IT rules in AY 2024-25

Tax queries 546 views 5 replies

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)

Standard deduction of 50K.

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

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...

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.

It rules in deduction case.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details