Question
Download Solution PDFWhat was the new standard deduction set for salaried person under the new income tax regime, in the Union Budget 2024-25?
This question was previously asked in
OSSC Excise SI (Mains) Official Paper (Held On: 17 Oct, 2024 Shift 1)
Answer (Detailed Solution Below)
Option 4 : ₹75,000
Detailed Solution
Download Solution PDFThe correct answer is ₹75,000.
Key Points
- The new standard deduction for salaried persons under the Union Budget 2024-25 has been set at ₹75,000.
- This adjustment is aimed at providing more financial relief to salaried individuals by reducing their taxable income.
- The increase in the standard deduction is expected to enhance the disposable income of salaried employees.
- This change is part of the government's efforts to simplify the tax regime and make it more beneficial for the middle-class segment.
Additional Information
- Standard Deduction
- Standard deduction is a fixed amount that reduces the income on which you are taxed, rather than going through the hassle of itemizing deductions.
- It simplifies the process of filing tax returns and ensures that taxpayers receive a basic tax-free income.
- Union Budget
- The Union Budget is the annual financial statement presented by the Government of India, detailing the revenue and expenditure for the next fiscal year.
- It includes various policies, schemes, and financial plans that the government intends to implement during the year.
- Income Tax Regime
- The income tax regime refers to the set of rules and regulations governing the taxation of income for individuals and businesses.
- It includes various deductions, exemptions, and tax rates applicable to different categories of taxpayers.
- Taxable Income
- Taxable income is the portion of your income that is subject to income tax after accounting for all deductions and exemptions.
- It is the amount on which the government calculates the income tax you owe.
Last updated on Feb 8, 2025
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