The recent Senate Tax Bill introduces significant changes to the tax code, aiming to provide relief to middle-class families ...

Tax Deduction Highlights in Budget 2025 In the 2025 Budget, Finance Minister Nirmala Sitharaman announced tax exemption on income up to Rs 12 lakh annually. Additionally, new tax slabs were ...

As a taxpayer, you must be aware of the fact that the new tax regime is now the default regime. Therefore, one has to opt for the old tax regime in case they want to avail one or more tax ...

This restructuring aims to simplify taxation, while the Old Regime continues to provide tax benefits through various exemptions and deductions. The proposed income tax slabs in the Union Budget ...

Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. She has been in the accounting, audit, and tax profession for more than 13 years, working with individuals and ...

the old income tax regime might remain unchanged. Currently, the new tax regime offers a basic exemption threshold of Rs 3 lakh. There are expectations that this threshold could be raised to Rs 5 ...

Examples of itemized deductions include medical expenses, mortgage interest, and charitable donations. Distributions from health savings accounts (HSAs) are only exempt from income tax if they are ...