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standard deduction

Income Tax Calculations: Is your annual income Rs 12,95,000? Will you be taxed on Rs 20,000, or Rs 12,95,000?

Income Tax Calculations: Is your annual income Rs 12,95,000? Will...

Mon, Mar 17, 2025

New Tax Regime Tax Calculations: Proposed new tax regime will be implemented from April 1, 2025, where income up to Rs 12,75,000 is tax-free for salaried-class individuals. But if their income increases by Rs 20,000? Will they be taxed on Rs 20,000 or Rs 12,95,000? How much tax will they pay? Know rules

New Tax Regime Calculations: Is your annual income Rs 12,76,000? Will you be taxed on Rs 1,000, or Rs 12,76000? See calculations

New Tax Regime Calculations: Is your annual income Rs 12,76,000?...

Wed, Feb 19, 2025

New Tax Regime Calculations: In Budget 2025, Finance Minister Nirmala Sitharaman proposed new tax regime income tax slabs. Once the slabs come into effect, income up to Rs 12 lakh for non-salaried class individuals and income up to Rs 12.75 lakh for salaried-class individuals will be tax-free. But what if you are a salaried class and your income exceeds by Rs 1,000? Will you be taxed on Rs 1,000 or Rs 1,276,000?

New Income Tax Bill: 10 new regime deductions and revised slabs you didn't know

New Income Tax Bill: 10 new regime deductions and revised slabs y...

Wed, Feb 12, 2025

Proposed New Tax Regime Slabs: Under the proposed new tax regime slabs, an annual income up to Rs 12 lakh for a non-salaried individual and an annual income up to Rs 12.75 lakh for a salaried individual are tax-free. Revised tax slabs will be applicable from April 1, 2025, once the New Finance Bill becomes an Act.

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Revised New Tax Slabs: Can you pay 0 income tax on Rs 15.25 lakh annual salary? See calculations to know

Revised New Tax Slabs: Can you pay 0 income tax on Rs 15.25 lakh...

Tue, Feb 11, 2025

Revised New Tax Slabs: Under the proposed new tax salary slabs for Financial Year 2025-26, non-salaried individuals with an annual salary up to Rs 12 lakh and salaried individuals with an annual salary up to Rs 12.75 lakh don't need to pay income tax. But, can one make their Rs 15.25 lakh annual income tax free? Read to know more!

Budget 2025: What standard deduction really is & how it impacts salaried class, pensioners

Budget 2025: What standard deduction really is & how it impac...

Fri, Jan 31, 2025

Budget 2025: What is the standard deduction? It is a fixed amount of money deducted from amount automatically deducted from an individual's annual taxable income. Therefore, it reduces the overall tax liability of the tax assessee. A standard deduction is quite easy to avail. The income tax assessee practically has to do nothing to claim this deduction as long as they have valid proof of their status as a salaried person or a pensioner.

Budget 2024: New tax slab announced in the new tax regime, standard deduction limit increased from ₹ 50,000 to ₹ 75,000

Budget 2024: New tax slab announced in the new tax regime, standa...

Tue, Jul 23, 2024

Budget speech of Finance Minister Nirmala Sitharaman. Standard deduction limit increased from ₹50,000 to ₹75,000. Announcement of new tax slab in the new tax regime. No tax up to ₹3 Lk in the new tax regime. 5% tax on income of ₹3-7 Lk in the new tax regime. In the new tax regime, 10% tax on income up to ₹7-10 Lk.

Union Budget 2024: Standard deduction limit increased from Rs 50,000 to Rs 75,000 in new tax regime; 3 new slabs introduced in new regime

Union Budget 2024: Standard deduction limit increased from Rs 50,...

Tue, Jul 23, 2024

Standard Deduction Limit and New Tax Slabs: In her Budget 2024 speech on Tuesday (July 23, 2024), finance minister Nirmala Sitharaman increased the standard deduction limit from Rs 50,000 to Rs 75,000 in the new tax regime. She also introduced three new tax slabs in the new regime. The government hasn't made any changes in the old tax regime.

ITR Filing | As India awaits Budget 2024, learn all about standard deduction and how it helps salaried individuals save tax

ITR Filing | As India awaits Budget 2024, learn all about standar...

Wed, Jul 17, 2024

Some of the cases where standard deduction does not apply are during instances when the ITR is being filed for a period of less than one year, in case when a taxpayer has a dual status in a particular financial year etc.

New Income Tax slabs FY 2023-24 and deductions allowed - check here

New Income Tax slabs FY 2023-24 and deductions allowed - check he...

Thu, Feb 23, 2023

New Income Tax slabs FY 2023-24: Taxpayers are allowed to claim three deductions under the New Income Tax regime. The New Income Tax regime will also be the default option, starting financial year 2023-24.

What Is The Difference Between Tax Exemption, Rebate And Deduction? | ITR Filing For Beginners

What Is The Difference Between Tax Exemption, Rebate And Deductio...

Sat, Mar 12, 2022

Learning the difference between tax exemption, rebate and deduction is quite important for taxpayers. If you understand these three terms, you can save a lot of tax at your end.

Budget 2019: These key announcements can make Nirmala Sitharaman a common man's finance minister

Budget 2019: These key announcements can make Nirmala Sitharaman...

Tue, Jul 02, 2019

The rise in tax deduction under Section 80(C), rise in home loan interest deduction under Section 24, rise in the ceiling for ESIC contribution are some common demands of the common man from budget 2019.

Income Tax Return (ITR) filing: Remember these 5 basic rules to file your ITR on time

Income Tax Return (ITR) filing: Remember these 5 basic rules to f...

Wed, Jun 26, 2019

Every year before July end, a taxpayer must communicate all her or his income earned from salary and other sources in a financial year to the I-T department.

Income Rax Return: Experts welcome Budget 2019, say government tried to cover all

Income Rax Return: Experts welcome Budget 2019, say government tr...

Fri, Feb 01, 2019

Individual taxpayers will get tax rebate of up to Rs 5 lakhs and will not be required to pay any income tax.

Budget 2019: Standard deduction gift for salaried employees from Modi govt Decoded! Claim Rs 50,000 benefit; pensioners benefit too, calculate now

Budget 2019: Standard deduction gift for salaried employees from...

Fri, Feb 01, 2019

Every employees is liable to pay taxes on their income, and hence such deduction reduces the amount a taxpayer pays to Income Tax Department.

Money guru: Understanding income tax slabs for financial year 2018–19

Money guru: Understanding income tax slabs for financial year 201...

Thu, Jan 03, 2019

In this episode of Money Guru, we provide you complete guide to understand income tax deductions and exemptions. Listen in.

Seeking income tax exemption for FY19? click here to know

Seeking income tax exemption for FY19? click here to know

Mon, Feb 19, 2018

A tax-payer who has taken benefit under Section 80TTB cannot take tax benefit under Section 80TTA, because benefits under Section 80TTB and Section 80TTA are exclusive.

No change in tax slab? Correct! Your income tax has still gone up

No change in tax slab? Correct! Your income tax has still gone up

Mon, Feb 05, 2018

Finance Minister Arun Jaitley has smartly played the tax equations in Budget 2018.

Compensation likely for Central staff under 7th pay commission in April

Compensation likely for Central staff under 7th pay commission in...

Fri, Feb 02, 2018

Last year in June, the Union Cabinet had approved recommendations of the CPC with 34 modifications, which will mean an additional annual burden of Rs 30,748 crore on the exchequer.

Standard deduction to benefit central govt employees

Standard deduction to benefit central govt employees

Thu, Feb 01, 2018

For senior citizens, exemption of interest income on bank deposits has been raised to Rs 50,000

Salaried class gets no relief in I-T slab; cheers for senior citizens

Salaried class gets no relief in I-T slab; cheers for senior citi...

Thu, Feb 01, 2018

Jaitley said there will be standard deduction in lieu of present exemption

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