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How much standard deduction will pensioners get in 2023?
Can a pensioner claim a standard deduction in FY 2023-24?
Does budget 2023 extend standard deduction to New income tax regime?
Who is eligible for standard deduction benefits in Union Budget 2023-24?
Feb 9, 2023 · Budget 2023 extended standard deduction to the new income tax regime. Salaried individuals, pensioners, and family pensioners can now avail of standard deductions even if they choose the new income tax regime.
Feb 3, 2023 · Standard deduction of ₹50,000 will be available to salaried class and the pensioners and standard deduction of ₹15,000 or 1/3rd of the family pension whichever is lower, will be available to family pensioners, irrespective of any level of income.
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.
- Budget 2024 Update
- Purpose of Standard Deduction
- Standard Deduction in New Tax Regime
- Standard Deduction – Union Budget 2018
- Standard Deduction – Interim Budget 2019
- Standard Deduction For Pensioners
- Documents Required For Standard Deduction
With effect from FY 2024-25, under the new tax regime, the standard deduction is increased toRs.75,000. There has been no change to the old tax regime with respect to the standard deduction. Thus, salaried taxpayers are eligible for the standard deduction of only Rs.50,000 under the old regime. Here is everything you should know about the standard ...
The introduction of standard deduction aims to achieve the following: 1. Simplify tax filing by reducing paperwork and enabling deductions regardless of actual expenses. 2. Offer tax relief specifically to middle-class salaried individuals. 3. Extend benefits to pensioners through the standard deduction.
Budget 2020 introduced the new tax regime. Under this new regime, the taxpayers have the option to pay concessional tax rates. However, major deductions and exemptions are not allowed under this new regime. Budget 2023 was amended, allowing to claim a standard deduction of Rs 50,000 in the new regime as well. Thus for FY 2023-24 you will be able to...
Finance Minister Arun Jaitley introduced a standard deduction of Rs. 40,000 in Budget 2018, giving the salaried class something to rejoice about. It replaced the transport allowance of Rs. 19200 and medical reimbursement of Rs. 15,000 per annum. Interestingly, the provision of Standard Deduction was earlier available. However, it was abolished in t...
The Interim Budget presented on 1 February 2019 included numerous tax benefits for the salaried and the middle class. Among them, an additional amount of Rs.10,000 (increased from Rs.40,000) to the Standard Deduction is a noteworthy move. With the Standard Deduction being Rs 50,000 now, it will help taxpayers immensely to reduce their tax outgo. Le...
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.
No supporting documents are required to claim the standard deduction for salary income. However, for filing income tax returns, you will need to provide the following documents and complete the necessary forms: 1. Bank statements for the relevant financial year. 2. Income statements from interest or fixed deposits. 3. TDS (Tax Deducted at Source) c...
Feb 1, 2023 · In case of gross income of Rs 15 lakh, a pensioner is required to claim deductions of more than Rs 3,50,000 for continuing with the old tax regime in FY 2023-24. CASE B: Senior citizen is not eligible for standard deduction. It is important to note that not every senior citizen is a pensioner.
- Preeti Motiani
Feb 1, 2023 · The third proposal of the budget provides major relief to the salaried class and the pensioners including family pensioners as the Finance Minister proposed to extend the benefit of standard deduction to the new tax regime.
During the Union Budget 2023-24 speech, Finance Minister Nirmala Sitharaman extended the standard deduction benefits to pensioners, including family pensioners in the new tax regime. “Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500,” she said.
