Will the standard deduction of 50000/- introduced in new tax regime this budget be for all?

Ans: Standard deduction is available person having income from salary (including pension) irrespective of quantum of salary

Ans: Hello Pradeep

As a financial advisor, I would advise you to consult a chartered accountant for specific tax planning advice. They have expertise and in-depth knowledge of tax laws and regulations and can provide you with personalized strategies to minimize your tax liability. I can assist you in creating a comprehensive financial plan, but for tax planning, it is best to consult a tax professional.

Ans: Standard deduction is available under new regime as per proposal of budget for 2023 24, irrespective of salary amount.

Ans: Under the new tax regime, standard deduction is available for all salaried individuals and pensioners, irrespective of their tax slab. The standard deduction amount for the financial year 2022-23 is Rs. 50,000. However, if an individual opts for the new tax regime, they will have to forgo various exemptions and deductions including the standard deduction, and will have to pay tax at a lower rate without claiming these exemptions and deductions. It is recommended that you compare the tax liability under both old and new tax regimes before making a decision.