What does no income tax up to ₹12 lakh really mean? Decoding differences between tax rebate, deduction & exemption
Finance Minister Nirmala Sitharaman raised the nil income tax slab to ₹12 lakh for salaried individuals. This entails a tax ...
Should you claim a tax credit or deduction on your taxes?
A nonrefundable credit can reduce your tax liability to zero but not below that. Refundable credits can reduce your liability ...
Standard vs. Itemized Deduction: Which One Should You Take as a Homeowner?
The standard deduction nearly doubled as a result of the Tax Cuts and Jobs Act, which went into effect in 2018. For taxes ...
Zero income tax: Investment in NPS, other deductions can get you more tax savings up to Rs 96,000; here's how
By investing in NPS and applying standard deduction of Rs 75,000, taxpayers earning Rs 13.7 lakh salary can pay zero tax; ...