Standard Deduction In Income Tax Ay 2024-24

Standard Deduction In Income Tax Ay 2024-24. 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. The standard deduction for salaried employees is a flat ₹50,000 from total income under the head salary.

It covers the specifics of income tax such as taxes levied, types of taxpayers, income classifications, tax slabs, old and new tax regimes, exemptions, computation of. Standard deduction limit for salaried and pensioners hiked to rs 75,000 from rs 50,000.