Increase in Standard Deduction and deduction from family pension for taxpayers in tax regime

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... lary, whichever is less, shall be made before computing the income under the head Salaries . 2. Further, the existing provision of clause (iia) of section 57 of the Act provides that in the case of income in the nature of family pension, a deduction of a sum equal to thirty-three and one-third per cent of such income or fifteen thousand rupees, whichever is less, shall be made before computing the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... teen thousand rupees , the words twenty five thousand rupees had been substituted. 5. These amendments will take effect from the 1st day of April, 2025, and will accordingly apply to assessment year 2025-26 and subsequent assessment years. [Clauses 10 24] Full Text : Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024 - FAQ - Frequently Asked Questions, TMI Short Notes , Experts comment, opi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X