Page 6 - Standard Deduction News Today

Concerns over claiming tax treaty benefits and simplification of withholding tax guidelines.

Deductions under new tax regime: The interim budget by the Modi government is around the corner. Many salaried individuals are hoping for some tax relief in the Budget 2024. The government is trying to make taxpayers choose new tax regime instead of old tax regime. However, according to tax experts, more deductions must be offered under new tax regime to make it attractive.

Here’s what to know about the home office deduction, the rules for claiming it, and how to calculate your total deduction.

By increasing the standard deduction, the government can provide much-needed relief to taxpayers.”

Income Tax: The standard deduction was last revised in 2019, which was also an interim budget, Will Interim Budget 2024 Hike Standard Deduction Limit For Salaried Individuals?

It has been almost 5 years since standard deduction was revised; the previous instance was in 2019. There are many compelling reasons to raise the limit of the standard deduction from Rs 50,000. Standard deduction, needs to be periodically adjusted to account for inflation, says Akhil Chandna, Partner, Grant Thornton Bharat. Though 2024 will see only an interim budget, middle-class taxpayers are eagerly hoping Finance Minister Nirmala Sitharaman will roll out some tax sops. Will the Budget 2024 ...

Democratic Gov. Laura Kelly renewed her call Wednesday to expand Medicaid and countered an anticipated single-rate flat income tax for individuals.

Budget News: Union Budget 2024: Finance Minister Nirmala Sitharaman is expected to present the Interim Budget 2024 on February 1, 2024. Tax experts feel that there

Income Tax Returns: The Budget 2023 saw FM Nirmala Sitharaman announce multiple changes in the New Tax Regime. Individual taxpayers can make a switch from the Old Tax Regime to the New Tax Regime as many times as they want. But that's not the same for individual taxpayers with business income.

Charitable donations can help a worthy cause, but your donations may also help your tax bill. Watch Out: The 7 Worst Things You Can Do If You Owe the IRSMore: Owe Money to the IRS? Most People Don't...