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Professional tax deduction under new regime

Webb10 apr. 2024 · Standard deduction has been introduced under the new tax regime as well which is a positive move. Earlier, it used to be only in the regular regime or the old regime. ... Under both the regimes, you are entitled to a standard deduction of Rs 50,000. You are allowed a deduction of professional tax of Rs 2,400 under the old tax regime. Webb12 apr. 2024 · The deduction under the new tax regime for gratuity in a lifetime is Rs 20 lakhs for non-government employees. If taxpayers have opted for voluntary retirement, then monetary benefits are eligible for tax exemption. The maximum limit is up to Rs 5 lakh in both the current and the new tax structure.

Section 16- Standard Deduction, Entertainment Allowance, Profession Tax

Webb9 apr. 2024 · Professional tax is not allowed for deduction under the new tax regime. Under the new tax regime which is applicable for the financial year 2024-21, some of the components of your salary such as house rent allowance (HRA), medical allowance, leave travel allowance (LTA), etc, will not be of any help in reducing your taxable income. Webb1 feb. 2024 · Individuals opting to pay tax under the new lower personal income tax regime will have to forgo almost all tax breaks that they were claiming in the old tax structure. The important tax breaks that will not be available under the new tax regime include Section 80C (Investments in PF, NPS, Life insurance premium, home loan principal repayment … crescent head tavern pizza https://bbmjackson.org

New Income Tax Regime 2024: Tax deduction to claim under new …

Webb13 feb. 2024 · IT Department Clarification: The Ministry of Finance issued a clarification on April 13th, 2024 regarding TDS deduction by employers with res pect to the provisions of Section 115BAC.It states that salaried individuals should inform the employer, if they are planning to opt for the new income tax regime u/s 115 BAC, so that the employer can … Webb1 feb. 2024 · Salaried taxpayers are now eligible for the standard deduction of Rs. 50,000 under new tax regime from FY 2024-24. Standard Deduction – Union Budget 2024 The Finance Minister Jaitley introduced Standard Deduction of Rs. 40,000 in Budget 2024, giving the salaried class something to rejoice about. Webb6 juni 2024 · Where the employee opts for new tax regime then the employee has to forgo some of the tax concessions under the existing income tax act, whereas if the employee opts for old tax regime then he will get the benefits of deduction under the income tax act. crescent health centre

Section 80C deduction - New income tax regime vs old tax regime …

Category:Old Tax Regime Vs. New Tax Regime: Which Is Better In 2024?

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Professional tax deduction under new regime

Tax deductions, exemptions not available in new tax regime

Webb2 jan. 2024 · The exemptions and deductions in the Old Regime are not available in the New one. The only benefit allowed under the New Tax Regime is the standard deduction of Rs 50,000, also available in the Old Regime. If the taxable income (after all deductions) under the old regime is below Rs 5 lakh, then the individual doesn’t need to pay any tax. Webb11 apr. 2024 · “Under the new regime, which will be the default regime from FY23-24, deductions will not be allowed under chapter VIA of the income-tax act’1961 such as deduction for donations made to ...

Professional tax deduction under new regime

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Webb20 juli 2024 · The new tax regime, however, continues to retain various income components that fall outside the purview of taxability. Let’s take a detailed look at what these are. 1. Interest from post office savings account. The interest earned on post office savings is exempt under section 10 (15) (i) of the Income Tax Act. Webb1 feb. 2024 · According to the announcement 5 income tax slabs will be in Financial Year 2024-24 from 6 income tax slabs currently. Under the new tax regime from the current income level of Rs. 5 lakh to Rs. 7 lakh. Thus individuals opting for the new income tax regime and having an income upto Rs. 7 lakh will not pay any taxes.

WebbHere is the list of exemptions and deductions that taxpayers cannot claim under the new tax regime: Standard deduction of ₹ 50,000 (applicable for salaried taxpayers) House rent allowance, based on the rent payments and salary structure. The professional tax of ₹ 2,500. Leave travel allowance. Webb10 feb. 2024 · Tax experts have also confirmed this. Aarti Raote, Partner at Deloitte India was quoted in Business Line report saying, “Under the new tax regime, taxpayers who own a house that is rented out will be able to claim deduction on the interest they pay for buying that house against the rental income.”. The usual standard deduction of 30 per ...

Webb8 feb. 2024 · Standard Deduction and Family Pension Deduction: Salary income: The standard deduction of ₹50,000, which was only available under the old regime, has now been extended to the new tax regime as well. This, along with the rebate, makes ₹7.5 lakhs as your tax-free income under the new regime. WebbEmployees may also claim a deduction under the new tax regime, under Section 80C, for their portion of EPF contributions, up to a total of Rs 1.5 lakh. With Section 80C reduction of Rs. 1.5 lakh and Section 80CCD (1b) reduction of Rs. 50,000, the maximum tax deduction requested in employer additions to NPS accounts is 10% of the pay (Basic + DA).

Webb23 feb. 2024 · As, the old tax regime provides deductions and no tax on income up to INR 5 lakh. Here’s how the old tax regime differs from the new and what you must choose for as a taxpayer. For an individual ...

WebbHowever, if an individual opts for the new tax regime, then he/she cannot claim the above-mentioned deductions and tax exemptions to save income tax. The only deduction that is allowed under the new income regime in FY 2024-23 is Section 80CCD(2). This deduction is linked to the employer's contribution to the employee's NPS account. bucky\\u0027s truck stop alabamaWebb27 maj 2024 · Tax Deductions and Exemptions not allowed in the new tax structure Section 80C – The most popular tax deduction under Section 80C of up to ₹1.5 Lakh is not applicable in the new tax structure. This means that any profits made from investments such as Life Insurance, PPF, School tuition fees, ELSS, PF etc. is not applicable. crescent heights arena prince albertWebb5 apr. 2024 · In FY24, those who opt to stay in the new tax regime will also get the standard deduction of Rs 50,000 under section 16 (IA) of the Income-tax Act 1961. Until FY23, the standard deduction was only ... crescent head things to doWebbFör 1 dag sedan · 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 ... crescent head to sydneyWebb10 apr. 2024 · 7) There are six income slabs now in the new regime with the increased basic exemption limit to Rs 3 lakhs from the previous limit of Rs 2.5 lakhs. In addition, the maximum rate of surcharge is... crescent heights auto serviceWebb#caintertaxation #csexecutivetax #salarydeductions #incometax #waytosavemoresalaryWhat is Salary Deduction under income tax All About? Salary head Income... crescent health baton rouge laWebb2 feb. 2024 · Income Tax Deductions & Exemptions allowed under New Tax Regime AY 2024-22 Section 80CCD(2) Employer contribution on account of employee in notified pension schemes like EPF, NPS and/or Super Annuation Account … crescent heights assisted living concord