The deduction is rising to at least $40,000, from its current $10,000 limit. That amount will increase each year through 2029, and then it will revert to a $10,000 cap. The new law also says only ...

Relocating for a job can impact your tax situation. Understand how your move affects your income tax liability, deductions, ...

Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.

If a salaried person chooses the new tax regime for the financial year, they wont be able to claim most deductions. However, ...

The Bombay High Court held that insurance claim received on dead horses is capital receipt, not taxable as income under Section 41(1) Of Income Tax Act. The bench opined that horses ...

The bill extends portions of the Tax Cuts and Jobs Act, provides deductions to eliminate income taxes on certain tips and ...

Ultimately, when the taxpayer’s mother passed away in 2021, the property remained vacant and was never rented again to a third party. In 2024, the taxpayer himself moved into the property and it ...

Avoid income tax notices by understanding frequent errors: not reporting all income, incorrect ITR forms, TDS mismatches, unreported foreign assets, false deductions, high-value transaction oversight, ...

Are my donations to a GoFundMe tax-deductible? On the other hand, people who donate to crowdfunding campaigns may wonder if their generosity can earn them a tax deduction.

Here are key points to keep in mind: The "no tax on tips" provision is structured as a temporary deduction (2025-2028), not a full exclusion of tips from taxable income.