Help In Tax Savings

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An individual with a taxable income of £5,16,882 for FY 23-24 is seeking ways to reduce it below the £5 lakh threshold. They are exploring options such as claiming deductions under 80D for health check-ups and insurance, utilising food allowances under section 10(14)(i), and claiming internet allowances under section 10(14)(ii). The user is unsure about the documentation required for these claims and whether they are applicable given their employer's salary structure and the new tax regime default.

Amar Chandu

Amar Chandu (Querist)
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07 August 2024 I have a Total Gross Income of 7,19,882? After claiming standard deduction (50k) & professional tax (2.4k) .... Along with 80C (1.5 Lakhs), 80CCD(2B) 50k .... Taxable Income comes to 5,16,882. I am filing ITR for FY 23-24 so no option to invest or something. So what are my options to make it below 5 lakh. After some research I found somethings that are applicable to me but not sure whether i can claim them. Any suggestions would be helpful:

1.> 80D we can claim preventive health checkup upto 5000 that is done in cash. Also I have a health insurance of 1999 so that makes it 6999. But for 5000 can i claim without any receipt? For 1999 I got receipt. Or if not 7000 can i claim a total of 5000(1999 + 3000) though for 300p also i don't have receipt.

2.> Food coupon/ allowance can be claimed under 10(14) (i) upto 26,400. But my employer deducts the food contribution from salary shown in payslip. So can I claim this ? Total amount is 10000

3.>. Also we can claim Internet Allowance under 10(14) (ii) but my employer gives internet allowance named as Other Allowance in payslip. So can I claim that . Its total 6000. Also I donot have bills of broadband.

Please suggest if I can claim any of the 3 mentioned or anything other than theses that i can claim

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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07 August 2024 Belated return cannot be filed under old regime. From this AY new tax regime is default tax regime.
All such deductions & exemptions are not allowed under NEW regime. So, forget the exercise.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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31 August 2024 Good luck.

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