Working for yourself can have a lot of benefits, but taxes are generally not one of them. When self-employed, you are ...

The government says it's the public at large that bear the brunt.

When you sell a home, you'll need to pay taxes on the amount of money you earned on the sale as capital gains. However, if you live in the home for two of the previous five years before selling, you ...

Your take-home pay may have gotten a bump now that the Internal Revenue Service updated the income tax brackets and standard ...

A deduction cuts the income you're taxed on, which can mean a lower bill. A credit cuts your tax bill directly. Learn more about common tax breaks and how to claim them. Many, or all, of the ...

Deduct EI premiums from the participant's gross salary (including deferred amounts) while the person is working. Do not deduct more than the yearly maximum. Do not deduct EI premiums when you pay ...

Section 80CCD(2) allows tax deduction of up to 14% of basic salary invested in NPS, whilst the old tax regime offers 10%. According to an ET analysis, a salaried individual with Rs 13.7 lakh ...

Salaried individuals can achieve zero tax on annual income up to ₹13.7 lakh through standard deductions ... employee's basic salary invested in NPS is tax deductible. Under the old tax regime, the ...

This deduction can help the salaried taxpayer to reduce taxable income to Rs 12 lakh and pay zero tax in the new tax regime from FY 2025-26. However, salaried taxpayers should remember that if the ...

“Despite speculations, the standard deduction of Rs 75,000 from salary and pension income has not been increased in the Budget 2025. While the finance minister addressed the deduction amount, it was ...

Union Budget 2025: Finance Minister Nirmala Sitharaman during Budget 2025 proposed to rationalise tax deduction at source ... of offenders. Rent payment: The annual limit of 2.40 lakh for TDS ...

That may reduce the capital gains taxes you pay when you sell the house. If tax deductions are a driving factor behind your home remodel, you may want to contact a tax professional before diving ...