WitrynaEven if the article is written in 2024 still the deductions listed out are still applicable for FY 2024-20. However from FY 2024-21 taxpayers will have two tax schemes options one income tax old scheme and income tax new scheme out … Witryna6 kwi 2024 · The new tax regime, which was introduced in the 2024 Budget, is known as the 'Simplified Tax regime,' and offers reduced tax rates if the taxpayer is ready to …
How to decide which Income Tax Regime is good for you
Witryna26 cze 2024 · This can well be set-off on account of the loss of Standard Deduction of Rs 50,000 in the new tax regime. Also Read Deductions under Chapter VI A of … Witryna8 cze 2024 · If you stick to the old income tax regime, you can claim an exclusive deduction of Rs 50,000 under Section 80CCD (1B). However, this cannot be claimed if you switch to the new tax regime. Under the old tax regime, this extra Rs 50,000 tax deduction is in addition to the Rs 1.5 lakh allowed under Section 80CCD (1) for … how much is mrbeast worth
How to optimise tax savings under the new tax regime in FY24?
Witryna13 lip 2024 · Deduction U/s 24 for interest on loan to a maximum of Rs 200,000/-. Entertainment allowance and professional tax deduction for Govt. employees U/s 16 (ii) Leave travel allowance. House rent allowance depending on salary structure and rent paid. Medical insurance premium: Rs 25,000 and Rs 50,000 for parents and senior … Witryna12 kwi 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 … Witryna3 lut 2024 · New income tax regime will now be the default regime but taxpayers have an option to choose old regime; Standard deduction of Rs 50,000 to salaried individual, and deduction from family pension up ... how much is mri with insurance