The new Income Tax Bill 2025 consolidates salary provisions for clarity, incorporating previous deductions into the salary ...

It is to be noted that while the new regime provides a lower tax rate for specific tax slabs, the old tax regime has enough room for claiming deductions under Chapter VI-A against various ...

What if someone earning above Rs 12.75 lakh annually chooses the old regime and claims the maximum deductions? Will it result in tax savings? This article explores the key deductions available under ...

As per the Income Tax Act, 1961, it is mandatory to file an Income Tax Return (ITR) if your taxable income is more than the ...

In a country with little social security, taking away deductions in the same of tax code simplification is contributing to financial vulnerability ...

Finance Minister Nirmala Sitharaman’s Union Budget 2025 speech on February 1, 2025 is being looked at to provi ...

The new regime provides for lower tax rates but offers limited deduction. On the other hand, the old regime starts taxing incomes above Rs 2.5 lakh, but remains a lucrative option for taxpayers as it ...

Tax deductions may be an option with your 529 plan, depending on your state. Contributions to your 529 plan aren’t tax ...

The contribution limits for individual retirement accounts (IRAs) didn't change in 2025. The modified adjusted gross income thresholds concerning the deductible portion of traditional IRA ...

And they can be an income tax deduction, along with other state and local taxes. As with all of these other tax breaks, you'll have to itemize your tax return and comply with appropriate limits.