What Will Be The Standard Deduction For 2025. · the standard deduction will be cut roughly in half, the personal exemption will return while the child tax credit (ctc) will be cut. This deduction has been available for many years.
In the 2023 budget, the finance minister introduced a standard deduction of rs 50,000 for salaried taxpayers and pensioners under the new regime, which became the default unless opted out. Deduction under section 80jjaa for new employees.
The Standard Deduction Is A Flat Deduction Of Rs.
A standard deduction of rs 50,000 was introduced under the new regime for salaried and individuals who get pensions.
50,000 On The Taxable Income Of Salaried Employees And Pensioners, Irrespective Of Their Earnings.
The old income tax regime.
What Will Be The Standard Deduction For 2025 Images References :
Such As Allowing Standard Deduction, Higher Basic Exemption Limit Of Rs 3 Lakh (As Against Rs 2.5 Lakh In The Old Regime), Wider Tax Slabs, Reduced Surcharge From.
Standard deduction of 50,000 to salaried individual, and deduction from family pension up to 15,000, is currently allowed only under the old regime.
Taxpayers Can Claim Deductions For Investments Made In The Notified Pension Scheme Under Section 80Ccd.