STANDARD DEDUCTION FOR SALARIED PERSON
EPFO discontinues GIS deductions, to refund past deductions: These government employees to get higher salary
EPFO: Specified employees stand to gain due to EPFO's decision of discontinuing GIS deductions and refunding all deductions made thus far. According to Akhil Chandna, Partner, Grant Thornton Bharat, "The discontinuation of deductions under GIS will indeed increase the take-home salaries. Previously, the deductions were made from employees' monthly salaries as per their pay-scales to fund the GIS."
Section 80C deduction in Budget 2024: Will the government increase Section 80C limit under the old income tax regime in Budget?
Section 80C deduction in Budget 2024: The 80C limit has not increased in line with many people's income and costs. Because of this gap, many taxpayers use the entire 80C limit. This is why many want this limit to be increased.
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.
New tax regime to old tax regime: How to choose old income tax regime when filing ITR for FY2023-24
New tax regime to old tax regime: Starting from April 1, 2023, if a taxpayer has not opted for the old tax system, their employer will deduct tax from their salary according to the new tax system. This change is because the new tax system will be the automatic choice for the fiscal year 2023-24.
Budget should double standard deduction, raise basic exemption to Rs 3.5 lakh under new tax regime: EY
EY recommends significant tax reforms in the upcoming Budget, urging the government to double the standard deduction under the new concessional tax regime to Rs 1 lakh or increase the basic exemption limit to Rs 3.5 lakh. Key suggestions include maintaining corporate tax stability, rationalizing TDS provisions, and improving dispute resolution mechanisms.
Last date for filing income tax return (ITR) for FY 2023-24 (AY 2024-25)
Due date of income tax return filing: Under the income tax laws, different taxpayers have different due date for filing ITR. It is important to file the tax return on or before the deadline to avoid certain penal consequences. This includes payment of late filing fees, not being able to opt for old tax regime among others.
- Go To Page 1
ITR filing: Compare your tax outgo in old and new tax regime before finalising one for FY24
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Vivek Jaiswal can have a surplus of almost Rs.60,000 if his salary is rejigged to include tax-free perks and if he opts for the new tax regime. Here's how
Pakistan and IMF disagree over new income tax rates that will burden salaried class
Pakistan's talks with the IMF ended inconclusively over disagreements on new income tax rates for salaried and non-salaried individuals and the income tax threshold, as reported by the media.
Donald Trump may owe $100 million from double-dip tax breaks, audit shows
The New York Times and ProPublica revealed that Donald Trump employed a questionable accounting tactic to claim improper tax breaks on his Chicago tower, facing a potential $100 million+ tax bill. In recent months, Trump has also been ordered to pay $83.3 million in a defamation case and an additional $454 million in a civil fraud case brought by New York Attorney General Letitia James.
HDFC Bank home loan, car loan, personal loan borrowers, check HDFC Bank latest lending rates here
The Marginal Cost of the Fund-Based Lending Rate or the MCLR is the minimum interest rate that a financial institution needs to charge for a specific loan. Check latest MCLR, base rate, benchmark PLR offered by HDFC Bank.
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.
New vs old tax regime for TDS on salary: Choosing wrong tax regime in April can lead to higher tax
TDS on salary tax regime: In the month of April, many salaried individuals are required to inform their employer about their preferred tax regime on the basis of which tax will be deducted from their salary income. If wrong tax regime is chosen for tax to be deducted on the salary, then higher tax will be deducted throughout the financial year.
How to save income tax in new tax regime? Two deductions that salaried can claim
Deductions under new tax regime: If you are planning to opt for the new tax regime in current financial year, then there are two deductions that are allowed under the new tax regime. These deductions are available to salaried individuals. Read on to know more about these two deductions and how it can be claimed.
Does the new income tax regime suit you? Find out who should move from the old tax regime to the new one
With the start of the new financial year, companies are reaching out to their employees to select the tax regime for 2024-25. This is an important decision because you can do it only once in a financial year. Once you make a choice, your income will be taxed as per the tax structure of that regime
What are the new things you ought to know about new tax regime? Anil Rego answers
Anil Rego explains the implications of choosing between old and new tax regimes, emphasizing the importance of deductions like home loan interest. Opting in is necessary for the old regime, which offers specific benefits for tax planning. Rego says: "It makes sense for you to go for the new tax regime if you do not have too much tax saving investments. But you would ideally need to compute it."
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....."
8 reasons why old tax regime is still attractive for many taxpayers in this income tax bracket
Though under the new tax regime you may end up paying no tax on income up to Rs 7.5 lakh and and pay tax at a lower rate when your income goes higher, but old tax regime offers higher tax saving opportunities with various deductions and exemptions. However, these deduction can not be claimed by all taxpayers and apply on only select individuals. Hence, it makes sense for you to check which tax regime will help you save higher tax.
TDS on salary is not at fixed rate; know how tax is calculated and deducted by employer
TDS on salary: Before paying a salary every employer will deduct tax deducted at source (TDS) and then pay a salary to their employees. However the rate of deduction of TDS is not fixed and it is determined by calculating the average rate of tax of the employee. Read here to know exactly how the calculation for TDS is done.
What is the TDS rate for salary, dividend, interest, house rent, cash withdrawal and other transactions for FY 2024-25
Tax Deducted At Source (TDS): TDS is levied on many types of incomes like salary, house rent, virtual digital assets (VDA), etc. What is important to note here is that a correct amount of TDS should be deducted and TDS return (if applicable) is filed in time. Read here to know some TDS rates for FY 2024-25.
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.
How much income tax deduction is available on bank FD, RD and savings account interest
Save income tax: Here's how you can claim income tax deduction on interest from bank FD, RD and savings account and save income tax. However do note that a higher limit of Rs 50,000 is available only for senior citizens whereas other individuals can claim the tax deduction up to Rs 10,000 on interest from savings bank account.
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.
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.
Interim Budget 2024: Decoding for individual taxpayers
Though a significant rejig in the direct tax rates and exemptions was in any case not expected, however, the salaried class was still hopeful to receive some benefit from the Interim Budget to reduce the tax burden.
Income tax saving for FY 23-24: How salaried taxpayers can claim deduction of up to Rs 3.35 lakh without HRA, loan
You can claim certain income tax deductions under different heads and therefore reduce your overall income tax liability. Section 80C of the Income-tax Act, 1961 is one of the most widely used deductions that offers a deduction of up to Rs 1.5 lakh in each financial year. But, there are others deductions as well that you can claim and lower your income tax outgo. Check what are the deductions that you can claim in FY2023-24.
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.
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.
Professional tax has to be paid by salaried people in these states
Professional tax has to be paid to the State government by every individual earning over a specific monetary limit in certain states in India. It is only when someone earns an income in any Union Territories and some states like Delhi, Uttar Pradesh, others that they need not pay any professional tax.
Load More
