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Like many taxpayers, you might struggle with this choice every tax season: take the standard deduction vs. itemized deductions. We explain the differences and help you decide.
Interim Budget 2024: Just like this year, the last interim budget was tabled in 2019 by then Finance Minister Piyush Goyal. One of the key announcement that year was concessions in direct taxes, which was before the Centre introduced the New Tax Regime.
In Budget 2023, FM Sitharaman extended the standard deduction of Rs 50,000 to the new tax regime, which was earlier restricted to the Old Tax Regime, in a bid to make the new tax system more attractive.
Tax season is just around the corner. Here’s a look at what you need to know as you sort out your tax forms, organize your receipts, and get ready to file in 2024.
Most Indian taxpayers have the habit of initially investing their savings in investment avenues that provide tax deductions under Section 80C .