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The qualifying age limit for senior citizens has been lowered from 60 years to 65 years and increased the current exemption limit under two categories. Category −1 – Age of Individual – 60 years or more but less than 80 years at any time during the previous year. The basic exemption limit is increased from ₹ 240,000 to ₹ 250,000.
No changes in personal income tax slabs. But tax exemption limit has been increased to ₹ 250,000 (US$2,900) from ₹ 200,000 (US$2,300) for those below the age of 60. Income tax exemption limit for senior citizens has been raised to ₹ 300,000 (US$3,500).
Tax Exemption: Withdrawals made from the National Savings Scheme by individuals on or after 29 August, 2024, will be exempt from tax. [5] Extension of Time-Limit to File Income Tax Returns: The deadline to file updated returns has increased from two to four years. [6] New Income Tax Bill: This bill seeks to simplify tax regime and reduce ...
Many 529 plans let you deduct contributions from your state income taxes, plus the growth and withdrawals are tax-free when used for qualifying education expenses. Student Loan Interest
There was no change in income tax slabs of individuals. [4] The wealth tax was abolished. The surcharge on individuals, Hindu Undivided Families (HUF), associations of persons (AOPs), bodies of individuals (BOI)s, artificial juridical persons, firms, cooperative societies and local authorities having income earning ₹1 crore or more, was raised from 10% to 12%.
For 2009, the personal income tax exemption amount is $3,650. That's per person, not per family. That amount applies so long as your adjusted gross income (AGI) falls under the phaseout amount.
Many changes are triggered by inflation, which means the income limits for claiming deductions are increasing. ... Estate Tax Exemption Limits and Gift Tax Limits Rise In 2022, the federal estate ...
Under the Old Tax Regime, individuals earning up to ₹5 lakh were exempt from paying income tax. There is an increase in the rebate limit by ₹2 lakh within the framework of the New Tax Regime. This would effectively exempt individuals with incomes up to ₹7 lakh from any tax obligations under the new system. [15]