Is There 50 000 Standard Deduction In New Tax Regime 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
From FY 2024 25 the standard deduction is Rs 75 000 in the new tax regime No supporting documents are needed Old regime s deduction limit remains Rs 50 000 Discover the standard deduction for salaried individuals under both the new and old tax regimes Learn about the deduction amounts eligibility and how it impacts your taxable income Budget
Is There 50 000 Standard Deduction In New Tax Regime
Is There 50 000 Standard Deduction In New Tax Regime
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Salary income The standard deduction of 50 000 which was only available under the old regime has now been extended to the new tax regime as well This amount has been increased to 75 000 for 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
There has been some confusion among taxpayers regarding the eligibility and the amount of standard deduction they can claim under the new tax regime Is it Rs Standard deduction of Rs 50 000 in new tax regime If you are opting for the new tax regime then standard deduction of Rs 50 000 will be available from FY 2023 24 AY 2024 25 This standard deduction of
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Finance Minister Nirmala Sitharaman announced changes to the new income tax regime during the Union Budget 2024 presentation providing some relief to Taxpayers can now choose to pay income tax at lower rates under the new tax regime slabs on the condition that they withdraw from being considered for specific exemptions and deductions
One can claim a few selective deductions under the new tax regime for FY 2023 24 such as a standard deduction of Rs 50 000 interest on Home Loan u s 24b on 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
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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
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From FY 2024 25 the standard deduction is Rs 75 000 in the new tax regime No supporting documents are needed Old regime s deduction limit remains Rs 50 000
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Is There 50 000 Standard Deduction In New Tax Regime - The standard deduction is provided to offer relief to salaried individuals from the tax burden A crucial update in this matter was made in the Union Budget 2023
