New Financial Year To Begin From April 1: Here's A List of Tax Saving Ways Under New Regime
Just about 10 days are left for new financial year 2024-25 to begin from April 1st. And with the new financial year beginning soon, taxpayers would again be required to choose between the old and new tax regimes. If you are planning to take the new tax regime for the upcoming financial year 2024-25, then it would wise to first have a look at the list of tax saving ways you are eligible to have under the new regime.
Just about 10 days are left for new financial year 2024-25 to begin from April 1st. And with the new financial year beginning soon, taxpayers would again be required to choose between the old and new tax regimes.
If you are planning to take the new tax regime for the upcoming financial year 2024-25, then it would wise to first have a look at the list of tax saving ways you are eligible to have under the new regime.
New Financial Year From April 1: Tax Saving Ways Under New Regime
income tax /idfc
Here's the list of exemptions and deductions available under the new regime:
-Transport allowances in case of a specially-abled person.
-Conveyance allowance received to meet the conveyance expenditure incurred as part of the employment.
-Any compensation received to meet the cost of travel on tour or transfer.
-Daily allowance received to meet the ordinary regular charges or expenditure you incur on account of absence from his regular place of duty.
-Gifts up to Rs 50,000
-Deduction for employer＊s contribution to NPS account [Section 80CCD(2)]
-Deduction for additional employee cost (Section 80JJA)
-A standard deduction of Rs 50,000 applicable from FY 2023-24
-Perquisites for official purposes
-Exemption on voluntary retirement 10(10C), gratuity u/s 10(10) and Leave encashment u/s 10(10AA)
-Interest on Home Loan on let-out property (Section 24)
-Deduction under Section 57(iia) of family pension income
-Deduction of amount paid or deposited in the Agniveer Corpus Fund under Section 80CCH(2)
april 1 new financial year/adobestock
Also Read: 10 Countries With The Highest Income Tax Rates
Income Tax Slabs Under New & Old Regime
NEW REGIME
Up to Rs 3 lakh: NIL
Rs 3 lakh- Rs 6 lakh: 5%
Rs 6 lakh-Rs 9 lakh: 10%
Rs 9 lakh-Rs 12 lakh: 15%
Rs 12 lakh- Rs 15 lakh: 20%
Over Rs 15 lakh: 30%
old vs new regime/navi
OLD REGIME
Income tax slabs for individuals aged below 60 years & HUF
Income Tax Slab | Individuals Below The Age Of 60 Years |
Up to Rs 2.5 lakh | NIL |
Rs. 2.5 lakh -Rs. 5 lakh | 5% |
Rs 5.00 lakh 每 Rs 10 lakh | 20% |
> Rs 10.00 lakh | 30% |
Income tax slab for individuals aged above 60 years to 80 years
Income Tax Slab | Senior Citizens (Aged 60 Years But Less Than 80 Years) |
Rs 0 每 Rs. 3.00 lakh | NIL |
Rs 3.00 lakh 每 Rs 5.00 lakh | 5% |
Rs 5.00 lakh 每 Rs 10 lakh | 20% |
> Rs 10 lakh | 30% |
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