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

Low-income tax filers and families should especially take a close look at tax credits while they file their tax returns. The ...

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

For those choosing the old tax regime, the standard deduction remains at Rs 50,000. The old regime still provides additional exemptions and deductions, such as those under Section 80C (up to Rs 1.5 ...

There were rumours that the government might hike the amount of standard deduction available to give tax relief to the middle class. However, hopes of the middle class have been dashed. ET Online ...

A standard deduction hike is one of those expectations The Union Budget 2025, the second full Modi 3.0 budget is set to be presented by Finance Minister Nirmala Sitharaman in Parliament at 11 am ...

The relief is enhanced effectively up to Rs 12.75 lakh when the standard deduction is considered. So what is this standard deduction which is a major support to the salaried class? Standard deduction ...

Budget 2025: What is the standard deduction? It is a fixed amount of money deducted from amount automatically deducted from an individual's annual taxable income. Therefore, it reduces the overall tax ...

Among the most anticipated measures is an increase in the standard deduction, a tax break that ... does not offer House Rent Allowance (HRA) exemptions. Tax experts recommend including HRA to ...

Tax season started on January 27, bringing taxpayers a key choice in whether to itemize their deductions or take the standard deduction.

According to tax experts, with limited exemptions and deductions available under the new income tax regime, there is a compelling argument to raise the standard deduction in order to incentivize ...

Many taxpayers are wondering if the government is going to scrap the old tax regime and whether popular tax deductions and tax benefits like HRA, Section 80C, and standard deduction, etc. will find ...