Articles for Standard Deduction

Union Budget 2024: Top 5 takeaways for salaried persons, job seekers
4 months, 4 weeks ago

Union Budget 2024: Top 5 takeaways for salaried persons, job seekers

Hindustan Times  

Budget 2024: Finance minister Nirmala Sitharaman on Tuesday presented the Union Budget 2024-25 during the Monsoon Session of Parliament. Union finance minister Nirmala Sitharaman presents the Union Budget 2024-25 in Lok Sabha in New Delhi on July 23. Hike in standard deduction In the budget, finance minister Nirmala Sitharaman announced an increase in the standard deduction for salaried employees from …

Finance Tax Budget Union 2024 Minister Lakh
Revised income tax slab rates, Budget 2024: Salaried individuals stand to save up to ₹17,500, standard deductions hiked
5 months ago

Revised income tax slab rates, Budget 2024: Salaried individuals stand to save up to ₹17,500, standard deductions hiked

The Hindu  

Altering the structure for taxation of income under the new regime, Finance Minister Nirmala Sitharaman on Tuesday revised the tax slabs whilst retaining the erstwhile corresponding tax rates other than increasing the standard deductions. The two measures combined, she stated, would provide relief to “about four crore salaried individuals and pensioners.” More under new regime According to Deepashree Shetty, Partner …

Finance Tax Income Lakh Regime Individuals Stand
Budget 2024: Income tax slabs changed, standard deduction increased. Read details
5 months ago

Budget 2024: Income tax slabs changed, standard deduction increased. Read details

Op India  

On Tuesday, Finance Minister Nirmala Sitharaman presented the Annual Financial Statement before the Lok Sabha. The Finance Minister has given relief to taxpayers who choose to opt for the New Tax regime as the tax slabs have been revised and the Standard deduction limit has been increased from Rs 50,000 to Rs 75,000. Personal Income Tax: The Union Finance Minister …

Finance Tax Income Tax Income Lakh Regime Sitharaman
Budget 2024 Boost To New Tax Regime: Standard Deduction Raised To Rs 75k From Rs 50k
5 months ago

Budget 2024 Boost To New Tax Regime: Standard Deduction Raised To Rs 75k From Rs 50k

News 18  

Finance Minister Nirmala Sitharaman on Tuesday announced to increase standard deduction limit to Rs 75,000 under the new tax regime, compared with Rs 50,000 earlier. Presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will come out with SoP for TDS defaults and simplify and rationalise compounding of such offences. More than two-thirds of individuals …

Tax Budget 2024 Live Updates Union Budget Standard Deduction
How middle class pays more taxes than corporates, and gets ignored too
5 months ago

How middle class pays more taxes than corporates, and gets ignored too

India Today  

Read Full Budget 2024 Coverage The middle class, the tax-paying population of India, stares at the face of the government every time the Budget day approaches. Revenue Receipts 2019-2020 2021-2022 2022-2023 2023-2024 2024-2025 Corporate Tax 556,876 712,037 825,834 922,675 1,042,830 Income Tax 492,654 696,243 833,260 1,022,325 1,156,000 Source: Government of India data The taxes were reduced to boost capital expenditure, …

Finance India Population Corporate Tax Taxes Budget
Union Budget 2024: 6 new changes to income tax that the new budget may bring
5 months ago

Union Budget 2024: 6 new changes to income tax that the new budget may bring

Hindustan Times  

As the Union Budget 2024 is scheduled to be presented on July 23 by Finance Minister Nirmala Sitharaman, there are expectations of multiple changes in income tax, including changes in tax slabs, a potential hike for standard deduction, and increased exemptions. The current slabs for the new tax regime are as follows: Up to ₹3 lakh: NIL ₹3-6 lakh: 5% …

Tax Budget Income Tax Changes Union Income 2024
Budget 2024: Taxpayers, you can expect these 6 income tax benefits on July 23
5 months ago

Budget 2024: Taxpayers, you can expect these 6 income tax benefits on July 23

Hindustan Times  

Finance minister Nirmala Sitharaman is set to present the Union Budget on July 23. Taxpayers are expecting a potential hike in standard deduction, relief in income tax rates and an increase in Section 80C exemptions in the Budget. Experts believe that adjustments to income tax slab rates could be seen in the Budget as the Finance Minister might announce tax …

Finance Tax Budget Income Rate Standard Deduction Section 80C
Should you itemize or take a standard deduction on your tax return? Here’s what to know
8 months, 2 weeks ago

Should you itemize or take a standard deduction on your tax return? Here’s what to know

Associated Press  

NEW YORK — When tackling your taxes, it can sometimes be hard to figure out whether to opt for a standard deduction or itemize. However, if the taxpayer’s total itemized deductions are greater than their standard deduction, they must itemize,” says Kathy Pickering, chief tax officer at H&R Block. “One situation where it may be beneficial to itemize is when …

Business Expenses Tax Taxes Hall Standard Deduction
Interim Budget 2024: Will standard deduction of Rs 50,000 get a hike?
11 months, 1 week ago

Interim Budget 2024: Will standard deduction of Rs 50,000 get a hike?

India Today  

The Interim Budget 2024 is just around the corner and the middle-class taxpayers are holding their breath, hopeful for some relief in the form of income tax concessions. A report from Anand Rathi talks about how a higher standard deduction is needed for salaried taxpayers to ease taxes for middle and lower-income groups without many investment options. Standard Deduction over …

Tax Budget Medical Expenses Income Increase Gst Standard
New income tax regime: How to save tax if annual income is above ₹7 lakh?
1 year, 10 months ago

New income tax regime: How to save tax if annual income is above ₹7 lakh?

Live Mint  

New income tax regime: In the union budget 2023, finance minister Nirmala Sitharaman made some changes in the new income tax regime to make it more attractive for a taxpayer going to file income tax return in the financial year 2023-24. Speaking on the new income tax regime, Pankaj Mathpal, MD & CEO at Optima Money Managers said, "Section 87A …

Tax Income Regime Annual Claim Taxpayer New Tax Regime
Annual income above Rs 10 lakh? Find out which income tax regime suits you better
1 year, 10 months ago

Annual income above Rs 10 lakh? Find out which income tax regime suits you better

India Today  

The Union Budget 2023 came up with a big boost for taxpayers. The following proposals have been made for the new tax regime to reduce the burden on taxpayers: Rebate under Section 87A can be claimed by people with annual income up to Rs 7 lakh No tax for income up to Rs 3 lakh Highest surcharge rate reduced from …

Tax Income Tax Income Lakh Deduction Rs 10 Lakh Standard Deduction
Rebate Limit, New Income Slabs, Standard Deduction — Understanding What Taxpayers Have In Budget 2023
1 year, 10 months ago

Rebate Limit, New Income Slabs, Standard Deduction — Understanding What Taxpayers Have In Budget 2023

ABP News  

Finance Minister Nirmala Sitharaman presented Narendra Modi government’s last full Budget announcing a host of concessions for the middle class as expected. The six key announcements pertaining to personal income tax in the Budget are: Individuals earning up to Rs 7 lakh per annum will not have to pay any tax, under the new tax regime. Old tax regime still …

Tax Taxes Budget Income Home Loan Old Lakh
From New Personal Tax Slabs, Standard Deduction to Rebate, What Sitharaman's Budget Means for You
1 year, 10 months ago

From New Personal Tax Slabs, Standard Deduction to Rebate, What Sitharaman's Budget Means for You

News 18  

The Narendra Modi Sarkar on Wednesday set the tone for the 2024 Lok Sabha elections as it gave the salaried class reason to cheer by announcing Income Tax relief — with the disclaimer that it was only applicable for those who had opted for the new tax regime. For the “hard-working middle class”, Finance Minister Nirmala Sitharaman announced rebate, saying: …

Budget Income Tax Pay Lakh Regime Sitharaman 20 Per Cent
Union Budget 2023: 'Halwa Ceremony' held at Finance Ministry | Reason behind customary event
1 year, 10 months ago

Union Budget 2023: 'Halwa Ceremony' held at Finance Ministry | Reason behind customary event

India TV News  

Union Budget 2023: The customary 'Halwa Ceremony' was held at Finance Ministry to mark the beginning of printing of documents relating to Union Budget 2023-24 in presence of Union Finance Minister Nirmala Sitharaman, Union MoS for Finance Dr Bhagwat Kishanrao Karad and senior officials of the ministry. Finance Ministry contemplating sops to benefit country's middle class The finance ministry is …

Finance Insurance Tax Budget Union Life Insurance Middle
Income Tax Slab AY 22-23: Old or New, Which Tax Regime Should you Choose for ITR FY22?
2 years, 5 months ago

Income Tax Slab AY 22-23: Old or New, Which Tax Regime Should you Choose for ITR FY22?

News 18  

Individuals who do not need to audit their income accounts, must file income tax return or ITR for the assessment year 2022-23 by July 31, 2022. At present, there are two income tax regimes available for taxpayers — old income tax regime, new or concessional income tax regime. Income tax slabs under old income tax regime vs new income tax …

Income Tax Cent Lakh Regime Deductions Rs 10 Lakh Hra
The big hopes from the Union budget
2 years, 10 months ago

The big hopes from the Union budget

Live Mint  

Finance Minister Nirmala Sitharaman will present the Union budget today. Markets will watch for announcements around disinvestment, tax compliance, ease of doing business, support for micro, small and medium enterprises, and the rural economy. To boost rural earnings and demand, farmers and those living in rural areas expect increased allocation under the rural jobs scheme, and bigger direct cash transfers. …

Budget Expect Standard Deduction Tax Compliance
Union Budget expected to focus on increase in limits for basic tax exemption, standard deduction
2 years, 10 months ago

Union Budget expected to focus on increase in limits for basic tax exemption, standard deduction

India TV News  

The Union Budget is expected to focus on employment generation, increase in limits for basic tax exemption, standard deduction, medical expenses, rationalisation of tax rates and certain social security investments. However, considering the rising inflation and cost of living, there is a need to increase such standard deduction for the salaried personnel from Rs 50,000 to Rs 60,000 in case …

Tax Increase Deduction Limit Exemption Union Budget Standard Deduction
Budget 2022: Will Govt Increase Standard Deduction to Rs 1 Lakh to Help the Salaried?
2 years, 11 months ago

Budget 2022: Will Govt Increase Standard Deduction to Rs 1 Lakh to Help the Salaried?

News 18  

Budget Predictions: The Budget session this year is set to kick in and the salaried class in India stares at the date in anticipation of a number of changes that are going to affect their personal lives. The government, according to reports, is mulling a hike in the standard deduction limit, which is available to salaried employees and pensioners by …

Tax Budget Employees Medical Expenses Increase Standard Deduction
Union Budget 2022-23: Standard deduction limit for income tax may increase. Check details
2 years, 11 months ago

Union Budget 2022-23: Standard deduction limit for income tax may increase. Check details

India Today  

It’s that time of the year when citizens are anxiously waiting for annual budget announcements, especially the ones related to income tax. As taxpayers remain hopeful about some announcements in the upcoming budget, it has come to light that the government is holding discussions to increase the limit of standard deduction from the existing Rs 50,000. The standard deduction limit …

Tax Income Tax Income Increase Standard Deduction Limit
Freelanced along with a job? You can still claim ₹50,000 standard deduction
3 years, 2 months ago

Freelanced along with a job? You can still claim ₹50,000 standard deduction

Live Mint  

Outbreak of covid-19 pandemic last year resulted in job losses across sectors. We answer three important questions related to freelance income tax filing as you get ready to file your ITR. However, if you have worked a full-time job, you can claim the standard deduction for the salary income. Even if someone has had a job for one month in …

Job Salary Income Batra Itr Claim Deduction
Old income tax regime vs New: Which one you should opt for?
3 years, 7 months ago

Old income tax regime vs New: Which one you should opt for?

Live Mint  

The ITR filing season has set in. This is the first year to choose, between the old tax regime with deductions and exemption and new tax regime without deductions and exemption but with lower slab rates, while filing your ITR. If you wish to opt for the new tax regime you have to forgo various tax deductions and exemptions otherwise …

Benefits Tax Loan Income Home Loan Old Lakh
Union Budget 2021 | Income tax calculator
3 years, 10 months ago

Union Budget 2021 | Income tax calculator

The Hindu  

Without making any changes to the personal income tax slab, the Union Budget 2021- 22 has provided relief to senior citizens in the filing of I-T returns; reduced the time limit for I-T proceedings; announced the setting-up of a Dispute Resolution Committee and faceless Income Tax Appellate Tribunal proceedings; provided relaxations for Non-Resident Indians ; offered an increase in the …

Tax Income Surcharge Interest Fixed Deposits Provident Fund Public Provident Fund
Union Budget 2021: Finance Ministry May Give Relief Up to Rs 80,000 in Total Tax Liability to Encourage Spending
3 years, 10 months ago

Union Budget 2021: Finance Ministry May Give Relief Up to Rs 80,000 in Total Tax Liability to Encourage Spending

News 18  

In order to put more money in the hands of the tax payer, the Finance Ministry is likely to provide tax relief of up to Rs 80,000 per annum in total tax liability. Sources informed CNBC-TV18 that on the basis of discussion during budget exercise there is strong possibility income tax payers may get relief between Rs 50,000 to Rs …

Budget Income Tax Relief Cent Lakh Standard Deduction Total Tax Liability
Income Tax Relief on Cards? Standard Deduction Limit May be Increased in Budget 2021, Say Experts
3 years, 10 months ago

Income Tax Relief on Cards? Standard Deduction Limit May be Increased in Budget 2021, Say Experts

News 18  

Experts have said that the standard deduction limit for salaried middle class taxpayers may be increased in the upcoming Union Budget in view of the coronavirus pandemic. The Federation of Indian Chambers of Commerce & Industry was quoted as saying in a Livemint report that the standard deduction for salaried employees should be increased to Rs 1 lakh. The Confederation …

Income Tax Standard Deduction Report Quoted