Standard Deduction In Income Tax Ay 2024-24

Standard Deduction In Income Tax Ay 2024-24. Understanding the income tax slab rates and available deductions can significantly affect tax planning and overall financial health. Once the specified bank, as mentioned above, deducts tax for senior citizens above 75 years of age, there will be no requirement to furnish income tax returns by senior.

Make new tax regime the default tax regime for the assessee being an individual,. Standard deduction of rs 50,000 was introduced for salaried and pensioners under the new tax regime.