STANDARD DEDUCTION HIKED
Budget 2024 should hike basic income tax exemption limit to Rs 5 lakh in both old and new tax regimes: Deloitte Finance Minister Nirmala Sitharaman is likely to present Union Budget 2024 this month. Salaried taxpayers are eagerly waiting for some much-needed tax benefits from the upcoming Budget. According to Deloitte, salaried people want Finance Minister to...
01 Jul, 2024, 02.56 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 ISTHow 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...
09 Apr, 2024, 01.35 PM IST- ADVERTISEMENT
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 fu...
12 Mar, 2024, 10.24 AM ISTPOTD, 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 schem...
15 Feb, 2024, 04.14 PM ISTSection 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 y...
07 Feb, 2024, 04.31 PM ISTTaxation 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 mu...
05 Feb, 2024, 12.49 PM IST- Income tax slabs for FY 2024-25 (AY 2025-26), FY 2023-24 (AY 2024-25) under the new tax regime02 Feb, 2024, 03.56 PM IST
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 ...
02 Feb, 2024, 11.43 AM 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 ISTInterim 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 th...
01 Feb, 2024, 05.45 PM 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 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 ISTNew 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 tomo...
03 Apr, 2023, 05.28 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 ISTStandard 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 ISTBudget 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),...
08 Jan, 2023, 09.26 PM ISTBudget 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/...
01 Feb, 2022, 08.01 PM ISTBudget 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.
21 Jan, 2022, 11.53 AM IST