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This article will help you understand some of the exemptions and deductions that are valid under the new tax regime.
One of the most important tax deductions available to us is the rent on the house. This is covered by Section 80GG of the Income Tax Law. This is especially helpful for employees who do not receive a rental housing allowance (HRA) from their employers.
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The Minister of Finance has announced a new tax regime in the 2020 budget, including additional tax brackets and lower tax rates. Many taxpayers had long requested it, but it came with the condition that all deductions and deductions allowed under the old tax system would be revoked.
According to the actual Tax Slab on your total income found under the old or new tax system, each salaried employee will be subject to tax. Payroll employees must file income tax returns at the beginning of the 2023-2024 tax year because, after various deductions, income tax is calculated based on various tax brackets.
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Salary arrears are understood as unpaid wages of the previous period accrued in the current year. There may be a subsequent revision of the employee's wages or a disputed wage which is then issued by the employer.
A quick review (Limited Information) of the applicable provisions under the Income Tax Act, 1961 for the F. Y. 2023-24 (A. Y. 2024-25), after incorporating amendments (only key and selective amendments) proposed by the Union Budget of 2023, are given below for ready reference and information.
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