Here, we list some of the common deductions allowed under the old tax regime. Please note that these exemptions are allowed only under the old tax regime. 1. Section 80C investments: Investment ...

Please note that the benefit of section 80C is available only under ... tax regime? Incidentally, any other short-term gain or loss you earn from any other source is treated like your normal ...

Above that income, you pay the top tax rate, 37%. People over 65 qualify for an additional standard deduction. For 2024, it’s $1,950 if you are single or filing as a head of household ...

With limited sources of income, senior citizens often rely on pensions, which act as a crucial ... who can benefit from the various deductions available under the old tax regime, she added.

After deducting Rs 1.50 lakh under Section 80C under the Old ... or a short-term capital loss. Section 111A of the Income Tax Act, 1961 imposes a 15% tax rate on short-term capital gains from ...

The government introduced the deductions under Section 80D of the Income Tax Act, 1961, to encourage more people to opt for health insurance policies, as individuals still rely on savings to pay for ...

While the new regime offers lower slab rates, it requires taxpayers to forego most of the deductions ... existing and new tax regimes. To estimate their income tax payable under each regime ...

Depending on how much you make and your filing status, parts of your earnings will likely fall under ... tax credits directly reduce your tax bill, tax deductions lower your taxable income by ...

Walter Bibikow / Getty Images The mortgage interest deduction has long been praised as a way to make owning a home more affordable. However, the Tax Cuts and Jobs Act (TCJA), signed into law in ...

As Finance Minister Nirmala Sitharaman gears up for the Budget 2025 announcements, various income tax reforms are anticipated ... of discussion is the Section 80C deduction limit. Currently, the ...