Deduction Under New Tax Regime Ay 2024-25. Attractive tax rates compared to the old tax regime. If an individual has opted for the new tax regime, he cannot claim these exemptions;
Learn about deductions, setoffs, and more. If you want to opt out of new tax regime select yes in the.
If You Want To Opt Out Of New Tax Regime Select Yes In The.
If you miss the deadline to switch regimes while filing your income tax return, you will be taxed under the default regime (new tax regime) for that year.
Standard Deduction Under The Head Salary.
The government also plans to raise the income threshold for tax liability from the current rs 3 lakh to rs 5 lakh.
Deduction Under New Tax Regime Ay 2024-25 Images References :
Under The New Tax Regime, Salaried Employees And Pensioners Can Claim A Standard Deduction Of Rs 50,000.
Standard deduction of 50,000 to salaried individual, and.
In India, Income Tax Is Calculated Using Income Tax Slabs And Rates For The Applicable Financial Year (Fy) And Assessment Year (Ay).
Budget 2023 proposes to extend the benefit of standard deduction to the new tax regime for the salaried class and the pensioners including family pensioners.