BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rs.70, 000
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Rs.90, 000
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Rs.30, 000
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Rs.50, 000
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Detailed explanation-1: -For FY 2022-23, the limit of the standard deduction is Rs 50, 000 in old regime. As per Budget 2023, Salaried taxpayers are now eligible for standard deduction of Rs. 50, 000/-under new tax regime also from Financial Year 2023-24.
Detailed explanation-2: -However, as per Budget 2023 proposal, standard deduction of Rs.50, 000 is allowed for salaried persons from FY 2023-24 (AY 2024-25) onwards.
Detailed explanation-3: -Additionally, the Budget 2023 has extended the standard deduction of Rs 50, 000 to the salaried, pensioners, and family pensioners. Earlier, the standard deduction was only available under the old income tax regime.
Detailed explanation-4: -A standard deduction is a flat deduction of ₹50, 000 to individuals earning a salary or pension income under the head “Salaries", irrespective of expenses or investments by the individuals.
Detailed explanation-5: -Salaried taxpayers are now eligible for the standard deduction of Rs. 50, 000 under new tax regime from FY 2023-24.