"Standard Deduction: Simplify Your Taxes in 2023-24"

The standard deduction is a fixed tax benefit of ₹50,000 for salaried individuals and pensioners under the old tax regime in India for FY 2023-24, automatically reducing taxable income without requiring documentation. It simplifies tax computation but is unavailable under the new tax regime.


Category Details
Definition The standard deduction is a fixed amount of income that is exempt from tax for salaried individuals. It reduces the taxable income automatically without requiring proof of expenses.
Eligibility Available to all salaried individuals, including pensioners receiving income under the "Salaries" head.
Amount (India) The standard deduction is ₹50,000 for the financial year 2023-24 under the old tax regime.
Purpose It simplifies tax computation and reduces the taxable income for salaried individuals.
Claim Process No documentation or separate claim is required; it is automatically considered while calculating taxable income.
Tax Regime Applicability Applicable under the old tax regime. The new regime does not offer exemptions or deductions.
The standard deduction is a tax benefit provided to salaried individuals to reduce their taxable income. It is a fixed amount that is automatically deducted from the salary income, simplifying the tax calculation process. For the financial year 2023-24, salaried individuals can avail a standard deduction of ₹50,000 under the old tax regime. Pensioners receiving income under the "Salaries" head are also eligible for this deduction. No additional documentation or proof is required to claim the standard deduction as it is automatically applied. However, individuals opting for the new tax regime cannot claim this benefit as the new regime does not provide exemptions or deductions.


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