The standard deduction nearly doubled as a result of the Tax Cuts and Jobs Act, which went into effect in 2018. For taxes ...

The 2024 mileage rate for use of your vehicle to do volunteer work for certain charitable organizations is 14 cents a mile.

There were rumours that the government might hike the amount of standard deduction available to give tax relief to the middle ...

A nonrefundable credit can reduce your tax liability to zero but not below that. Refundable credits can reduce your liability ...

New system's simplicity, reduced tax liability, increased disposable income potential 'make it a formidable alternative' ...

“Finance Minister Nirmala Sitharaman, in Budget 2025, retained the standard deduction benefit for salaried individuals and ...

Finance Minister Nirmala Sitharaman has made a big announcement regarding income tax. She has made income up to Rs 12 lakh ...

Standard deduction is a flat deduction available on the salary income that helps reduce the taxable income of a t ...

What is the standard deduction? It is a fixed amount of money deducted from amount automatically deducted from an ...

As Budget 2025 nears, experts anticipate a possible hike in the standard deduction for salaried individuals and pensioners, ...

The standard deduction allows taxpayers to reduce taxable income without proof. Introduced in 1974 and abolished in 2005, it ...

The Union Budget 2024 increased the standard deduction from Rs 50,000 to Rs 75,000 under the new tax regime, simplifying tax ...