Web1 day ago · Old vs new tax regime: ... Section 80TTA etc. are not allowed under the new income tax regime. Only a standard deduction of Rs 50,000 has been included from this year. ... Web19 hours ago · 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 …
Old or New Tax Regime? 10 tips to choose which tax regime suits …
WebMar 23, 2024 · The old tax regime allows deductions or exemptions based on certain investments like ELSS (Equity Linked Saving Scheme), PPF ( Public Provident Fund), NPF (National Pension Scheme) etc., under section 80C, which is quite a famous Income Tax Act. There were 70 tax exemptions in the old scheme, which are no longer a part of the new … WebFeb 1, 2024 · So, a deduction, which is reduction of the taxable income, is available in the new tax regime too. Change Of Slabs. The old tax regime has three slabs with a rate of 5%, 20% and 30%, respectively, where the Rs 5 to 10 lakh slab has 20%, and the highest tax slab starts after Rs 10 lakh. go wolf\u0027s-head
Opted for new income tax regime? Here’s how you can save more
WebMar 22, 2024 · Effective from FY 2024-21, an individual has the option to continue with the existing/old income tax regime and avail existing tax deductions and exemptions, ... Do note that an individual opting for the new tax regime is eligible to claim deduction under section 80CCD (2) of the Income-tax Act, 1961. Web2. Increase in basic exemption amount under new tax regime. The basic exemption level has increased as a result of adjustments made to the income tax slabs under the new tax system. The basic ... WebMar 6, 2024 · 3.Section 80TTA provides deduction for an individual or an HUF of maximum Rs.10,000 against interest income from savings account with a bank, co-operative society … children who died on the titanic