The bill is sure to have more changes when it reaches the Senate, complicating its future after passing the House by a single ...

No one ever accused Donald Trump of knowing much about the economy. That fact comes through loud and clear in his tax cut proposals. These were exempting tips, Social Security, and overtime pay from ...

Taxpayers in India can choose between two different regimes while filing their income tax returns --- each with a corresponding set of exemptions and benefits.

Prior to the Tax Cuts and Jobs Act (“TCJA”), there was no direct limitation on an individual taxpayer’s deduction of his or ...

Finance Minister Nirmala Sitharaman continued the standard deduction benefit for salaried individuals and pensioners under ...

The percentage dropped to 11% for returns with AGI between $50,000 and $100,000 ... However, given that the standard deduction is more than $29,000 for married people filing jointly and nearly ...

People, specifically the salaried class ... effect from assessment year 2021-22 (FY21), there are no deductions available except for standard deduction of ₹50,000 from salary income under ...

The new tax regime also offers a higher standard deduction. Last year, it was raised from Rs 50,000 to Rs 75,000 for salaried employees. In the old regime, the standard deduction remains at Rs 50,000.