Web11 apr. 2024 · Salaried individual taxpayers with total income of upto Rs. 7,50,000 may opt for the new tax regime u/s 115BAC of the IT Act and claim the benefit of ... Employee’s contribution to NPS up ... WebStandard Deduction and Family Pension Deduction: Salary income: The standard deduction of ₹50,000, which was only available under the old regime, has now been extended to …
NPS contribution: Rules under the new tax regime explained
Web6 apr. 2024 · Updated: 06 Apr 2024, 07:25 PM IST Vipul Das. In accordance with Section 80C of the Income Tax Act, NPS Tier 1 accounts are eligible for a deduction of up to ₹ 1.5 lakh from taxable income and ... Web30 mrt. 2024 · Investing in NPS Tier I offers three tax deductions: Deduction of up to Rs 1.5 lakh from taxable income under Section 80C. Additional deduction of up to Rs 50,000 under Section 80CCD (1B) of the Income Tax Act, exclusively available through NPS … mix of rock
How should you manage your NPS Tier 1 account under the new tax regime ...
Web15 feb. 2024 · In the new income tax regime, there are now seven tax slabs If their organizations allow, employees can opt to restructure their salary structure to opt for this tax deduction If you opt... Web12 apr. 2024 · The deduction under the new tax regime for gratuity in a lifetime is Rs 20 lakhs for non-government employees. If taxpayers have opted for voluntary retirement, then monetary benefits are eligible for tax exemption. The maximum limit is up to Rs 5 lakh in both the current and the new tax structure. Web3 feb. 2024 · "NPS deduction of 10 per cent from employer is the only tax benefit in the new tax regime because section 80CCD (2) has been kept independent. Employees with Rs 15 lakh salary may prefer opting ... mix of six