Finance Act 2024 Archives - Tax Unplug https://www.taxunplug.com/tag/finance-act-2024/ My WordPress Blog Wed, 08 Jan 2025 06:55:29 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.2 https://i0.wp.com/www.taxunplug.com/wp-content/uploads/2024/01/cropped-taxunplug-favicon-1.png?fit=32%2C32&ssl=1 Finance Act 2024 Archives - Tax Unplug https://www.taxunplug.com/tag/finance-act-2024/ 32 32 229700639 Section 57 has been amended to Increase the Deduction from family pension for taxpayers in tax regime https://www.taxunplug.com/2025/01/08/section-57-has-been-amended-to-increase-the-deduction-from-family-pension/ https://www.taxunplug.com/2025/01/08/section-57-has-been-amended-to-increase-the-deduction-from-family-pension/#respond Wed, 08 Jan 2025 06:55:23 +0000 https://www.taxunplug.com/?p=22583 To encourage and incentivize taxpayers to transition to the new tax regime, an amendment has been made to insert a proviso in clause (iia) of section 57, wherein deduction in case of income in the nature of family pension has been enhanced, if the taxpayer opts to compute his income tax under the new tax

The post Section 57 has been amended to Increase the Deduction from family pension for taxpayers in tax regime appeared first on Tax Unplug.

]]> To encourage and incentivize taxpayers to transition to the new tax regime, an amendment has been made to insert a proviso in clause (iia) of section 57, wherein deduction in case of income in the nature of family pension has been enhanced, if the taxpayer opts to compute his income tax under the new tax regime.

The enhanced limits after the Finance Act 2024 are depicted as follows: –

 Before AmendmentAfter Amendment
ParticularsOpting for Old SchemeOpting for New Scheme u/s 115BACOpting for Old SchemeOpting for New Scheme u/s 115BAC
  Limits for deductionAssessee can claim Family Pension deduction of a sum equal to 33.33% or 15,000 whichever is less.Assessee can claim Family Pension deduction of a sum equal to 33.33% or 15,000 whichever is less.Assessee can claim Family Pension deduction of a sum equal to 33.33% or 15,000 whichever is less.Assessee can claim Family Pension deduction of a sum equal to 33.33% or 25,000 whichever is less.

This amendment will take effect from the 1st day of April, 2025, and will accordingly apply to assessment year 2025-26 and subsequent assessment years

The post Section 57 has been amended to Increase the Deduction from family pension for taxpayers in tax regime appeared first on Tax Unplug.

]]> https://www.taxunplug.com/2025/01/08/section-57-has-been-amended-to-increase-the-deduction-from-family-pension/feed/ 0 22583