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Tax Regime Differences for Salaried Persons: Old versus New Standard Deductions

Tax break known as standard deduction is exclusive to wage-earners and retirees. It's deducted from total salary or pension earnings to determine the take-home pay amount.

Tax Regime Comparison: Salary Earners' Standard Deduction Under Old and New Tax Structures
Tax Regime Comparison: Salary Earners' Standard Deduction Under Old and New Tax Structures

Tax Regime Differences for Salaried Persons: Old versus New Standard Deductions

Revised Blog Post

The Standard Deduction, worth up to Rs 75,000 in the new tax regime for salaried individuals and pensioners, can serve as a significant tax saving strategy within the realm of finance, helping to lower taxable income and reduce tax liability. Given the eligibility criteria, business owners and self-employed individuals may need to explore alternative tax relief methods.

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