Income ₹ 1,275,000

Investments ₹ 75,000
TDS ₹0

Labels Old RegimeNew Regime INCOME

Income ₹ 1,275,000 ₹ 1,275,000 Rs. 0 to Rs. 2.5L
Investments ₹ 75,000 ₹ 75,000 Rs. 2.5L to Rs. 5L
Taxable Income₹ 1,200,000 ₹ 1,200,000 Rs. 5L to Rs. 10L
Slab 5% ₹ 12,500 ₹ 15,000 > Rs. 10L
Slab 10% ₹ 30,000
Slab 15% ₹ 45,000
Slab 20% ₹ 100,000 ₹0
Slab 30% ₹ 60,000 ₹0
Tax Rebate ₹0 ₹0
Surcharge 10% ₹0 ₹0
Surcharge 15% ₹0 ₹0
Cess 4% ₹ 6,900 ₹ 3,600
Income Tax ₹ 179,400 ₹ 93,600 ₹ 85,800
Tax Refund ₹0 ₹0
Eff. Tax Rate 14.07% 7.34%
OLD Tax Regime INCOME NEW Tax Regime
0% Rs. 0 to Rs. 3L 0%
5% Rs. 3L to Rs. 6L 5%
20% Rs. 6L to Rs. 9L 10%
30% Rs. 9L to Rs. 12L 15%
Rs. 12L to Rs. 15L 20%
Deductions are part of Allowed
Important Deductions income for
tax Tax
which helpsinclude
Payers to
Deductions
save income Allowed
tax in for
India. Tax
BelowPayers to Save
are 80CCD(1B)
the Deductions
Section 80C (Rs. 1.5 Lacs), Section (Rs.
Income
Allowed Tax
for Tax Payers with limits for FYSection
2022-23
50,000), HRA (House Rent Allowance), 24so
that
(Rs. you can save
2 Lacs), income
etc. Many of tax.
these sections are also
applicable for salaried employees including standard
deduction of Rs. 50,000.
DEDUCTIONS ALLOWED FOR TAX PAYERS –
TABLE
Sections Limits in FY
Section 16 (Standard Deduction) Rs. 50,000
Section 80C (Investments & Expenses) Rs. 1,50,000
Section 80D (Medical Insurance) Rs. 1,00,000
Section 80E (Education Loan) No Limit
Section 80G (Charity) Specified Limits
Section 80TTB
Section 80TTA (Savings
(Savings Account
Account Interest)
Interest – Senior Rs. 10,000
Citizens) Rs. 50,000
Section 80GG (House Rent Allowance not in payslip) Rs. 5000
Section 24b (Housing Loan Interest payments) Rs. 2,00,000
Section 10(13a) (House Rent Allowance in payslip) No Limit

TAX DEDUCTIONS UNDER SECTION 16

Section 16 includes
16(ia) – Standard multiple
Deduction sub50,000
of Rs. sections:
for
salaried employees and pensioners
16(ii) – Entertainment allowance – limited to Rs.
5,000 – for government employees
16(iii) – Employment tax for salaried employees
Section 80C is one of the popular sections which
TAX DEDUCTIONS
allows UNDER
to save income SECTION
tax with a limit of80C
Rs. 1.5 Lacs
in a financial year.
Investment schemes allowed under Section
80C:
PPF (Public Provident Fund)
EPF (Employee Provident Fund)
Five Year Fixed Deposits
ELSS (Equity Linked Saving Scheme) – Mutual Funds
NSC (National Saving Certificate)
SCSS (Senior Citizen Saving Scheme)
Unit Linked Insurance Plan
Sukanya Samriddhi Scheme
Expenses allowed under Section 80C:
Life Insurance Premiums paid
Housing Loan Principal Amount
Tuition Duty
Stamp Fees and
for Children’s education
Registration Fees on new House
property
Please note that the amount of Rs. 1.5 Lacs under
Section 80C is in combination with other sections as
Section 80CCD:
well – Section Section
80CCC and 80CCD
Sectionaims to encourage
80CCD.
the habit of savings among individuals, providing
Other Sections under Section 80C
them an tax deductions for investing in pension
Section
Section 80C
80CCC:has Section
a list of 80CCC
deductions
of who
theanIncome
individual
Taxis
schemes
Section which (1):All
80CCD are allowed by the
individuals Central
haveof suitable
eligible
Act for, which
providestotax have led
deductions to the creation
on investment in
Government.
subscribed Contributions
the National made
Pension by an individual
Scheme (NPS)
sub-sections
pension funds.to provide
These clarity
pension to taxpayers.
funds could be from 80
and his employer, both are eligible for tax
will be eligible to claim tax benefits under Section deduction,
any
CCDinsurer
subject
(1)to and
upthe
to a maximum
deduction
the limit ofbeing deduction
Rs.1.5less than
lakh. of10%
Rs 1.5 lakh
of the
Additionally,
can
an be
salary claimed.
of the tax
exclusive person. Only individual
deduction taxpayers
for investments are
of up to
eligible for this deduction.
Rs.50,000 in NPS (Tier I account) can be availed by
the subscribers under Section 80CCD(1B).
Section 80D of income tax act includes deductions
TAX DEDUCTIONS
allowed UNDER
for premiums SECTION
paid towards 80D
health insurance
policies.
For Self, Spouse and Children – The limit is Rs.
25,000
For in FY
senior citizens (Self or parents) – The limit is Rs.
50,000 in FY
In
Thiscase ofcan
loan higher education
be availed for by
either which
the education
taxpayer loan
TAX
is DEDUCTIONS
taken, interest UNDER SECTION
repayments can be 80E under
claimed
himself or to sponsor the education of his child. Only
Section 80E of income tax act.
individuals are eligible for this deduction, with loans
taken from approved charitable organizations and
financial institutions permitted only for tax benefits.
Section 80G allows you to donate to funds and
charity and claim deduction to save income tax. All
DEDUCTIONS
assesses UNDER
are allowed to SECTION
claim 80G
100% deduction
100% deductions without
with any this
qualifyinglimit:deduction
Donations
limits:
subject
Donationsto to
to payment
funds like proof
National and certain
Defense conditions:
Fund, Prime Minister’s
local authorities, associations or institutes to
Relief
promoteFund,
50% deduction
deduction National
family Illness
planning
without andAssistance
development
qualifying Fund,
limits: etc.
of sports
Donations
50% with qualifying limit: Donations to
qualify
qualify
to funds for
for
like100%
100%
the deduction
deduction,
PMs Drought on the
subject
Reliefamount
to donated.
certain
fund, Rajiv
religious organizations, local authorities for purposes
qualifying
Gandhi
apart from limits.
Foundation, etc. areand
family planning eligible
otherfor 50%
charitable
deduction.are eligible for 50% deduction, subject to
institutes
certain
The qualifying
qualifying limits.
limit refers to 10% of the gross total
Deductions under Section 80TTA of income tax act
income of a taxpayer.
can be claimed by HUF and Individual taxpayers.
This section permits deductions of Rs 10,000 in a
TAX DEDUCTION
financial year on the UNDER
interest SECTION
earned on 80TTA
money
Section 80TTB of income tax act is applicable to
invested in bank savings accounts in the country.
senior citizens of India. The deductions can be
claimed against the interest amounts in Bank
TAX DEDUCTION
Savings account and UNDER SECTION
the limit 80TTB
is Rs. 50,000 in a
financial year.
Section 80GG helps in claiming HRA (House Rent
DEDUCTION
Allowance) forUNDER
those whoSECTION 80GG
don’t get HRA component
in their payslip or salary.
The limits is either 25% of total income or Rs. 5,000
in financial year, whichever is less
Section 24b allows to claim housing loan principal
interest as deduction. The principal amount can be
claimed under Section 80C and interest amount of
TAX DEDUCTION
loan paid UNDER
in financial SECTION
year can 24(B)
be claimed under
Section 24b
Section 24b has a limits of Rs. 2 Lacs in a financial
year.
Section 10(13a) helps you to claim HRA (House Rent
TAX DEDUCTION
Allowance) UNDER
based on certainSECTION 10(13A)
conditions. Below are
some rules and formulas to calculate HRA deduction:

Actual Rent paid in FY – 10% of Basic Salary + DA

Actual
40% ofHRA
Minimum ofReceived
Basic Salarycalculations
above + DA (for non metro
will be city) or as
considered
50% deduction
HRA of Basic Salary
under+Section
DA (for10(13a)
metro city)
in a financial
year.
When you have certain income, you have to pay income
OVERVIEW
New
In FY
tax onTax Regime
2024-25,
your income – This
there areregime
you was
2 tax regimes
generate in introduced in Budget
a FY– (Financial
Old and New Tax
Year),
2020
Regime and has slightly reduced tax slab
which is between April month to March month of next rates. This regime
was
year. introduced
April 2024 to
tohelp
Marchyou2025lower in the
this burden
case of income tax
During
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based
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allow anyyou which one you
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FY 2024-25) income tax byif you
be claimed
deducting
make any the investment
investments, to amounts
save more under various
income tax. sections
You pay
tax on entire amount you earn in FY.

OLD & NEW TAX SLABS

For Age between 60 – 80 years, 5% slab is for income

between
For Rs. 3,00,000
Age above to 5%
80 years, Rs. 5,00,000 under
slab rate is Old Slab in
not applicable
Rates.
Old Slab Rate. So people in this age group can belong to
only 20% or 30% Slab Rate.
As
Butseen above,that
remember standard
thesededuction helps
options are you save
applicable income
only when
HOW
tax TO
based SAVE
on old INCOME
tax TAX
regime. Do we have any other
you choose old tax regime to calculate and save income
options
tax. to save
Below more of
are some Income Tax? Yes,
the options we do.
you can use to save
income tax:

Income tax calculator warikoo - Tab 5

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option to save maximum income tax. Even after making
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you’ll still be paying more taxes with old tax regime
compared to new tax regime.
The maximum limit of non-taxable income for an
individual is set at Rs 2.5 lakh. However, you
can also get a rebate of Rs 12,500 under section
87A if you have a total income of less than Rs 5
lacs for FY 2024-25. If you have tax saving
If the income
FREQUENTLY of an individual
ASKED QUESTIONS is below the basic
What is the under
investments maximumsection 80C of (FAQS)
non-taxable up toincome
Rs 1.5
exemption
limit? limit then he is not required to file
lakh then you will not have to pay any taxes till
income tax returns. Though those who have
Rs 6.5 lakhs for age up to 60 years.
income less than Rs 2.5 Lakh and want to claim
Does
an everyone
income havecan
tax refund to file
onlytheir
claimincome
the refund tax
You can save income tax in FY 2024-25 by
returns?
by filing an ITR. Otherwise, it is mandatory to
opting for Old Income Tax Slab Rates and
file income tax returns in any other case.
making required Tax saving investments. You
can watch this video to know what are the Tax
No,
Howyou cannot claim any
toinstruments
Save Income deductions for your
Saving youTax
can in
useFY to2024-25?
Save Income
investments you make using New Income Tax
Tax.
Slab Rates for FY 2024-25. Only Standard
In
Can case yourIncome
I save Net Taxable Income
Taxandusing is upIncome
New to Rs. 5
Deduction of Rs. 50,000 employer
Lacs,
Tax Slab you get Tax Rebate of maximum Rs.
Rates?
contribution in NPS under Section 80CCD2 can
12,500 under Section 87a which cancels your
be claimed for FY 2024-25 with new tax regime.
income tax of Rs. 12,500 on income of Rs. 5
Why
Lacs, Income
thus makingTax your
is Rs. 0 on
Total Income
Income Taxup = to
Rs.
Rs. 5 Lacs?
0. This Tax Rebate u/s 87a is applicable to both
Old and New Slab Rates.
Yes. Tax Rebate with old tax regime is
Is Tax Rebate
applicable when u/s 87aincome
taxable applicable to both
is below 5 lakh
old and new slab rates?
and with new tax regime when taxable income is
belowBut
Yes. Rs.you
7 lakh
can for FY maximum
claim 2024-25 of Rs. 10,000
in
WhatFY 2024-25
is the under Section
standard 80TTAamount
deduction for interest
for
Standard Deduction applicable for FY 2024-25 is
earned
FY in
2024-25?your savings account using old tax
Rs. 50,000 in both tax regimes for salaried and
slab rates (Rs. 50,000 for senior citizens under
pensioners.
Section 80TTB). Again, this is not applicable in
Is
New interest
Tax Slab earned
Rates. in Savings
Any amountAccount
above Rs.
Taxable?
10,000 as interest in your savings account will
be taxable even using old tax slab rates.