Web1 day ago · In addition, family pensioners opting for the new tax regime can claim a standard deduction of Rs 15,000 from their pension income. Soni highlighted that the rebate under section 87A has been hiked to Rs 7 lakh from Rs 5 lakh under the new tax regime. The rebate benefit will be up to Rs 25,000, provided income doesn't exceed the limit of 7 lakh. WebJan 25, 2024 · The standard deduction under Section 16 (ia) of the Indian Tax Act offers a flat deduction of Rs 50,000 on annual income to help salaried individuals and pensioners save tax. Standard deduction is subtracted from the gross annual income of the taxpayer. The resulting income after deduction is the net taxable income.
India - Individual - Deductions - PwC
Web1 day ago · - Standard deduction for salaried and pensioners - Reduction in surcharge rate New Income Tax Slab: For people with an annual income of up to Rs 7 lakh, there will be no tax under the new tax system. The basic exemption level has been raised to 3 lakh and a standard deduction of 50,000 is allowed. Web1 day ago · In addition, family pensioners opting for the new tax regime can claim a standard deduction of Rs 15,000 from their pension income. Soni highlighted that the rebate under … cinnamon red buick encore
Standard Deduction in New Tax Regime 2024-24 for salaried …
WebIndividuals and HUFs can opt for the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act) The taxpayer opting for … WebStandard deduction was first introduced in the year 1974 under Section 16 of the Income Tax Act, 1961. However, it was later abolished with effect from Assessment Year 2006 … WebMar 19, 2024 · Suresh Surana, Founder, RSM India. Section 16(ia) of the Income Tax Act, 1961 (hereinafter referred to as ‘the IT Act’) provides that every salaried taxpayer could claim a flat deduction of ... diagram of instruction cycle