Here are some ways family caregivers may be able to reduce their tax burden. Unlike a deduction, which lowers your taxable income, a tax credit directly reduces your tax bill. The Credit for Other ...

Form 16 is a certificate issued by an employer to employees, which contains details of the employee's salary and the tax deducted at source (TDS) during the financial year.

One of the most valuable deductions available under the Old Tax Regime is Section 80C, which allows taxpayers to claim ...

House Rent Allowance (HRA) is one of the most common allowances received by salaried individuals. Those who live in rented ...

The new tax regime, introduced in 2020 and made the default system in 2023, has often been perceived as offering fewer ...

The Old Tax Regime requires tax planning, as taxpayers must invest in specific financial products to claim deductions. In contrast, the New Tax Regime is simpler, as it does not require tracking ...

Here are the tax slabs, deductions, and rebates for the financial year 2024-25 or the assessment year 2025-26.

There are currently two regimes running for depositing tax in the Income Tax Department. One of these regimes is known as the ...

1. File Your Income Tax Return (ITR): The due date for filing ITR for individuals is July 31st (extended in some cases). Choose the correct ITR form based on your income sources. 2. Carry Forward ...

Itemizing can take more time than claiming the standard deduction and you could be charged more by your tax preparer or software provider. The Tax Cuts and Jobs Act of 2017 supersized the standard ...

1. Bigger Foreign Investments in Insurance: The government has increased the Foreign Direct Investment (FDI) limit in the insurance sector from 74% to 100%, ensuring greater capital inflow, innovation ...

2. Massive Tax Benefits for Micro & Rural Insurance: To make insurance more affordable and accessible, the budget introduces tax exemptions and GST cuts: – 100% Tax Deduction on premium income for ...