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IT rules in AY 2024-25

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Amit Kumar Das

Retd

236 Points Posted on 09 June 2024

I am a resident Indian sr citizen below 80 yrs of age. My sources of income for FY 2023-24 are the following.

1.Govt pension 2.SB interest 3.FD interest and 4. Annuity from LICI

In addition, I gained slightly more than Rs.1 lakh from redemption of ELSS for which I will have to pay LTCG on a paltry sum of about Rs. 5600/-

My gross income is a little more than Rs. 15 lakh

Under the above scenario, am I entitled to any deductions under new tax regime?

If yes, what are the deductions?

Would be obliged for guidance of experts.

Replies (5)

Quick Summary

This discussion explores IT deduction eligibility for the AY 2024-25 under the new tax regime. The user, a senior citizen with various income sources including pension, savings, FD, and annuity, inquired about available deductions beyond the standard Rs. 50,000. Experts clarified that under the new regime, only the standard deduction is typically applicable, unlike the old regime which allows for deductions under sections like 80C and 80D. The advice is to carefully consider which tax regime offers the most benefit based on individual circumstances.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212529 Points Posted on 09 June 2024

Standard deduction of 50K.

Amit Kumar Das

Retd

236 Points Posted on 09 June 2024

Only to std deduction ? Not even to Sec 80D for payment of premium for health insurance?

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212529 Points Posted on 09 June 2024

That is eligible only under Old tax regime.

If you go for old regime, there are many deductions available like sec. 80C,. 80D, 80TTB etc...

CA Anoop Kumar Sharma

Accounts Manager

2070 Points Posted on 10 June 2024

In my opinion, only the standard deduction of up to Rs. 50,000 is available, with no further deductions under the Section 80 series as mentioned in your question. However, you should consider whether the old regime or the new regime would be more beneficial for you.