By adding a standard deduction of ₹50,000 and a deduction from family pensions up to ₹15,000 under the new tax regime, which was previously exclusively available to salaried persons under the old tax regime, the Finance Minister has given relief to individual taxpayers. The Budget 2023 also widens tax benefits for those who earn a salary, with each salaried person earning ₹15.5 lakh or more standing to gain ₹52,500. The Income Tax Act of 1961, Section 16(ia), allows every salaried taxpayer to seek a maximum deduction of up to Rs. 50,000. Furthermore, such a standard deduction would be available to taxpayers who receive pension income. For salaried individuals for the current financial year, i.e., FY 2022-23, here’s how they can calculate standard deductions based on an exclusive interview with different industry experts.
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