Web1 day ago · For tax year 2024, the standard deduction is $12,950 for an individual taxpayer and for married individuals who are filing separately. It is worth $19,400 for people filing as heads of household ... WebApr 13, 2024 · In conclusion, the standard deduction of Rs. 50,000 is a great respite for taxpayers, especially salaried individuals who do not have many options for claiming deductions.
Standard deduction introduced in new tax regime for salaried, …
WebFeb 1, 2024 · Budget 2024: In a major relief, salaried class and the pensioners, including family pensioners, will now be eligible for a standard deduction of Rs 52,500 under the new tax regime. Currently, the standard deduction is Rs 50,000 in the old regime and max deduction for professional tax is Rs 2,500., Personal Finance News, Times Now Web11 hours ago · Joe Biden breaks down during chance meeting The US president shed tears meeting the priest who gave his late son Beau the last rites By James Crisp, Europe Editor, in Ballina 14 April 2024 • 10:21pm dr shore armani mclean virginia
What Deductions Can Salaried Employees Avail While Filing …
WebIncome tax calculation for the Salaried. Income from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance. ... Standard Deduction-50,000: 50,000: 50,000: Gross Total Income from Salary: 16,50,000: 20,22,000: To calculate Income tax, include income from all sources. WebSection 80C is one of the most popular deductions that salaried individuals usually claim to save tax. A maximum deduction of Rs 1.5 lakh is available under Section 80C is one of the most popular deductions that salaried individuals usually claim to save tax. A maximum deduction of Rs 1.5 lakh is available under section 80C against specified investments and … Web22 hours ago · 3. Standard deduction under new tax regime With the new tax regime, the standard deduction benefit is now available to salaried individuals and retirees (including … colorful sailor moon hoodie