SEARCHED FOR:STANDARD DEDUCTION
Deductions, exemptions not available in proposed new tax regime
All deductions under chapter VIA will not be claimable by those opting for the new tax regime, as per Budget 2020.
New tax regime allows deduction of interest on home loan on rental property
In the new tax regime, there is good news for individuals who hav...
Comparison of new income tax regime with old tax regime
The new income tax regime offers concessional tax rates vis-à-vis tax rates in the ex...
How to save tax without fresh investments in FY 2019-20
A taxpayer may be having liquidity issues and as such, not be in a position to make further investments in tax saving instruments. For such taxpayers, there are certain expenditures, which are also eligible for a deduction in the financial year 2019-20.
Claim over Rs 2.5 lakh tax deduction? Don’t opt for new income tax regime
If you wish to opt for the new tax regime, you will have to inform your employer through the declaration form. The employer will start deducting tax at source (TDS) accordingly for each month. Find out which tax option suits you.
New income tax slabs: Will you gain by switching to new regime?
Budget 2020 had proposed an alternate income tax structure, which has come into effect fro April 1, 2020. Find out whether you will benefit or not.
Will proposed new income tax slabs rates benefit senior citizens? Here’s the answer
The proposed new tax structure does not offer higher tax exemption limit for senior citizens.
Income tax break that individuals can still claim in new personal income tax regime
Most of the commonly available deductions such as section 80C, 80D, standard deduction etc. have been proposed to be removed but here is one tax benefit that can still be claimed by you under the new tax regime.
90% taxpayers claimed less than Rs 2 lakh deductions in FY19: Govt
Income Tax Act offers deductions under section 80C - provident funds, life insurance premium, home loan principal repayment etc., health insurance premium under section 80D, additional Rs 50,000 dedution in NPS under section 80CCD (1B) etc.
Tax queries: Exemptions, deductions you will not get in new income tax regime
Every week, an expert selected by ET answers queries from our readers on income tax and other levies.
Does pension from EPFO qualify for standard deduction?
"The pension received from EPFO is taxable under the head salary and it will qualify for the standard deduction. "
Individuals earning salary of over Rs 13 lakh a year to save under new tax regime
As per data, as many as 5.3 crore taxpayers out of 5.78 crore claimed deductions of less than Rs 2 lakh (standard deduction, provident fund, home loan interest, contribution to national pension scheme, life insurance, medical insurance etc.) while filing income tax returns. This means that about 90 per cent of taxpayers actually claim deduction of less than Rs 2 lakh.
Can you choose between existing income tax regime and new optional regime every year?
Budget 2020 has given taxpayers an option to continue with existing tax regime or opt for the new proposed tax regime by forgoing exemptions. The question arises whether a taxpayer can pick and choose between the two tax regimes every financial year.
Impact of proposed new income tax rates on a Rs 15 lakh salary
If an individual earning Rs 15 lakh is wondering which tax structure will be more beneficial, then he/she can figure out the same by calculating the total amount of deductions that he/she is claiming in a financial year.
Budget 2020 should cut income tax slabs, offer tax breaks to boost investment: EY
The Indian economy is growing at around 5 per cent in FY 2019-20, which is the lowest in the past 11 years.