ITR Filing and Income Tax Guidance

This video in Kannada breaks down the income tax slab rates for different age groups under both the old and new tax regimes. Understanding your slab rate is key to calculating your tax liability correctly.

Wondering about tax rebates? This video explains the rebate applicability under both the old tax regime (up to ₹5 lakhs income) and the new tax regime (up to ₹7 lakhs income), including the concept of marginal relief.

Budget 2024 brought good news for salaried individuals. This post announces the higher standard deduction available under the new tax regime, helping you reduce your taxable income.

The standard deduction is a flat amount you can reduce from your salary income, regardless of how many jobs you have held in a financial year. It simplifies tax filing by removing the need to track many small expenses.

A key benefit of the standard deduction is that you can claim it by default. You do not need to show any specific investments or expenditures to be eligible for this deduction from your salary.

The standard deduction for salaried individuals is provided under Section 16(ia) of the Income Tax Act, 1961. This is a key provision that helps reduce the tax burden on employees.

Starting from the financial year 2024-25, the standard deduction under the new tax regime has been increased to ₹75,000, offering more tax relief to salaried taxpayers who opt for it.

For those who choose to stay with the old tax regime, it is important to note that the standard deduction limit remains unchanged at ₹50,000.

As a salaried person, you can claim up to ₹1.5 lakh on property registration expenses like stamp duty under Section 80C. This Kannada video explains the conditions, such as the property being residential and not selling it within 5 years.