Medical expenses can be a major tax deduction, but only if they go over 7.5% of your adjusted gross income, which is ...

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 ...

The standard deduction is essentially a flat-dollar, no-questions-asked reduction to your adjusted gross income ... Property ...

Each year the Internal Revenue Service (IRS) sets new income thresholds for the various tax brackets to keep up with ...

Union Finance Minister Nirmala Sitharaman on Saturday announced a major relief for the salaried class. The salaried class ...

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.

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 ...

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 ...

Finance Minister Nirmala Sitharaman implemented changes to the slabs, rates, and rebates under the New Tax Regime to ...

In a major relief for the middle class, Finance Minister Nirmala Sitharaman announced that individuals earning up to Rs 12 ...

"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 ...