There are these new changes in the 2024 special additional deduction standards - 2024 special additional tax deduction standards

There are these new changes in the special additional deduction standards for personal income taxes in 2024

According to the "Notice on Increasing the Special Additional Deduction Standards Related to Personal Income Tax" issued by the State Council (Guofa [2023] No. 13), the special additional deduction standards for the care of infants and young children under 3 years old, children's education, and supporting the elderly have been increased. Starting from January 2023 Effective from the 1st.

Special additional deduction standards for personal income tax in 2024

1. Children’s education

Expenditures related to full-time academic education for taxpayers’ children will be deducted at a standard fixed amount of 2,000 yuan per child per month.

2. Continuing education

Taxpayers’ expenses for continuing academic (degree) education in China will be deducted at a fixed amount of 400 yuan per month during the academic (degree) education period. The deduction period for continuing education for the same academic qualification (degree) cannot exceed 48 months.

Taxpayers’ expenditures on continuing education for skilled personnel’s vocational qualifications and continuing education for professional and technical personnel’s vocational qualifications will be deducted at a fixed amount of 3,600 yuan in the year in which the relevant certificates are obtained.

3. Medical treatment for serious illnesses

In a tax year, if the taxpayer’s medical expenses related to basic medical insurance exceed 15,000 yuan in total after deducting medical insurance reimbursements (referring to the self-paid part within the scope of the medical insurance catalog), the taxpayer will handle the annual settlement. When settling the payment, the actual amount will be deducted within the limit of 80,000 yuan.

4. Housing loan

If a taxpayer or his or her spouse uses a commercial bank or housing provident fund personal housing loan alone or jointly to purchase a house in China for himself or his spouse, the interest expense on the first housing loan incurred in the year in which the loan interest is actually incurred shall be calculated at the rate of RMB 1,000 per month. Standard fixed deduction, the maximum deduction period shall not exceed 240 months. Taxpayers can only enjoy a one-time deduction for interest on their first home loan.

The first home loan refers to a home loan that enjoys the first home loan interest rate when purchasing a home.

5. Housing rent

Housing rental expenses incurred by taxpayers who do not own their own housing in the main city where they work can be deducted in accordance with the following fixed amounts:

(1) For municipalities directly under the Central Government, provincial capital cities, cities under separate state planning and other cities determined by the State Council, the deduction standard is 1,500 yuan per month;

(2) In addition to the cities listed in the first item, for cities with a registered population of more than 1 million, the deduction standard is 1,100 yuan per month; for cities with a registered population of less than 1 million, the deduction standard is 800 yuan per month.

6. Support the elderly

Taxpayers’ support expenditures for supporting one or more dependents shall be deducted in fixed amounts according to the following standards:

(1) If the taxpayer is an only child, a standard deduction of 3,000 yuan per month will be applied;

(2) If the taxpayer is not an only child, he and his siblings shall share the monthly deduction limit of 3,000 yuan, and the amount shared by each person shall not exceed 1,500 yuan per month.

7. Care for infants and young children under 3 years old

(1) Taxpayers’ expenses related to caring for infants and young children under 3 years old shall be deducted at a fixed amount of RMB 2,000 per infant per month.

(2) Parents can choose to have one of them deduct 100% of the deduction standard, or they can choose to have both parties deduct 50% of the deduction standard. The specific deduction method cannot be changed within a tax year.

There are these new changes in the 2024 special additional deduction standards - 2024 special additional tax deduction standards

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