Last Updated on July 23, 2024 at 4:53 pm
Budget 2024 has revised the taxation rule governing family pensions.
Existing rule: deduction of Rs 15,000 or 1/3rd of the pension amount, whichever is lower shall be made before computing the income chargeable under the head “Income from other sources”.
Revised rule: deduction of Rs 25,000 or 1/3rd of the pension amount, whichever is lower shall be made before computing the income chargeable under the head “Income from other sources”.
This will apply to financial year 2024-25.
Also in our budget 2024 coverage:
1. Confused about mutual fund taxation? Here is an easy to understand guide. Budget 2024: Big change in mutual fund taxation rules
2. Budget 2024: New Tax Regime vs Old Tax Regime Calculator: Check which is better