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  2. cleartax.in › s › standard-deduction-salaryStandard Deduction for Salaried Individuals in New and Old ...

    Aug 2, 2024 · One such deduction offered to salaried individuals is the standard deduction. You must know that salaried individuals and pensioners can claim a certain amount under standard deduction by default without any investment or spending of money by the taxpayers.

  3. groww.in › p › taxWhat is Standard Deduction? - Salaried Employees & Senior ...

    The standard deduction simplifies the process of claiming deductions for salaried employees. Before its reintroduction in 2018, employees could claim specific allowances such as transport allowance and medical reimbursement, but this required documentation and was subject to limits.

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  5. tax2win.in › guide › standard-deduction-salaryStandard Deduction for Salaried Individuals in New & Old Tax ...

    Jul 24, 2024 · No. Standard Deduction of Rs. 50,000/- is over and above the limit of 1,50,000 under section 80C. Discover the standard deduction for salaried individuals under both the new and old tax regimes. Learn about the deduction amounts, eligibility, and how it impacts your taxable income.

  6. cleartax.in › s › section-16-of-income-tax-actSection 16 of Income-tax Act,1961-Deductions from Salaries

    Section 16 of the Income-tax Act, 1961 allows for deductions from your salary income, which reduces your taxable income and in turn lowers your tax burden. Section 16 offers three types of deductions: Standard Deduction (Section 16 (ia)): Employees in India are eligible for a standard deduction.

  7. www.etmoney.com › standard-deductions-salaryStandard Deduction for Salaried Individuals - ET Money

    5 days ago · The standard deduction provides a straightforward way for salaried employees and pensioners to lower their taxable income. With the standard deduction, they can easily reduce their taxable income by Rs 75,000, saving up to Rs 23,400.

  8. www.caclubindia.com › guide › standard-deductionStandard Deduction Under Old & New Tax Regime For FY 2023-24

    Jun 13, 2024 · 1. Transport Allowance. The standard deduction replaced the earlier provision of transport allowance, which was available up to a certain limit. 2. Medical Reimbursement. Before the reintroduction of the standard deduction, employees could claim medical reimbursement as a deduction.

  9. economictimes.indiatimes.com › wealth › taxStandard deduction of Rs 50,000 or Rs 52,500? - New Income ...

    Feb 9, 2023 · Salaried individuals, pensioners, and family pensioners can now avail of standard deductions even if they choose the new income tax regime. Getty Images. 2 /7. What FM Nirmala Sitharaman says.