MANAGEMENT

Detailed explanation-1: -The surviving itemized deductions include several categories like medical expenses, mortgage interest, and charitable donations. Other common itemized deductions include state income taxes, local income taxes, personal property taxes, and disaster losses.

Detailed explanation-2: -Itemized deductions include amounts you paid for state and local income or sales taxes, real estate taxes, personal property taxes, mortgage interest, and disaster losses. You may also include gifts to charity and part of the amount you paid for medical and dental expenses.

Detailed explanation-3: -As per this, a taxpayer can claim a deduction of interest expenses for earning a dividend income. Interest on money borrowed for investing in the shares can be claimed as a deduction subject to a maximum of 20% of dividends or income in respect of units of a mutual fund.