Income Tax budget 2023: all lie! Three deductions can be availed in the new tax regime system; See which one...
By Lokmat English Desk | Published: February 5, 2023 10:00 AM2023-02-05T10:00:00+5:302023-02-05T10:00:00+5:30
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The budget of the country was presented three days ago. One of the most popular and also criticized announcements is the new tax system and its zero deductions. Due to this, those who invested money to save tax in the old system will not be able to benefit.
But in the new tax system also three types of deduction can be availed. The tax rates in the new tax system are much lower than the old ones. That means people are saving money. But, people who want to save money or zero tax their income in the second scheme.
This perception is not false. Because the benefits that people used to get in 80s, they will not get now. But in the new tax regime you will be able to avail tax saving benefits in three ways. There are some other benefits under the new tax regime which are available under the scheme.
This deduction is available only to taxpayers who have income from salary. That is, there are employees. That means job professionals, pensioners and family pensioners can get this benefit. People with salary or pension income claim a standard deduction of Rs 50,000.
Importantly, the benefit can be availed without providing any documents to the company. The company automatically takes this deduction while calculating the tax on the salary. In case of family pensioners, it is proposed to provide a standard deduction of Rs 15,000 under the new tax regime.
If your company contributes to your NPS, you can claim deduction on it. This deduction is also available only to employees. This deduction can be claimed under section 80CCD (2) of the Income Tax Act. The maximum amount that an employee can claim under this section is private and slip
Private sector employees can claim a maximum deduction of up to 10 percent of their salary. At the same time, in the case of a government employee, a maximum deduction of up to 14% of salary is allowed.
Amount deposited in Agniveer Corpus Fund will get income tax exemption under Section 80CCH. This is a new section of the Income Tax Act. Amount deposited can be claimed as deduction. The amount received on maturity from Agniveer Corpus Fund will also be tax free.
