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Once the specified bank, as mentioned above, deducts tax for senior citizens above 75 years of age, there will be no requirement to furnish income tax returns by senior citizens. Section 194P is applicable from 1st April 2021. 1. ITR-1 (SAHAJ) – Applicable for Individual.
Aug 2, 2024 · Standard Deduction for Pensioners. In a recent clarification issued by the Income tax department, if a taxpayer has received a pension from the former employer, it is taxable under the head ‘Income from Salaries’. Therefore, the taxpayer can claim a standard deduction of Rs. 50,000/Rs. 75,000 or the amount of pension, whichever is less.
Feb 9, 2023 · The pensioners can claim a standard deduction of Rs 50,000 from their salary/pension income under the new income tax regime, according to Budget 2023.
Aug 6, 2024 · Budget 2024 increases family pension deduction to ₹25,000 and standard deduction to ₹75,000. Commuted pension is exempt for government employees. Reporting pension income in ITR is essential.
This aims to provide additional financial relief to pensioners by extending benefits through the standard deduction. This measure recognises the contributions and needs of pensioners and seeks to alleviate some of the financial burdens they may face.
Oct 23, 2024 · With effect from FY 202-25 (AY 2025-26), the standard deduction is increased from Rs 50,000 to Rs 75,000 under the new income tax regime. There is no change under old tax regime. Also, standard deduction limit for family pensioners have been hiked to Rs 25,000 from Rs 15,000.
2. Standard deduction. If they are earning salary or pension income, they can claim a deduction of Rs. 50,000 from such income. For FY 2024-25 the standard deduction amount has been increased to Rs. 75,000 under the new tax regime. 3. Tax rebate under Section 87A
Sep 23, 2024 · For pensioners, the standard deduction limit is Rs 25,000 under the new tax regime and Rs 15,000 under the old tax-regime. It is a flat deduction, so you don’t require any type of evidence or proof of investment. This deduction is given to cover the expenses for which deductions are not allowed in any other sections of the Income Tax Act.
Feb 7, 2023 · Standard deduction for salaried, pensioners and family pensioners. This deduction is available only to those taxpayers who have earned income under the head 'Income from salaries' during the relevant financial year. Thus, salaried individuals and pensioners can claim the standard deduction of Rs 50,000 only from their salary/pension income.
The recent adjustment in the Budget 2024-25 raised the standard deduction to ₹ 75,000 under the new tax regime, benefiting salaried individuals and pensioners by reducing their taxable income ...
