Outlook Money
Taxpayers should leverage strategic maneuvers and investments to optimize tax liabilities and save money for 2024.
Under the New Tax Regime, earnings up to Rs 7.5 lakh can have tax savings and the standard deduction of Rs 50,000 can be availed by both salaried individuals and pensioners.
Under the Old Tax Regime, housing rent allowance and investments under Section 80C (Senior Citizen Savings Scheme, Public Provident Fund (PPF), etc., can be explored for deductions.
Investments for tax benefits can be done by investing in life insurance plans under Section 80C.
Plan donations like charitable donations carefully ensure deductions in the intended tax year.
Certain pension funds under Section 80CCC and 80CCD(1) qualify for exemptions up to Rs 1.5 lakh.
Look into various investments and expenses under Section 80C to claim deductions.