ITR filing: Tax saving options investors can choose in the new tax regime?
3 weeks, 4 days ago

ITR filing: Tax saving options investors can choose in the new tax regime?

Live Mint  

As the financial year 2024-25 is about to end in five weeks, taxpayers must be looking for investment avenues which they can explore before March 31 which can be availed for claiming tax deduction. Since deductions under 80C, 80D, 80DD and 80G are not permitted in the new tax regime, taxpayers can still claim a few deductions which are listed below. As per the provision of Section 115BAC of the Income Tax Act, 1961, these are the deductions allowed for taxpayers under the new tax regime: These are the key deductions offered to taxpayers: I. Allowances allowed under the new tax regime 1.

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These 6 post office savings schemes offer income tax deductions under section 80C
1 week ago

These 6 post office savings schemes offer income tax deductions under section 80C

Live Mint  

If you plan to opt for the old tax regime at the time of filing of income tax return in July this year, you are entitled to claim income tax deduction. Here, we list out the small savings schemes, also known as post office schemes, offering income tax deduction under section 80C of I-T Act: 5 Post office schemes offering …

Is ELSS still a good investment without deduction offered under the New Tax Regime?
1 month ago

Is ELSS still a good investment without deduction offered under the New Tax Regime?

Live Mint  

In 2023, new tax regime became a default regime which means the taxpayers must opt out of the new tax regime to be able to claim tax exemptions given under sections 80C, 80D and 80G, among others. These tax instruments also include equity linked savings scheme for which taxpayers are typically given income tax deduction of upto ₹1.5 lakh. With …

Income Tax: New tax regime continues to allow these deductions and exemptions
2 months, 3 weeks ago

Income Tax: New tax regime continues to allow these deductions and exemptions

Live Mint  

With the new tax regime becoming the default regime lately, several taxpayers are anxious about having lost the eligibility to claim deduction. What, however, is not known to many people is that some deductions and exemptions are still allowed in the new tax regime. New tax regime: These deductions are still allowed 1.Standard deduction: Standard deduction amounting to ₹75,000 or …

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