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 salary, house property, interest and dividend incomes can use ITR-1 to file income tax return.
Income 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 automatic choice, unless taxpayers chose not to take it.
ITR 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 correct tax return form applicable to your incomes.
Gold jewellery cost calculation: How jewellers calculate price of gold jewellery
Jewellers calculate gold jewellery price: While buying gold, many people do not check or know how the final bill amount is calculated by the jeweller for the gold jewellery. Further, some of them are unaware if they are buying 22 Karat gold jewellery or 18 Karat gold jewellery. There is a price difference between 22 Karat and 18 Karat gold jewellery.
New 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 deductions that must be claimed by you varies for every different income level.
Ministry 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 is coming in from 01.04.2024....."
How 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 full utilisation of Section 80C and additional NPS investment, an individual can claim total deduction of Rs 2 lakh in a financial year.
11 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 can help you lower your total income and thus reduce your tax outgo.
What is Section 80C tax deduction limit after Budget 2024?
Section 80C limit in interim Budget 2024: Various investments and expenditures specified under Section 80C allow individuals to claim a maximum deduction of Rs 1.5 lakh from gross taxable income in a financial year. It is important to note that the new tax regime does not allow deduction under Section 80C of the Income-tax Act.
Standard 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 standard deduction under new tax regime. The benefit of standard deduction is available in both tax regimes from FY 2023-24.
Deductions 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 old tax regime. However, according to tax experts, more deductions must be offered under new tax regime to make it attractive.
Allow 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 tax regime. Tax experts ask government to allow Rs 50,000 tax break in new tax regime as well for retirement purposes.
Income 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 deduction, needs to be periodically adjusted to account for inflation, says Akhil Chandna, Partner, Grant Thornton Bharat. Though 2024 will see only an interim budget, middle-class taxpayers are eagerly hoping FM Nirmala Sitharaman will roll out some tax sops. Will the Budget 2024 raise standard deduction from Rs 50,000?
New 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 return. Read on to know more about it.
Three 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 previously available. Read on to know more about three deductions that one can claim under the new tax regime.
Standard 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 2023 has extended this benefit under new tax regime also. When you combine the effect of standard deduction of changes in the tax slabs of the new tax regime it gives a good amount of tax savings to a salaried tax payers.
Tax 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.
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 15.5 lakh or more will thus stand to benefit by Rs 52,500, she said. A rebate under section 87A has been enhanced under the new tax regime from current income level of Rs 5 lakh to Rs 7 lakh. Thus, individuals opting for new income tax regime having income up to Rs 7 lakh will not pay any taxes.
All 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 tax regime. The tax slabs and rates under the old tax regime remain the same.
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