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    • Simplify tax filing

      • Purpose of Standard Deduction The introduction of standard deduction aims to achieve the following: Simplify tax filing by reducing paperwork and enabling deductions regardless of actual expenses. Offer tax relief specifically to middle-class salaried individuals. Extend benefits to pensioners through the standard deduction.

      Standard Deduction for Salaried Individuals in New and Old ...

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

    Aug 2, 2024 · Purpose of Standard Deduction. The introduction of standard deduction aims to achieve the following: Simplify tax filing by reducing paperwork and enabling deductions regardless of actual expenses. Offer tax relief specifically to middle-class salaried individuals. Extend benefits to pensioners through the standard deduction.

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

    The standard deduction is a flat amount deducted from taxable salary income, allowing taxpayers to reduce their taxable income without submitting any proof or disclosures.

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

    5 days ago · Standard deductions allow taxpayers who earn regular salary income to claim a deduction of Rs 75,000. This helps in reducing the taxable income, ultimately resulting in tax savings. For example, the standard deduction of Rs 75,000 can save a significant tax if you are in a higher tax bracket.

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

    Jul 24, 2024 · The standard deduction is a flat deduction of Rs. 50,000/- from your income that is taxable under the head salaries. Additionally, taxpayers need not submit any disclosures or investment proofs to avail of this deduction.

  8. cleartax.in › glossary › standard-deductionStandard Deduction - Definition, What is Standard Deduction ...

    What is Standard Deduction? Standard Deduction under Income Tax Act refers to a deduction allowed under the head salaries. The previous Union FM Jaitley introduced Standard Deduction of Rs. 40,000 in Budget 2018 that was increased to Rs 50,000 in 2019.

  9. www.taxscan.in › what-is-standard-deduction-inWhat is Standard Deduction in Income Tax: Know Its ... - Taxscan

    Jul 28, 2024 · Standard Deduction is a fixed amount that can be deducted from an individual’s taxable income, reducing their tax liability. It is a benefit provided by the Income Tax Department to simplify the tax calculation process and reduce paperwork.

  10. www.taxbuddy.com › blog › standard-deduction-underStandard Deduction: New vs Old Tax Regime. - TaxBuddy.com

    May 6, 2024 · The standard deduction is a crucial tool for salaried individuals, which helps them to reduce their taxable income.