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Rs 50,000
- 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.
economictimes.indiatimes.com/wealth/tax/new-income-tax-slabs-2023-24-how-much-standard-deduction-can-salaried-avail-rs-50000-or-rs-52500/how-much-standard-deduction-will-pensioners-get/slideshow/97775575.cmsHow much standard deduction will pensioners get? - New Income ...
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How much standard deduction will pensioners get in 2023?
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What is the standard deduction for FY 2023?
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. 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. Yes, you read it right.
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...
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 and...
Feb 9, 2023 · As per the Budget 2023 proposal, family pensioners will get the standard deduction of Rs 15,000. Getty Images. Budget 2023 extended standard deduction to the new income tax regime.
Jul 24, 2024 · This means that as of the financial year 2023-2024, all salaried taxpayers can now benefit from the standard deduction, regardless of their chosen tax regime. Adding to this positive change, pensioners now stand to gain from a standard deduction of Rs 50,000 under the new income regime introduced in Budget 2023.
