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; ...
New to filing taxes? Six questions to answer before you start your return
If you think you need to file a return this year, maybe for the first time, you're likely wondering where to start.
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Line 25500 – Determine your maximum deduction
The maximum deduction you can claim for each eligible trip is the lowest of the following three amounts: If you take a trip that begins and ends in one year and you are reimbursed the following year, ...
The Supreme Court’s New Standard For Challenging Tax Regulations
The Supreme Court newly empowered the judiciary in reviewing agency regulations. What difference will it make for the tax ...