What was the previous standard deduction?

The Tax Cuts and Jobs Act (TCJA) increased the standard deduction amounts for 2018 well beyond what they would have been in that year, raising the deduction from $6,500 to $12,000 for singles, from $13,000 to $24,000 for married couples, and from $9,550 to $18,000 for heads of household.

Which deduction did I take last year standard or itemized?

Here’s how you can tell which deduction you took on last year’s federal tax return: If the amount on Line 9 of last year’s Form 1040 ends with a number other than 0, you itemized. If this amount ends with 0, it’s likely you took the Standard Deduction.

Are there any tax deductions under old tax regime?

Under the old tax regime, a deduction ranging from Rs. 25,000 to Rs. 75,000 can be claimed for payment of mediclaim premium. Deduction under section 80DD: Deduction in respect of maintenance including medical treatment of a dependant who is a person with a disability is not available in the new tax regime.

Which is the maximum deduction under Section 80C of Income Tax Act?

Bhavishya Nirman Bonds and NABARD Rural Bonds. However, only the latter qualifies for tax deductions under Section 80C of the Income Tax Act, and the maximum amount that you can claim as deductions is Rs.1.5 lakh.

What kind of deduction can I claim under Section 80CCD?

As a tax paying individual, you can claim a deduction of up to INR 1.5 lakhs by investing in Section 80C avenues like PPF, ELSS, EPF, life insurance, five year fixed deposits, etc. Section 80CCD is meant for allowing deductions on NPS investments.

What are the different types of tax deductions?

Popular deductions viz., section 80C, section 80D for mediclaim, section 80E for interest on education loan, section 80CCD for NPS, section 80TTA, section 80TTB, etc. fall under Chapter VI-A. Part-III: The next part finally computes the income tax liability of the taxpayer on the Total Income determined as stated above.