes6d
Income Tax slabs 2025-26: How you can pay ZERO tax with Rs 13.7 lakh salary under new income tax regime
However for salaried individuals, this limit extends to Rs 13.7 lakh due to standard deductions and NPS ... (14% of basic) (Rs) Taxable Income# (Rs Lakh) Total Tax** (Rs Lakh) ...
This Is the Standard Deduction for the 2024 Tax Year
W ith tax season officially underway, you'll need to know the standard deduction amount you can claim for 2024. After all, most taxpayers opt to take the standard deduction rather ...
How Budget 2025 Changes Standard Deductions for Taxpayers - Are You Eligible For Standard Deduction?
The Union Budget 2024 increased the standard deduction from Rs 50,000 to Rs 75,000 under the new tax regime, simplifying tax ...
If your salary is just above Rs 12 lakh, do you pay full tax of Rs 61,500?
Central Board of Direct Taxes (CBDT) has clarified that marginal relief applies to incomes up to Rs 12.75 lakh. This means ...
Mint6d
What does no income tax up to ₹12 lakh really mean? Decoding differences between tax rebate, deduction & exemption
Tax rebate will be provided to those earning up to ₹12 lakh under the new tax regime. In the Union Budget 2025, Finance Minister Nirmala Sitharaman mentioned that the ‘nil income tax’ slab ...
Indiatimes5d
Latest income tax slabs 2025-26: How much tax do individuals earning slightly above Rs 12 lakh have to pay? Marginal relief calculations explained
Budget 2025 income tax: The total income till which marginal relief ... For salaried individuals, including the standard deduction, this limit is Rs 12.75 lakh under the new regime.
Homeowners, Don't File Your Taxes Until You Check All These Tax Breaks for Your House
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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 ...