Professional tax deduction in new tax regime
Webb12 apr. 2024 · April marks the beginning of a new financial year, which is when usually new income tax laws come into effect. For the financial year 2024-24, the government has … Webb2 feb. 2024 · Under the revised new tax regime, the individual will forego 70 deductions and tax exemptions, which includes HRA tax exemption, LTA tax exemption, deduction up to …
Professional tax deduction in new tax regime
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Webb10 apr. 2024 · In addition, the maximum rate of surcharge is 25 per cent in the new tax regime, whereas the maximum surcharge rate under the old regime was 37 per cent. The new regime seems to be more... Webb10 apr. 2024 · The Indian government has introduced a new tax regime that offers lower tax rates and a simplified tax structure. However, experts suggest that taxpayers should …
Webb10 feb. 2024 · The tax exemption limit has been raised from Rs. 2.5 lakhs to Rs. 3 lakhs in the new tax regime. Standard deduction of Rs. 50,000 extended to the new tax regime. Tax rebate will be applicable for taxable income under Rs. 7 lakhs, exempting taxpayers within this income from paying any taxes. Tax slabs have been revised as follows in the new … 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 …
Webb9 aug. 2024 · Treatment of House property Income under new Tax regime.. As per existing Tax regime the interest on loan for self-occupied property in deductible up to 2 lakh. but in case of New Tax regime Section-115(bac) cannot claim a deduction on interest for a housing loan. Also, can’t set-off the loss of ₹ 2 lakh from house property from your salary … Webb5 feb. 2024 · If you wish to opt for the new tax regime, these are the popular deductions that you will have to let go: Standard deduction of Rs 50,000. Most commonly claimed …
WebbFör 1 dag sedan · In case an employee does not intimate his/her employer about the preferred tax regime, then the employer would be required to deduct TDS from salary …
Webb6 apr. 2024 · There are six income slabs now in the new regime with the increased basic exemption limit to INR 3 lakhs from the previous limit of INR 2.5 lakhs. In addition, the maximum rate of surcharge is... cmha net applyWebb3 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 … cafe athena st augustineWebb1 juli 2024 · For instance, the standard deduction of ₹50,000, deduction on professional tax paid, leave travel allowance (LTA) ... This exemption can also continue to be availed under the new lower tax regime. cmhanet.com columbusWebb16 apr. 2024 · 1. Deduction for employee’s own contribution to NPS is allowed as deduction u/s 80CCD(1) to the maximum of 10% of salary. Further a deduction u/s … cmha niagara real workWebbFör 1 dag sedan · The new tax regime also offers a number of other benefits, including the standard deduction, no taxation on taxable income up to Rs. 7 lakh, a reduction in the … cmha new portalWebb15 feb. 2024 · As per Budget 2024, Salaried taxpayers are now eligible for standard deduction of Rs. 50,000/- under new tax regime also from Financial Year 2024-24. In this guide, let’s cover what salary deduction u/s 16 and other deductions are available on the pension income. cafe athens fort collins logoWebb1 feb. 2024 · Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500. Currently, the standard deduction is Rs 50,000 in old regime and max deduction for professional tax is Rs 2,500. Standard deduction is the amount that is not subject to tax, in addition to the basic exemption limit. cm handbal masculin 2023