However, this deduction falls under the state and local tax (SALT) cap, which limits total deductions for state and local taxes, including property and income taxes. The cap is $10,000 for single ...
As per Vasudeva, in the old tax regime, premiums paid on health insurance policies qualify for deductions under Section 80D.
The Indian taxation framework, as delineated by the Income Tax Act of 1961, may initially seem daunting. Nevertheless, ...
The Punch on MSN2d
FG deducts states’ N800bn allocations to pay foreign debtThe Federal Government deducted N800bn from state allocations in 2024 to service foreign debts and other contractual ...
The Federation Accounts Allocation Committee (FAAC) disbursed an unprecedented N15.26 trillion to the Federal, State, and Local Governments in 2024.
The NEITI FAAC Quarterly Review showed that distribution to state governments in 2024 recorded the largest percentage increase of 62% from N3.58 trillion in 2023, followed by local government councils ...
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