Tax saving idea

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This discussion explores tax-saving strategies for an individual with a total income of £910,000, including salary and bank interest. The user has claimed various deductions such as Standard Deduction, HRA, PT, 80C, 80D, and NPS, resulting in a net taxable income of £578,200. Suggestions were made to maximise 80D deductions, especially for senior citizens, and to consider the implications of the old vs. new tax regimes on available allowances.

Sandip Kumar Das

Sandip Kumar Das (Querist)

06 December 2024 Dear Sir/mam
Kindly suggest me how to save tax on below details
Salary-835000 + bank int. 75000 =910000
Deduction- s.d.-50000
Hra- 55000
PT-1800
80c-150000
80d-25000
Nps-50000
Total deduction = 331800
Net income = 910000-331800 =578200

Kindly suggest me
Thanks

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

06 December 2024 SD limit has increased to Rs. 75,000/-
Try to add 80D for more deduction, to bring the total taxable income below Rs. 5 lakhs.

Sandip Kumar Das

Sandip Kumar Das (Querist)

07 December 2024 But Sir SD limit increased in new format, i m using old format
80D limit also 25000 which i already added so how can increase the same

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

07 December 2024 Yes, under old regime SD remains same as 50K.
An individual or HUF can claim a deduction under Section 80D for the payments mentioned below:

Health insurance premiums paid in any mode other than cash:
Up to ₹25,000 paid for self, spouse, dependent children or parents
Up to ₹50,000 if family or your parents are senior citizens (60 years and above)

Preventive health checkups (Cash payment allowed):
Up to ₹5,000 for self, spouse, dependent children or parents

Medical expenses
Senior citizens (resident aged 60 years or above) who do not have any health insurance can claim a deduction up to Rs 50,000 on the medical expenses incurred.

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