2024 Professional tax deduction under new regime

Professional tax deduction under new regime

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August undefined, 2024

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. Webb30 sep. 2024 · It provides for a flat deduction of Rs 40,000. Later in the Interim Budget 2024, the deduction amount of Rs 40,000 was increased to Rs 50,000. Hence the deduction for FY 2024-19 was Rs 40,000 and from FY 2024-20 the deduction will be Rs 50,000. The standard deduction is also available to pensioners.

New Tax Regime 2024-24: Three Deductions can be claimed

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. Webb#caintertaxation #csexecutivetax #salarydeductions #incometax #waytosavemoresalaryWhat is Salary Deduction under income tax All About? Salary head Income... mc stan pics

CA Harish P Devda บน LinkedIn: Circular TDS new regime

Webb2 feb. 2024 · However, in Budget 2024 it was announced that the standard deduction benefit of Rs.50,000 will be available for the salaried and pensioners under the new tax regime. Similarly, family pensioners can claim deduction of Rs.15,000 under the new income tax regime. Webb5 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 ... Webb5 feb. 2024 · Deduction phased out under new regime u/s 115BAC as per Budget 2024. 1. Section 10 (5) – Leave travel concession applicable for salaried employee. 2. Section 10 (13A) – House Rent allowance applicable for salaried employee. Section 10 (14) – Certain allowances applicable for salaried employee. life is strange subtitles not working

You can claim this NPS tax benefit under the new income tax rates

Income Tax Calculator: Calculate income tax online for FY 2024-23 & Tax …

Webbför 20 timmar 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 hiked to Rs 7 lakh from Rs 5 lakh under the new tax regime. The rebate benefit will be up to Rs 25,000, provided income doesn't exceed the … Webb27 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. life is strange study musicWebb15 feb. 2024 · Deductions in new regime: Standard deduction for salaried individuals up to Rs 50,000 Standard deduction on such pension: ₹15,000 or 1/3rd of pension, whichever is lower. Interest on Home Loan u/s 24b on: Let-out property Employer's contribution to NPS All contributions to Agniveer Corpus Fund ... life is strange sucks

"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 … " - Professional tax deduction under new regime

Professional tax deduction under new regime

Webb10 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... Webb7 feb. 2024 · With effect from the financial year 2024–21, the New Tax Regime (NTR), also known as the simplified personal tax regime, was implemented. Although the tax rates were lower under this regime, none of the exemptions or deductions existed outside of the deduction for employer contributions to the NPS.

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Webb17 dec. 2024 · The Standard Deduction of Rs 40,000 was first made available in Budget 2024 (FY 2024-19 / AY 2024-20). It replaced the transport allowance Rs. 19,200 and medical reimbursement of Rs. 15,000 per annum. The Finance Bill 2024-20 had increased this deduction to Rs 50,000 for all salaried employees & pensioners. 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 ...

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... Webb26 juni 2024 · List of deductions that cannot be claimed under New Tax Regime – 1. Deductions and/or exemptions in respect of allowances and perquisites like house rent allowance, professional tax, etc. 2. Deductions under Chapter VI A such as PF, PPF, Mediclaim, Repayment of housing loan, donations, etc. 3. Deductions under section 35 / …

Webbför 14 timmar sedan · Some of the popular tax exemptions/deductions which are not allowed under the new tax regime include (a) Leave Travel Concession(b) House Rent Allowance (c) Children’s Education Allowance (d) Deduction for Professional Tax(e) Interest on Housing Loan (f) Perquisites & Allowances including food coupons (Sodexo … WebbThe new tax regime deduction allowed for government sector employees in this section is up to 14% of basic + dearness allowance under this subsection of Section 80CCD. EPF Contribution by Employer: Employer contribution to EPF (Employee Provident Fund) which is up to 12% of Basic + Dearness allowance is also exempt from tax under the new tax ...

WebbIndirect Tax Professional, Partner at Kumar & Associates, Chartered Accountants (ACA) 6d Edited

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. life is strange story summaryWebb3 feb. 2024 · The following is a list of tax deductions available in the new tax regime from 1st April 2024 (after the budget 2024 announcement). Family Pension: A deduction of 33.33% or Rs. 15000, whichever is less, is allowed from the family pension in the new tax regime from 1st April 2024. mc stan shemdiWebb13 juli 2024 · New tax regime requires taxpayer to forego exemptions and deductions which are listed down as follows: Standard deductione. Rs 50,000 u/s 16 of Income tax act; Deduction U/s 80C which is maximum 150,000. Deduction U/s 24 for interest on loan to a maximum of Rs 200,000/-Entertainment allowance and professional tax deduction for … mc stan shirtWebb2 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. mc stan shoe priceWebb1 feb. 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 life is strange succèsWebb1 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. life is strange strategy gamesWebb3 feb. 2024 · Budget 2024 proposes to make the following deductions available to eligible individuals under the new tax regime from April 1, … life is strange storm