INCOME TAX SAVING PLAN FOR FY 24-25
This query is : Resolved
03 June 2024
Dear Experts,
Please give me your advise for Tax Savings for the FY 24-25.
Please give me your advise for Tax Savings for the FY 24-25.
03 June 2024
There are certain deductions and exemptions in the new tax regime, which are as follows:
New Tax Regime Exemption List
Transport Allowances w.r.t. Person with Disabilities (PwD)
Conveyance Allowance
Travel/ Tour/ Transfer Compensation
Perquisites for Official Purposes
Exemptions for Voluntary Retirement Scheme u/ Section 10(10C)
Gratuity Amount u/ Section 10(10)
Leave Encashment u/ Section 10(10AA)
Interest on Home Loan on Lent-out Property u/ Section 24
Gifts of Up to Rs. 5,000 from employer, and up to Rs. 50K from others
Employer’s Contributions to Employees NPS Accounts u/ Section 80CCD(2)
Additional Employee Costs u/ Section 80JJA
Standard Deductions on Family Pension u/ Section 57(IIA)
Deductions on Deposits in Agniveer Corpus Fund u/ Section 80CCH(2)
Under old tax regime, there are same options available as earlier:
Refer: https://www.indiafilings.com/learn/how-to-save-income-tax-best-tax-saving-methods/
New Tax Regime Exemption List
Transport Allowances w.r.t. Person with Disabilities (PwD)
Conveyance Allowance
Travel/ Tour/ Transfer Compensation
Perquisites for Official Purposes
Exemptions for Voluntary Retirement Scheme u/ Section 10(10C)
Gratuity Amount u/ Section 10(10)
Leave Encashment u/ Section 10(10AA)
Interest on Home Loan on Lent-out Property u/ Section 24
Gifts of Up to Rs. 5,000 from employer, and up to Rs. 50K from others
Employer’s Contributions to Employees NPS Accounts u/ Section 80CCD(2)
Additional Employee Costs u/ Section 80JJA
Standard Deductions on Family Pension u/ Section 57(IIA)
Deductions on Deposits in Agniveer Corpus Fund u/ Section 80CCH(2)
Under old tax regime, there are same options available as earlier:
Refer: https://www.indiafilings.com/learn/how-to-save-income-tax-best-tax-saving-methods/
04 September 2024
Good Luck.
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