Standard Deduction
A flat deduction of ₹50,000 to all individuals earning a salary is known as standard deduction. It is offered to all individuals opting for the old tax regime.
How to Save Tax in FY 2024-25?
Income Tax is a direct tax that is levied on any individual’s or entity’s income during a financial year. It is directly paid to the government, like all the other direct taxes. Saving tax in the fiscal year 2024-25 (FY 2024-25) involves strategic planning and taking advantage of various tax-saving opportunities available under different sections of the Income Tax Act 1961.