New Delhi, March 29 (Press Ki Taquat)– As per Budget 2023, ‘Agnivir Income’ can deduct from its income any amount paid or deposited in Agnivir Corpus Fund under the newly proposed Section 80CCH of the Tax Act. Agniveers registered in Agnipath Scheme, 2022 will not be taxed on the money received from Agniveer Corpus Fund. Agnivir’s contribution to their Seva Nidhi account, whether made by them or by the Central Government, is recommended to be deducted while computing the total income.
Are you aware of the changes proposed by Finance Minister Nirmala Sitharaman in the income tax system for the financial year 2023-2024? So, under the new tax regime there is a major change in tax exemption for people with annual income up to Rs 7 lakh. The move is aimed at encouraging salaried taxpayers to switch to a new tax regime that does not provide exemptions on investments. In the new income tax brackets, the budget also includes some cuts. Starting April 1, 2023, eligible individuals can claim these deductions under the new tax regime. For example, salaried employees, and pensioners can deduct only Rs 50,000 as standard deduction from their salary or pension income. On the other hand, family pensioners are now eligible for a standard deduction of Rs.
Salaried people who rent out their homes can claim a standard deduction of 30 percent of the annual property value? The annual value of a property is estimated by deducting the amount of municipal taxes paid from its original value.
New Tax Rules 2023-24!
