Understanding Income Tax Slabs and Deductions

Overview

Frequently Asked Questions

Salaried employees receive a flat standard deduction of ₹50,000 from their taxable income in both the Old and New Tax Regimes.
Salaried individuals without business income can switch between the Old and New regimes every financial year at the time of filing their ITR.
PPF, ELSS mutual funds, EPF contributions, National Pension System (NPS), Life Insurance premium, and 5-year tax-saver FDs qualify for Section 80C.
You can save up to ₹25,000 for health insurance premiums for yourself and family. If your parents are senior citizens, you can claim an additional ₹50,000.
No. House Rent Allowance (HRA) tax exemption is only available under the Old Tax Regime. It is fully taxable under the New Tax Regime.
Under the Old Tax Regime, the basic tax exemption limit for senior citizens (60-80 years) is ₹3 Lakhs, and for super senior citizens (above 80) is ₹5 Lakhs.
ELSS stands for Equity Linked Savings Scheme. It is a type of mutual fund that qualifies for Section 80C deductions and has a lock-in period of 3 years.
The principal repayment of a home loan can be claimed as a tax deduction under Section 80C up to a limit of ₹1.5 Lakhs per year.
ITR-1 is the income tax return form for Indian residents who have income from salary, one house property, interest income, and total income up to ₹50 Lakhs.
If you miss the deadline (usually July 31st), you can file a late return but will have to pay a penalty of up to ₹5,000 and interest on unpaid tax.

Popular Articles

What to Pack for a Trekking Trip: The Ultimate Checklist Earthquake-Resistant House Construction Techniques How to Choose the Right Architect and Contractor Fire Safety Standards in Residential Buildings Understanding House Plans and Floor Layouts

Recent Articles

Understanding Home Insulation: Cooling Costs and Energy Savings Kitchen Countertop Selection: Black Granite vs. Engineered Quartz How to Choose the Right Contractor: Building Work Agreements Fire Safety Standards for Home Construction: Smoke Detectors and Wires A Guide to Floor Plan Symbols and Architectural Blueprints How to Build an Earthquake-Resistant Foundation: Tie Beams and RCC Understanding AAC Blocks (Autoclaved Aerated Concrete) in Construction Eco-Friendly Wall Plasters: Lime Plaster vs. Cement Plaster A Guide to Residential Electrical Wiring: Wire Gauges and Safety How to Waterproof Bathroom Floors: Materials and Testing Steps
OnlineCBT

Our mission is "To educate Students and help them excel in Compititive exams preparation to the best of their potential. To import good values in students and eventually develop their personality."

Useful Link
Contact
Contact

+91 7877547686

 E-mail

onlinecbtportal@gmail.com

 Helpline Number

+91 7877547686
Share
Click To Download
Get it on Google Play

ऐप डाउनलोड करने
के लिए Google Play पर
उपलब्ध है

Copyright - OnlineCBT.in

WhatsApp Chat