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IT rules in AY 2024-25

Tax queries 559 views 5 replies

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)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211702 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.

211702 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.