WebMay 4, 2024 · Also, he is eligible for LTA benefit against which he'll be claiming Rs. 25000 for the amount incurred on travel. Now considering the old tax regime, Tax payable will be 5% of 250000+ 20%... WebApr 10, 2024 · 1. It is mandatory for employees to choose a tax regime option between the old and new regimes. As New Tax Regime has become the default option from FY 2024 …
LTA Exemption - Leave Travel Allowance Tax Exemption HDFC Bank
WebOct 17, 2024 · As per existing income tax law, an employee can claim tax-exempt payment of LTA/LTC (if provided by employer) equal to the fare of domestic travel subject to limits … WebSep 9, 2024 · Individuals having taxable income of up to Rs.5 lakh will be eligible for tax rebate under section 87A up to Rs 12,500, thereby making zero tax payable in the new tax regime. # Conveyance Allowance. You can claim income tax exemption for conveyance, travel, and other allowances given by your employers under the new tax regime as well. r.c. wiley promo
6 Tax saving options for salaried FY 2024-23 (AY 2024-24)
WebJun 14, 2024 · 1) The New Tax Regime is optional. To put it simply, the assessee can choose between the New Tax Regime and the Old Tax Regime depending on what is best suitable from a tax planning point of view. 2) The proposed lower tax rates will be applicable only if you are willing to give up exemptions* and deductions** available under various … WebApr 10, 2024 · By India Today Business Desk: The new income tax regime became the default option available to all taxpayers – including salaried employees – from financial year 2024-24, which began on April 1.While the new tax regime is now the default option, individuals can still opt for the old income tax regime. Only people not having an income … WebFeb 1, 2024 · Else, he/she can opt for the new concessional income tax regime, without any common tax deductions and tax exemptions. Under the new tax regime, the individual will forego 70 deductions and tax exemptions, which includes HRA tax exemption, LTA tax exemption, deduction up to Rs 1.5 lakh under Section 80C and so on. r.c. wiley promo code