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INCOME TAX EXCEL PROGRAMME FY 2024-25

From FY 2023-24 on words those who opted Old Regime after due date [ 31st July ] automatically converted into New Regime.
Those who opted New Regime after due date late fee of Rs.5,000, which shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.

Section 16(ia) of Income Tax Act

Under Section 16(ia) there is a standard deduction of Rs. 75000 (the amount of the salary, whichever is less) has been provided for FY 2024-25.

Under Section 16(ia) there is a standard deduction of Rs. 50000 (the amount of the salary, whichever is less) has been provided for FY 2023-24.

The standard deduction for family pensioner is Rs. 15,000.

It is re-introduced during the FY 2018-19. The Standard Deduction is Rs. 40,000 in the FY 2018-19. It replaced the transport allowance Rs. 19200 and medical reimbursement of Rs. 15,000 per annum.

The Standard Deduction is Rs. 50,000 from the FY 2019-20.

This deduction can be claimed by all salaried employees irrespective of category and need of any investment.

It is applicable only Old Regime from FY 2018-19 to FY 2022-23.

It is applicable both Old and New Regimes in the FY 2023-24.

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