This relief is available both under the old and the new income tax. Sharma says the government can take a few steps to reduce the tax burden.
Standard deduction, which is at rs 50,000, was included in the new income tax regime by fm nirmala sitharaman in last year’s budget. It also said that the current standard deduction, which has remained unchanged at rs 50,000 since 2019, should be increased to rs 1,00,000 to adjust for.
Standard Deduction, Which Is At Rs 50,000, Was Included In The New Income Tax Regime By Fm Nirmala Sitharaman In Last Year’s Budget.
Standard deduction is a flat deduction salaried individuals can claim against taxable salary income without requiring any proof of actual expense incurred.
A Super Senior Citizen Is An Individual Resident Who Is 80 Years Or Above, At Any Time During The Previous Year.
Benefits under the new tax regime.
Images References :
Provisions Of Section 16 (Ia) Of The It Act Allows A Standard Deduction Of Up To Inr 50,000 To Every Salaried Individual For A Particular Tax.
Budget 2024 income tax expectations:
One Key Expectation Is A Potential Increase In The Standard Deduction Limit, Currently Set At Rs 50,000.
Deductions and exemptions under the new tax regime slabs.
