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5 days ago · Increased Standard Deduction: The Standard Deduction under the New Regime has been raised from ₹50,000 to ₹75,000. Family Pension Deduction: The deduction for family pension has increased from ₹15,000 to ₹25,000.
Aug 2, 2024 · Union budget 2024 has proposed an increase in the standard deduction under the new tax regime for the FY 2024-25 to Rs. 75,000. Is standard deduction 75,000 applicable in old tax regime? An increased standard deduction of Rs. 75,000 is not applicable under the Old tax regime.
Budget 2024 has increased the standard deduction limit under the new tax regime from ₹ 50,000 to ₹ 75,000 for the AY 2025-26 (FY 2024-25). However, taxpayer has to keep in mind that for the AY 2024-25 standard deduction for salaried individuals will remain ₹ 50,000.
Nov 9, 2023 · For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; and for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.
Tax Slabs for AY 2024-25. The Finance Act 2023 has amended the provisions of Section 115BAC w.e.f AY 2024-25 to make new tax regime the default tax regime for the assessee being an Individual, HUF, AOP (not being co-operative societies), BOI and Artificial Juridical Person.
Nov 9, 2023 · Standard Deduction Amounts. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.
Jul 23, 2024 · Union Budget 2024: New standard deduction limits. In a move aimed at boosting tax savings, the Finance Minister announced that the standard deduction limit under the new tax regime will be raised to Rs 75,000 for the current financial year, as per ET report.
Oct 30, 2024 · The IRS has released the standard deduction amounts for the 2024-2025 tax year. Find the new rates and information on extra benefits for people over 65.
Jul 23, 2024 · Income Tax Slabs 2024 Highlights: The government has increased the Standard Deduction limit to Rs 75,000, allowing the salaried class to save up to Rs 17,500 in taxes under the new regime. Join us for live updates and expert insights. By: Express Web Desk. New Delhi | Updated: July 25, 2024 13:59 IST. Follow Us.
Yes, Standard deduction of Rs.50,000 or the amount of salary, whichever is lower, is available for both old and new tax regimes from AY 2024-25 onwards. . 6) In the new tax regime can I claim deductions under chapter-VIA like section 80C, 80D, 80DD, 80G etc. while filing the ITR for AY 2024-25?
