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Tax saving options in new tax regime

WebApr 12, 2024 · April marks the beginning of a new financial year, which is when usually new income tax laws come into effect. For the financial year 2024-24, the government has revised the income tax slabs under the new tax regime to make it more attractive in comparison to old tax regime.Further, many other benefits have also been brought under … WebApr 13, 2024 · 93,600. In the above example, for an income of Rs 12,50,000, the new tax regime is significantly beneficial by Rs 38,251. However, if you claim further deductions …

New Tax Regime: You can still get tax benefit on NPS contributions …

WebMar 23, 2024 · The old tax regime allows deductions or exemptions based on certain investments like ELSS (Equity Linked Saving Scheme), PPF ( Public Provident Fund), NPF (National Pension Scheme) etc., under section 80C, which is quite a famous Income Tax Act. There were 70 tax exemptions in the old scheme, which are no longer a part of the new … Web2 days ago · Understanding the old and new tax regimes. The tax liability under the old tax regime was based on income slabs with a tax rate of 5% for income between 2.5 lakhs to 5 lakhs, and 15% for income between 5 lakhs to 7 lakhs. This was further reduced by a rebate available under section 87A, but only if the income was less than 5 lakhs. tall plastic kitchen trash cans https://gutoimports.com

How to Save Tax for Salary above 15 Lakhs in India? - Canara …

WebApr 10, 2024 · Old Tax Regime. The old tax regime offers various exemptions and tax deductions which help reduce the tax burden on individuals. Some deductions are given under Sections 80C, 80CCC, AND 80CCD of the Income Tax Act. These include equity-linked savings scheme (ELSS) funds, National Pension Scheme, Unit-Linked Insurance Plan … WebFeb 3, 2024 · After the tax revisions in the new tax regime, there are big savings in town for the salary class people in the country. Under the New Income Tax Regime, all salaried employees will be able to save a major chunk of their taxes. Annual salary Rs 7 lakh – No tax. Annual Salary Rs 9 lakh: Rs 15,000 savings. Annual salary Rs 12 lakh: Rs 24,000 ... tall plastic handled mugs

How to select tax regime with Income Tax Calculator for FY 2024-24

Category:Old or New Tax Regime? 10 tips to choose which tax regime suits …

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Tax saving options in new tax regime

Understanding New Income Tax Regime vs Old Income Tax Regime

WebJun 26, 2024 · As of now for the financial year 2024-21, the new tax regime is only an option and one may stick to old tax regime while filing income tax returns for the AY 2024-22. WebApr 11, 2024 · Here's what to do if you can't pay your taxes by April 18 — and how to avoid the 'biggest mistake,' tax pro warns Published Tue, Apr 11 2024 2:21 PM EDT Updated …

Tax saving options in new tax regime

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WebMar 30, 2024 · Tax-saving investment options for FY23. As financial year 2024-23 ends on March 31, taxpayers now have the last opportunity to save taxes in the current fiscal. … WebMar 4, 2024 · 2. Invest In Real Estate For Capital Gains & Rental Income. The new tax regime doesn’t allow tax deductions against a home loan for self-occupied properties. But for …

WebFeb 4, 2024 · The personal tax regime has been revamped and new regime provides for higher basic exemption, reduction in number of tax slabs from 7 to 6 in a symmetrical manner, higher rebate and lowering of ... WebFeb 2, 2024 · All the other deductions under chapter VIA such as 80CCC, , 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80 …

WebHere are popular tax saving options and income tax deductions for salaried and self-employed individuals that you cannot avail under the new tax regime: Significant … WebFeb 23, 2024 · You can further save tax by investing additional Rs 50,000 in NPS. Do keep in mind that this deduction is available over and above the tax benefit available under …

WebApr 11, 2024 · How to choose tax regime for FY 2024-24: Selecting the best option between old and new tax regimes is proving difficult for many salaried taxpayers Written by Rajeev …

WebFeb 22, 2024 · Here's what you need to know. The New Tax Regime. The new tax regime offers six tax slabs, with zero tax for income up to ₹3 lakh, and a tax rate rising by 5 … two step reactionWebApr 9, 2024 · The scope of tax saving under the new tax regime is more limited than the old tax regime. However there are still a couple of ways it can be done. 1. ... investments, and … tall plastic laundry hampers with lidsWebFeb 2, 2024 · Standard deduction of Rs 50,000 to salaried individuals, and deduction from family pension up to Rs 15,000, is currently allowed only under the old regime. It is also proposed to allow these two deductions … tall plastic nursery potsWebSo, as you can see, the new tax structure is superior. By choosing the new tax regime over the old, you will save Rs 14,040 in taxes. Pros and Cons of New Income Tax Regime. The new income tax regime suits individuals who are not keen on dedicating enough time to plan their finances and consider tax-saving options. tall plastic outdoor storageWebApr 10, 2024 · 3) If you have just 80C deduction of Rs 1.5 lakh then new tax regime might be better as back-of-the-envelope calculations show that for an individual who just avail a … two step related directions speech therapyWebApr 1, 2024 · Here are some strategies to consider: Utilize tax-saving investments: Under the new tax regime, #taxpayers can still claim deductions for investments made under #Section #80C of the #Income #Tax #Act two step regressionWebFeb 16, 2024 · Here are 9 tax saving investment options for FY 2024-23. Getty Images. An individual taxpayer planning to opt for the old tax regime for current FY 2024-23 must … two step results