Tue, Jul 23, 2024
Budget speech of Finance Minister Nirmala Sitharaman. Standard deduction limit increased from ₹50,000 to ₹75,000. Announcement of new tax slab in the new tax regime. No tax up to ₹3 Lk in the new tax regime. 5% tax on income of ₹3-7 Lk in the new tax regime. In the new tax regime, 10% tax on income up to ₹7-10 Lk.
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Standard Deduction Limit and New Tax Slabs: In her Budget 2024 speech on Tuesday (July 23, 2024), finance minister Nirmala Sitharaman increased the standard deduction limit from Rs 50,000 to Rs 75,000 in the new tax regime. She also introduced three new tax slabs in the new regime. The government hasn't made any changes in the old tax regime.
Wed, Jul 17, 2024
Some of the cases where standard deduction does not apply are during instances when the ITR is being filed for a period of less than one year, in case when a taxpayer has a dual status in a particular financial year etc.
Thu, Feb 23, 2023
New Income Tax slabs FY 2023-24: Taxpayers are allowed to claim three deductions under the New Income Tax regime. The New Income Tax regime will also be the default option, starting financial year 2023-24.
Sat, Mar 12, 2022
Learning the difference between tax exemption, rebate and deduction is quite important for taxpayers. If you understand these three terms, you can save a lot of tax at your end.
Tue, Jul 02, 2019
The rise in tax deduction under Section 80(C), rise in home loan interest deduction under Section 24, rise in the ceiling for ESIC contribution are some common demands of the common man from budget 2019.
Wed, Jun 26, 2019
Every year before July end, a taxpayer must communicate all her or his income earned from salary and other sources in a financial year to the I-T department.
Fri, Feb 01, 2019
Individual taxpayers will get tax rebate of up to Rs 5 lakhs and will not be required to pay any income tax.
Every employees is liable to pay taxes on their income, and hence such deduction reduces the amount a taxpayer pays to Income Tax Department.
Thu, Jan 03, 2019
In this episode of Money Guru, we provide you complete guide to understand income tax deductions and exemptions. Listen in.
Mon, Feb 19, 2018
A tax-payer who has taken benefit under Section 80TTB cannot take tax benefit under Section 80TTA, because benefits under Section 80TTB and Section 80TTA are exclusive.
Mon, Feb 05, 2018
Finance Minister Arun Jaitley has smartly played the tax equations in Budget 2018. He did provide a sense of relief by re-introducing the standard deduction (SD) of Rs 40,000, but soon after squeezed it by hiking the education and health cess from 3 per cent to 4 per cent.
Fri, Feb 02, 2018
Last year in June, the Union Cabinet had approved recommendations of the CPC with 34 modifications, which will mean an additional annual burden of Rs 30,748 crore on the exchequer.
Thu, Feb 01, 2018
For senior citizens, exemption of interest income on bank deposits has been raised to Rs 50,000
Jaitley said there will be standard deduction in lieu of present exemption
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