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When is standard deduction allowed in new tax regime?
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Apr 16, 2024 · Explore the exemptions and deductions allowed under the new tax regime for FY 2023-24 (AY 2024-25). Learn about the options available to taxpayers and make informed decisions to optimize tax efficiency.
- Deductions Allowed under Old and New Tax Regime with Latest ...
In the Indian tax system, deductions play a crucial role in...
- Deductions Allowed under Old and New Tax Regime with Latest ...
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.
5) Am I eligible for Rs. 50,000 standard deduction in the new tax regime? 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.
- Budget 2024 Update: Revision of Tax Slabs Under New Regime
- What Is Section 115Bac – The New Tax Regime?
- What Are The Tax Rates Under The New Regime?
- The Eligibility Criteria For The New Tax Regime on Section 115Bac
- Exemptions and Deductions Not Claimable Under The New Tax Regime
- What Are The Exemptions and Deductions Available Under The New Regime?
- Can I Choose Between The New Tax Regime and The Existing Regime?
- How Do I Choose The New Regime and Plan My Taxes?
- House Property Loss Under The New Tax Regime
- Deductions Not Allowed Against Business Income Under The New Regime
In Budget 2024, the tax slabs under the new regime has been proposed to be revised as under: The following additional benefits have been extended to the taxpayers who opt for new regime: 1. Limit of Standard Deductionagainst salaried income has been increased from Rs. 50,000 to Rs. 75,000. 2. Limit of maximum Deduction under Family Pension has been...
Section 115BAC - the new tax regime system came into force from FY 2020-21 (AY 2021-22). The new tax regime introduced concessional tax rates with reduced deductions and exemptions. Section 115BAC was further amended in the Budget 2023, and the new regime was made the default regime from FY 2023-24. If an individual or HUF wants to opt for the old ...
In Budget 2023, the income tax slabsunder the new tax regime have been revised. The new tax slabs and tax slabs under the new tax regime for FY 2023-24 (AY 2024-25) and FY 2022-23 (AY 2023-24) are shown in the table below, whereas under the old tax regime, the income tax slabs and rates remain unchanged. The tax rates under the new tax regime and t...
For the assessment year 2024-25, individuals and Hindu Undivided Families (HUFs) have to pay the taxes under the new tax regimes unless they choose to opt in for the old regime while filing the return of income before the due date. Under the new tax regime, the total income should meet the below-mentioned conditions: 1. Income calculation is done w...
The following are some of the major deductions and exemptions you cannot claim under the new tax regime: 1. The deduction under Section 80TTA/80TTB 2. Professional tax and entertainment allowance on salaries 3. Leave Travel Allowance (LTA) 4. House Rent Allowance (HRA) 5. Allowances to MPs/MLAs 6. Minor child income allowance 7. Helper allowance 8....
Under the New tax regime, you can claim tax exemption for the following: 1. Transport allowancesin case of a specially-abled person. 2. Conveyance allowance received to meet the conveyance expenditure incurred as part of the employment. 3. Any compensation received to meet the cost of travel on tour or transfer. 4. Daily allowance received to meet ...
A salaried taxpayercan choose to opt for the old regime, as the new regime is default now, at the beginning of FY 2023-24 and intimate their employer. The employee cannot change their choice anytime during the financial year. However, they can change their choice when filing the income tax return in July 2024. The due date for tax filing for the FY...
From a tax planning perspective, choosing the tax regime at the beginning of the financial year is essential. A taxpayer must compare the income tax under the new tax regime with the old regime. Once the taxpayer chooses the tax regime at the beginning of the year, the investments and TDS or advance tax payable calculations are made accordingly. Al...
In the case of a self-occupied property, you cannot claim a deduction on interest for a housing loan under the new tax regime. The deduction of Rs 2 lakh allowed in the existing system is not available in the new tax regime. Also, you cannot set off the loss of Rs 2 lakh from house property from your salary income. If you havelet out house property...
Deductions and exemptions not allowed against business income: 1. Additional depreciation under section 32 2. Investment allowance under section 32AD 3. Sector-specific business deductions under section 33AB and 33ABA 4. Expenditure on scientific research under section 35 5. Capital expenditure under section 35AD 6. Exemption under section 10AA for...
Aug 2, 2024 · Explore Standard Deduction under Section 16(ia) and in the new tax regime. Know standard deduction in new & old tax regimes, its applicability, & benefits for senior citizens. Learn how it would impact your income tax.
- Hindustan Times. Budget 2024: Standard deduction raised to Rs. 75,000 under new tax regime. How will it benefit salaried class? By HT News Desk. Jul 23, 2024 06:56 PM IST. Union Budget 2024:...
Mar 31, 2024 · In the Indian tax system, deductions play a crucial role in reducing the taxable income of individuals. With the introduction of the new tax regime from April 1, 2023, there have been changes in the deductions allowed compared to the old tax regime.
