That’s especially true given the major increase to the base deduction under the Tax Cuts and Jobs Act (TCJA). For 2025, the standard deduction rises by $400 to $15,000 for single filers ...

However, the interest earned from these accounts is taxable, classified under "Income from Other Sources" when filing income tax returns. Despite this, there are provisions for deductions under ...

By donating to eligible institutions and organisations, taxpayers can claim deductions ranging from 50% to 100% of the amount ...

The investment under 5-year deposit account qualifies for ... Notably, maximum income tax deduction offered to taxpayers is ₹1.5 lakh per annum. Although they can invest an amount higher than ...

If you pay health insurance premiums for your parents, you can claim an additional tax deduction of Rs 25,000 if they are below 60 years or 50,000, depending on their age.

The calculation of the deduction under Section 80G involves determining the adjusted gross total income. This is done by subtracting certain deductions like those under Section 80C, as well as ...

The number of incidents of fraud perpetrated against individuals and the resulting loss amounts have both drastically ...

The first deduction, which is available under the old tax regime only, is for repayment of the home loan under Section 80 C, along with other items like LIP, School fees, EPF, PPF, ELSS ...