How To Save Tax In New Tax Regime (2024-25)

Image: Unsplash

6 June 2024

India's tax system blends direct and indirect taxes, featuring income tax, corporate tax, and GST


Image: Unsplash

The new tax regime aims for simplified income tax with lower rates and fewer deductions


Image: Unsplash

No changes in income tax slabs were announced for FY 2024-25, offering stability


Image: Unsplash

Taxpayers must choose between the old and new regimes to optimize their tax liability


Image: Unsplash

Various exemptions under the new regime include allowances, deductions, and perquisites


Image: Unsplash

Deductions cover specially abled taxpayers, job creation, conveyance, and travel expenses


Image: Unsplash

Additional benefits include NPS contributions, home loan interest deductions, and gratuity exemptions


Image: Unsplash

The standard deduction, family pension deductions, and Agniveer Corpus Fund deductions were introduced


Image: Unsplash

Limits exist for exemptions like gift amounts, VRS, gratuity, and leave encashment


Image: Unsplash

Overall, the new tax regime seeks to simplify while offering diverse exemptions and deductions


Image: Unsplash

Check More Stories

Image: Reuters 

Image: Unsplash

Image: Unsplash

ndtv.com