The new tax regime, introduced in 2020 and made the default system in 2023, has often been perceived as offering fewer exemptions. However, contrary to this belief, several deductions and ...

Not only this, if you are employed, then with the standard deduction, you will not have to pay any tax on income up to Rs 12.75 thousand. But the tax will start being levied on income above that.

Therefore, one has to opt for the old tax regime in case they want to avail one or more tax deductions and exemptions. The last date to file income tax return for financial year 2023-24 is July 31.

Federal Income Tax Exemptions Standard Deduction . The standard deduction is a set amount that reduces your taxable income, meaning you pay taxes on less income.

Budget 2025 income tax expectations: Standard deduction under the new income tax regime was hiked to Rs 75,000 from Rs 50,000 last year. Experts are of the view that in the absence of major tax ...