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Among older workers, the majority of self-employment income missing from tax records is due to unreported earnings to the Internal Revenue Service rather than differences in how income is classified, ...

Furthermore, the TCJA put a $10,000 cap on the state and local tax (SALT) deduction. If the cap is retained once the TCJA ...

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This means taxpayers earning up to Rs 12 lakh annually will pay no income tax. However, incomes subject to special tax rates, such as capital gains, are excluded from this rebate calculation.

In the Union Budget 2025, Finance Minister Nirmala Sitharaman mentioned that the ‘nil income tax’ slab would ... in such a manner that there is no tax payable by them,” FM Nirmala Sitharaman ...

Dasgupta said: The Union Budget, 2025, under the new regime, no income tax for income up-to Rs. 12 Lakhs. This is because of rebate applicable to new regime, has been raised to Rs. 60,000.

But did you know that for salaried individuals, the tax-free annual income can reach Rs 13.7 lakh, compared to Rs 12 lakh for others! “I am now happy to announce that there will be no income tax ...

Read more. Story idea? realitycheck@thenewstribune.com. Washington is one of nine U.S. states that has no corporate or personal income tax. Although there have been several proposals to change ...