Section 80CCD(2) allows tax deduction of up to 14% of basic salary invested in NPS, whilst the old tax regime offers 10%. According to an ET analysis, a salaried individual with Rs 13.7 lakh ...

You don't buy a house for the tax deductions. It's just a nice side benefit. And usually very much appreciated, considering all the extra expenses associated with homeownership. Here are eight tax ...

Imagine getting a salary bump, only to find that your tax ... For salaried individuals, once you account for the standard deduction, marginal relief applies to salaries up to ₹13.5 lakh.

If you think you need to file a return this year, maybe for the first time, you're likely wondering where to start.

Old Tax Regime: Offers greater flexibility with exemptions and deductions (e.g., HRA, LTA, etc.), but the tax rates are comparatively higher. New Tax Regime: Offers lower tax rates but with fewer ...

Currently, salaried persons and pensioners can claim a standard deduction of Rs 75,000 from salary and pension income, respectively, under the new tax regime. A family pensioner can avail benefit of ...

“Despite speculations, the standard deduction of Rs 75,000 from salary and pension income has not been increased in the Budget 2025. While the finance minister addressed the deduction amount, it was ...

Tax deductions can lower your amount of taxable income, while tax credits can reduce the amount of tax you owe. If you take some time to research them, you could save hundreds, if not thousands ...

The additional savings come from the ₹75,000 standard deduction and investments in the National Pension System (NPS). Under Section 80CCD(2), up to 14% of an employee's basic salary invested in NPS is ...

Income from Rs 2,50,001 to Rs 5,00,000: 5 per cent Income from Rs 5,00,001 to Rs 10,00,000: 20 per cent Section 80C: Deductions up to Rs 1,50,000 for investments in PPF, ELSS, and LIC premiums.

Let’s break it down with an example. For an annual income of Rs 13.5 lakh, assuming a 50% basic salary of Rs 6.75 lakh, an NPS contribution of Rs 94,500 (at 14%), and a standard deduction of Rs 75,000 ...

The maximum deduction you can claim for each eligible trip is the lowest of the following three amounts: If you take a trip that begins and ends in one year and you are reimbursed the following year, ...