STANDARD DEDUCTION HIKED
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.
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.
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.
POTD, Sukanya Samriddhi Yojana interest rates hiked; investors who will get higher rates on these small saving schemes
Post office scheme interest rates: The government has hiked the interest rates for Sukanya Samriddhi Yojana and on select Post Office time deposits for the January-March 2024 quarter. The government assesses the interest rates of small savings schemes on a quarterly basis.
Section 80D deduction: You can claim maximum deduction of Rs 1 lakh on health insurance to save income tax
Tax-saving via section 80D for FY 2023-24: Here's all you need to know about claiming deduction under Section 80D to save income tax. This deduction is available under old tax regime only. Individuals opting for new tax regime in current financial year cannot claim this deduction. The income tax laws in new tax regime has changed from April 1, 2023.
Taxation time is here: Decode how you can realise the potential of multi-year health insurance in your portfolio
Multi-year health insurance plans offer tax deductions through lump sum premium payments. Proportional tax benefits are determined based on the policy's duration. Documentation and eligibility require non-cash premium payments. The convenience of multi-year coverage eliminates yearly renewals and provides financial predictability. These plans also come bundled with savings offers and can be budgeted using premium calculators.
- Go To Page 1
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.
Has Budget 2024 hiked income tax rebate under section 87A in old tax regime, new tax regime?
Section 87A tax rebate in Budget 2024: Due to tax rebate under Section 87A individuals need not pay income tax if their taxable income does not exceed the specified level or limit. Currently, section 87A of the income tax law allows individuals to claim a tax rebate of Rs 12,500 under the old tax regime and Rs 25,000 under the new tax regime.
Interim Budget 2024: Here are 10 key announcements for common man
Interim Budget 2024 key announcements for common man: The government plans to boost infrastructure spending by 11% in the upcoming fiscal year while keeping the fiscal deficit in check. Finance Minister Nirmala Sitharaman outlined initiatives for the next five years, including increased housing and enhanced medical care for women. The government aims to reduce the fiscal deficit to 5.1% in the next financial year. Sitharaman allocated Rs 11.1 lakh crore to capital spending, a notable 11.1% increase. She also announced the launch of the Housing for Middle Class scheme and the promotion of Cervical Cancer Vaccination for girls aged 9-14 years.
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.
Up to 9.1% FD interest rate: These four banks have hiked senior citizen FD interest rates in August
The additional rate component, applicable to resident senior citizen term deposits, varies between 0.25% to 1% over the rate applicable to normal rates depending on the bank.
New income tax slabs under new tax regime, no LTCG tax benefit on debt mutual funds: 15 income tax changes from April 1
Budget 2023 has made many changes under the Income Tax Act, 1961. Some of these changes will come into effect from the start of new financial year 2023-24 i.e., from April 1, 2023. Here are 15 incomes tax changes that will come into effect from tomorrow that will impact your taxes and money.
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.
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.
Budget 2023: Allow deductions, hike threshold for levying peak 30% tax to make optional tax regime attractive, say experts
The govt in Budget 2020-21 brought an optional income tax regime, under which individuals and Hindu Undivided Families (HUFs) were to be taxed at lower rates if they did not avail specified exemptions and deductions, like house rent allowance (HRA), interest on the home loan, investments made under Section 80C, 80D and 80CCD. Under this, total income up to Rs 2.5 lakh will be tax-exempt.
Budget 2022: Any change in standard deduction for salaried, pensioners in FY2022-23?
There was an expectation of hike in the amount available to claim as standard deduction due to the higher cost borne by employees to work from home because of the covid-19 pandemic. Higher cost includes enhanced internet connectivity, higher mobile/telephone bills, furniture etc.
Budget 2022 expectation: Standard deduction hike, income tax relief for saving for kids' education
Much desired by taxpayers from the upcoming Budget 2022, an increase in standard deduction and extra deduction for education expenses would encourage more savings towards a future purpose while incentivising individuals through tax savings.
D-Street eyeing these announcements in FM Sitharaman's 4th Budget
For the working class, Vinit Bolinjkar, Head of Research at Ventura Securities is expecting a work from home (WFH) allowance and revision in the standard deduction.
Over 70% industry respondents expect Budget to hike standard deduction limit: KPMG survey
A majority of respondents in the survey believe that with the government facing the prospect of significantly increased expenditure in the coming year, the revenue needs can be met through increased collections fuelled by an economic recovery as well as by improved technology-driven enforcement, rather than through the introduction of new taxes.
Union Budget 2021: The case for a higher standard deduction to deal with the new normal
With work from home becoming the new normal, it is going to be difficult for the finance minister to separate salary from business income. Raising the standard deduction for salaried employees may help level the field.
New income tax slabs: Will you gain by switching to new regime?
Budget 2020 had proposed an alternate income tax structure, which has come into effect fro April 1, 2020. Find out whether you will benefit or not.
From Budget 2020, common man wants income tax cut and incentives to spend: Survey
A recent survey by Local Circles, a community social media platform, found that most people want the government to not just provide a tax cut but also announce measures that will provide an incentive to spend.
Income tax changes of 2019: The impact they made on your personal finances
The changes help salaried people save more tax, while the uber rich took a big hit on the taxation front.
Salaried Indians don’t need big hike in standard deduction, says finance ministry
The purpose of the article was to bring about the stark contrast between the two income-earning classes, not to question the expenses legitimately allowed to consultants.
Budget 2019: Why salaried Indians need a big hike in standard deduction
Although the standard deduction was further increased to Rs 50,000 in the 2019 interim budget, this still seems inadequate if you look at the exemptions available to a consultant.
Load More
