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
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