Tax deductions are subtracted from your taxable income, thereby lowering the amount of tax you owe. You can choose the standard deduction or itemize your deductions on Schedule A of Form 1040 or ...

Income tax: What are Form 16, AIS and 26AS? These forms assist you in filing correct income tax returns and monitoring your tax credits. Moneycontrol News. June 06, 2025 / 14:15 IST .

Form 16 is the TDS certificate issued by the employer to employee at the end of the financial year, form 26AS is Tax credit statement and AIS is comprehensive view of information for a taxpayer ...

Income Tax Return (ITR) forms ITR-1 : Also known as sahaj , this form is meant for those taxpayers whose total income does not exceed ₹ 50 lakh during the financial year.

ITR Filing FY 2024-25: The Income Tax Department has enabled online ITR filing for FY 2024-25 (AY 2025-26) via incometax.gov.in, initially supporting ITR-1 and ITR-4 forms.

What are ITR-1, ITR-2 and ITR-4 Forms? ITR Form 1 (Sahaj) ... The Income Tax department has extended the due date for filing ITRs for Assessment Year (AY) 2025-26 to September 15 from July 31.

As per income tax rules, companies must issue Form 16 to employees between June 1 and June 15. It shows salary and tax details. You can file ITR easily after receiving it.

Free version available for Simple Form 1040 returns only. ... In 2024 (taxes filed in 2025), the state and local income tax deduction allows you to deduct up to $10,000 ...

Mumbai: Many salaried people are still waiting to file their Income Tax Return (ITR) because they haven’t received Form 16 yet. Good news – as per the income tax rules, Form 16 must be given ...

The Income Tax Department has released Excel utilities for ITR-1 and ITR-4 for FY 2024-25. Taxpayers can now file returns. The deadline has been extended to September 15, 2025.

The Penn Wharton Budget Model, for example, found it would reduce after-tax income by $1,500 for families earning less than $22,000 per year, and boost income by $104,000 for those earning more ...

As part of the proposed measures, the tax-free income threshold for individual taxpayers has been raised from Tk 3.5 lakh to Tk 3.75 lakh for the assessment years 2026–27 and 2027–28.