How To Save Tax In New Tax Regime (2024-25)
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6 June 2024
India's tax system blends direct and indirect taxes, featuring income tax, corporate tax, and GST
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The new tax regime aims for simplified income tax with lower rates and fewer deductions
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No changes in income tax slabs were announced for FY 2024-25, offering stability
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Taxpayers must choose between the old and new regimes to optimize their tax liability
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Various exemptions under the new regime include allowances, deductions, and perquisites
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Deductions cover specially abled taxpayers, job creation, conveyance, and travel expenses
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Additional benefits include NPS contributions, home loan interest deductions, and gratuity exemptions
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The standard deduction, family pension deductions, and Agniveer Corpus Fund deductions were introduced
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Limits exist for exemptions like gift amounts, VRS, gratuity, and leave encashment
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Overall, the new tax regime seeks to simplify while offering diverse exemptions and deductions
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