Is There Any Standard Deduction In Old Tax Regime Budget 2024 has increased the standard deduction under the new tax regime to 75 000 The family pension deduction has also been increased from 15 000 to 25 000 With the revised tax
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 The standard deduction limit for new regime is Rs 75 000 and for old regime is Rs 50 000 from FY 24 25 Is there any change in taxx rates for old regime from FY 24
Is There Any Standard Deduction In Old Tax Regime
Is There Any Standard Deduction In Old Tax Regime
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In this article we will understand the standard deduction under both the old and new tax regimes We will explore its impact on tax calculations highlight the Budget 2024 2025 has increased the standard deduction under the new tax regime to INR 75 000 The family pension deduction has also been increased from INR 15 000 to INR 25 000
However there has been no change in the old tax regime regarding the standard deduction Therefore salaried taxpayers will continue to be eligible for a standard deduction of only No tax Individuals with taxable incomes of up to 7 lakhs are eligible for a full tax rebate under Section 87A effectively paying no income tax under the new regime Standard deduction You still get the benefit
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Finance Minister Nirmala Sitharaman on Wednesday gave a makeover to the new income tax regime with lower tax rates and introduction of standard deduction However the old income tax If you are a salaried person with an annual income above Rs 15 lakh then the minimum deduction that you need is Rs 4 25 lakh to have the same tax outgo under
Earlier the Standard Deduction of Rs 50 000 was available under the Old Tax Regime but now the same has been made available under the New Tax Regime Standard Deduction in New Tax Regime Previously the standard deduction was only available to the old regime taxpayers However after Budget 2023 the
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Budget 2024 has increased the standard deduction under the new tax regime to 75 000 The family pension deduction has also been increased from 15 000 to 25 000 With the revised tax
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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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Is There Any Standard Deduction In Old Tax Regime - 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
