Your home loan provides you a way to streamline your tax deductions. With it, you can get a large deduction of up to Rs 3.5 lakh under 80C and 24B. If you can hit the Rs 1.5 lakh limit under 80C with your principal paid, you don’t need additional tax-saving investments — and, therefore, you can also avoid the … Zobacz więcej The old regime with its higher tax rates is for those committed to various tax-saving measures. A home loan is one of the easiest ways to get sizeable tax deductions. All … Zobacz więcej To simplify the decision making process of the old versus new regime, you can apply the 20 per cent formula. Check if all your tax deductions combined are 20 per cent of your income. … Zobacz więcej At higher levels of income — let’s say upwards of Rs 20 lakh — the caps on deductions may make it difficult to reach the 20 per cent mark. Even home loan deductions … Zobacz więcej WitrynaHere is the list of exemptions and deductions that taxpayers cannot claim under the new tax regime: Standard deduction of ₹ 50,000 (applicable for salaried taxpayers) House rent allowance, based on the rent payments and salary structure. The professional tax of ₹ 2,500. Leave travel allowance.
You Can Take This Tax Benefit Even Under The New Tax Regime …
Witryna11 kwi 2024 · “Under the new regime, which will be the default regime from FY23-24, deductions will not be allowed under chapter VIA of the income-tax act’1961 such as … Witryna10 kwi 2024 · 1. It is mandatory for employees to choose a tax regime option between the old and new regimes. As New Tax Regime has become the default option from FY 2024-24, not declaring your choice now will ... git view file in another branch
Old Tax Regime Vs. New Tax Regime: Which Is Better In 2024?
Witryna26 lut 2024 · The FM proposed to change the tax structure in the new regime by reducing the number of slabs to five and raising the tax exemption limit to ₹ 3 lakh, as well as lowering the surcharge rate from ... Witryna23 lut 2024 · The new tax regime has rationalized the scope of taxation with five tax slab rates ranging from 0% to 30% with the income till INR 3 lakh exempt from tax … Witryna27 lut 2024 · Updated: 27-02-2024 10:57:28 AM. The Government of India offers home loan tax benefits of up to Rs 5. lakh to individuals – deduction of up to Rs. 1.5 lakh on principal repayment under Section 80C and up to Rs. 2 lakh on interest payment under Section 24 (b). To boost affordable housing segment, the government also introduced … furniture store near washington pa