The provided information outlines various income tax deductions that salaried taxpayers can claim in the financial year 2023-24 without the consideration of Home Rent Allowance (HRA) or a loan. Here’s a summary of the deductions mentioned:
|
Deduction Section |
Description |
Tax Saving Limit |
Applicable Income Tax Regime |
|---|---|---|---|
|
Section 80C |
– Unlocking Financial Freedom: Explore a bouquet of tax-saving instruments like Life Insurance, PPF, ELSS, and more under Section 80C for substantial savings. |
Rs 1.5 lakh |
Old Income Tax Regime |
|
Section 80CCD (1B) |
– Supercharge Your Savings: Delve into the power of NPS contributions and claim an extra Rs 50,000 deduction beyond Section 80C for a robust tax-saving strategy. |
Additional Rs 50,000 (Over 80C) |
Old Income Tax Regime |
|
Section 80D |
– Safeguard Your Health and Wealth: Uncover the benefits of health insurance premiums, with added deductions for parents, offering up to Rs 75,000 in tax savings. |
Rs 25,000 (Self, Spouse, Children) Additional Rs 25,000 (Parents) Additional Rs 50,000 (Senior Citizens) |
Old Income Tax Regime |
|
Section 80A |
– Banking on Deductions: Learn how to optimize your savings with deductions on interest earned from savings accounts, providing relief up to Rs 10,000. |
Up to Rs 10,000 |
Old Income Tax Regime |
|
Standard Deduction |
– Salaried Perks Unveiled: Claim a seamless Rs 50,000 standard deduction, a hassle-free strategy applicable in both old and new income tax regimes. |
Rs 50,000 |
Both Old and New Income Tax Regimes |
These deductions serve various purposes, from encouraging long-term savings (like NPS and Section 80C) to promoting health insurance coverage (Section 80D). The standard deduction provides a straightforward benefit to salaried individuals without requiring detailed documentation. Taxpayers should be aware of the eligibility criteria, limits, and the applicable income tax regime to maximize their tax-saving opportunities. Consulting with a tax professional is recommended for personalized advice based on individual financial situations.
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