Himanshu Ranka
Quick Summary
A light-hearted yet educational exchange between a panicked salaried individual and a witty Chartered Accountant, this script humorously explores the maze of income tax deductions under the old tax regime for FY 2024-25. From Section 80C to HRA hacks and NPS perks, the CA breaks down complex tax-sav
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FAQ :
The new tax regime (Section 115BAC) offers lower tax slabs but fewer deductions, while the old regime has higher slabs but allows a wider range of deductions and exemptions.
The limit for Section 80C deductions is Rs 1.5 lakh per financial year. Popular options include EPF/PPF, life insurance premiums, ELSS, and principal repayment of housing loans.
Yes, under Section 80D, you can claim deductions for health insurance premiums paid for yourself, your family, and your parents. The deductible amount varies based on age.
If you live on rent, you can claim House Rent Allowance (HRA) deductions. It's advisable to keep rent receipts and your landlord's PAN if the rent exceeds Rs 1 lakh annually.
Yes, an additional deduction of Rs 50,000 is available under Section 80CCD(1B) for investments made in the National Pension System (NPS), on top of the 80C limit.
Every salaried individual is eligible for a standard deduction of Rs 50,000, which is applied without any specific investment or expense requirements.
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