STANDARD DEDUCTION 2023
How to file ITR-1 with salary, income from house property and other sources for FY 2023-24 (AY 2024-25) File ITR-1 online: Here is a step by step guide on how salaried individuals can file their income tax return using ITR-1 form easily on the income tax department's e-filing website. ITR-1 form is also known as Sahaj. Individuals having income from s...
02 Jul, 2024, 01.24 PM ISTIncome tax relief: Budget 2024 may increase standard deduction under new income tax regime Will Budget 2024 increase standard deduction: The Finance Minister in the 2023 Budget included a standard deduction of Rs 50,000 for salaried taxpayers and individuals getting pensions in the new tax regime. This standard deduction was made the auto...
28 Jun, 2024, 01.14 PM ISTITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you? ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correc...
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08 May, 2024, 12.01 PM ISTNew vs old tax regime - which is beneficial for you? Amount of deductions you can claim decides New vs old tax regime: Many taxpayers find it difficult to ascertain which tax regime makes them pay lower tax in a financial year. The simple answer to that is the amount of deductions claimed by you in the old tax regime. However, the amount of de...
19 Apr, 2024, 11.16 AM ISTMinistry of Finance debunks falsehoods: New tax regime clarified, no changes on horizon Ministry of Finance posted, "Ministry of Finance posted on X, "It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that: There is no new change which i...
01 Apr, 2024, 09.13 AM ISTHow NPS investment of Rs 50,000 can help you save more income tax NPS deduction of Rs 50000: Under the old tax regime, an individual can claim additional deduction of Rs 50,000 for NPS investment made. This deduction is available over and above Rs 1.5 lakh available under Section 80C of the Income Tax Act. With fu...
12 Mar, 2024, 10.24 AM IST11 ways of tax savings for salaried individuals for FY 2023-24 11 tax deductions for salaried individuals: If you want to save tax for FY 2023-24 then there is still time. Given below is a list of 11 tax deductions which you can claim upon fulfilling certain investment or other criterias. These tax deductions c...
06 Feb, 2024, 09.05 PM ISTStandard deduction limit increased? Here's what Budget 2024 says Standard deduction limit in interim budget 2024: The standard deduction limit was last hiked in interim budget 2019. Since then maximum deduction amount has been kept unchanged. Last year, finance minister Nirmala Sitharaman brought the benefit of s...
02 Feb, 2024, 11.38 AM ISTDeductions that must be added in new tax regime to make it attractive in interim Budget 2024: Experts Deductions under new tax regime: The interim budget by the Modi government is around the corner. Many salaried individuals are hoping for some tax relief in the Budget 2024. The government is trying to make taxpayers choose new tax regime instead of...
18 Jan, 2024, 10.47 AM ISTAllow NPS investment tax break of Rs 50,000 in new tax regime in interim budget 2024: Experts An investment in National Pension System (NPS) allows three separate deductions under the Income-tax Act, 1961. These are under Section 80CCD (1), 80CCD (1b) and 80CCD (2). However, deduction under Section 80CCD(2) is available in old as well as new...
13 Jan, 2024, 11.23 AM ISTIncome Tax in Budget 2024: Will standard deduction limit be hiked from Rs 50,000 to help salaried taxpayers? Standard deduction hike in Budget 2024: It has been almost 5 years since standard deduction was revised; the previous instance was in 2019. There are many compelling reasons to raise the limit of the standard deduction from Rs 50,000. Standard deduc...
12 Jan, 2024, 11.55 AM ISTNew tax slabs, no tax on income up to Rs 7 lakh in new tax regime, 13 changes in 2023 that will impact you in 2024 Many changes were announced in the Budget 2023 as well as during the year in 2023 by the Central Board of Direct Taxes (CBDT). These changes not only impacted your 2023 but will also impact your 2024 especially at the time of filing income tax retur...
05 Jan, 2024, 11.26 AM ISTThree deductions that can be claimed under new income tax regime 2023 To make the new income tax regime more attractive, the Budget 2023 has announced certain deductions that will be available from FY 2023-24. The deductions mentioned here include all the ones that are recently introduced as well as those that were pr...
13 Apr, 2023, 01.27 PM ISTStandard deduction introduced in new tax regime for salaried, pensioners Standard deduction 2023: Standard deduction was introduced in the Union Budget 2018. This deduction was announced in lieu of transport allowance and medical reimbursement. However this deduction was not available under new tax regime so far. Budget ...
24 Feb, 2023, 02.38 PM ISTTax saving in new tax regime 2023-24 vs old tax regime post Budget announcements The biggest question in the minds of salaried individuals is if they will have income tax savings under the revised new tax regime.
22 Feb, 2023, 10.24 AM ISTIncome tax slab FY 2023-24: Zero tax if income is up to Rs 7.5 lakh under new tax regime; know how13 Feb, 2023, 05.02 PM IST Standard deduction, default tax regime and other Budget 2023 proposals that change your cash in hand Nirmala Sitharaman today presented in the parliament India's Budget for the next fiscal year starting April 1. The Budget today proposed to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of Rs 15....
01 Feb, 2023, 08.11 PM ISTAll the important Budget 2023 announcements that impact salaried taxpayers The Budget seems to attract and enhance the common taxpayers' sentiments by providing numerous tax benefits. However, one needs to be mindful that these benefits are only available to taxpayers who do not choose to file the tax return under the old ...
01 Feb, 2023, 06.06 PM ISTBudget 2023 income tax: Why there is a case for increased standard deduction on salary Union Budget 2023: An increase in the standard deduction may serve multiple purposes and provide much-needed relief to salaried taxpayers!
23 Jan, 2023, 03.58 PM IST