INCOME TAX SAVING PLAN FOR FY 24-25

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This discussion seeks advice on income tax saving plans for the financial year 24-25. It outlines various deductions and exemptions available under the new tax regime, including those for transport allowances for persons with disabilities, conveyance, travel, voluntary retirement, gratuity, and employer contributions to NPS. It also notes that the old tax regime offers similar options to previous years.

Mohanraj J

Mohanraj J (Querist)
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03 June 2024 Dear Experts,

Please give me your advise for Tax Savings for the FY 24-25.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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03 June 2024 There are certain deductions and exemptions in the new tax regime, which are as follows:
New Tax Regime Exemption List

Transport Allowances w.r.t. Person with Disabilities (PwD)
Conveyance Allowance
Travel/ Tour/ Transfer Compensation
Perquisites for Official Purposes
Exemptions for Voluntary Retirement Scheme u/ Section 10(10C)
Gratuity Amount u/ Section 10(10)
Leave Encashment u/ Section 10(10AA)
Interest on Home Loan on Lent-out Property u/ Section 24
Gifts of Up to Rs. 5,000 from employer, and up to Rs. 50K from others
Employer’s Contributions to Employees NPS Accounts u/ Section 80CCD(2)
Additional Employee Costs u/ Section 80JJA
Standard Deductions on Family Pension u/ Section 57(IIA)
Deductions on Deposits in Agniveer Corpus Fund u/ Section 80CCH(2)

Under old tax regime, there are same options available as earlier:
Refer: https://www.indiafilings.com/learn/how-to-save-income-tax-best-tax-saving-methods/

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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04 September 2024 Good Luck.

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