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84 Years Old Seeking Advice on Tax Savings through Charity Donations of 10 Lakhs

T S Khurana

T S Khurana   |536 Answers  |Ask -

Tax Expert - Answered on Feb 20, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
Hasmukh Question by Hasmukh on Feb 13, 2025Hindi
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I am 84 years old with annual income of 30 lakhs.As per new regime . I want to donate around Rupees ten lakhs to reconised charitable institutions. How I can save income tax on the amount I give as a Charity. Please let me have the guidance of experts.

Ans: Kindly note that benefit under section 80G (Donations made) is not allowed in the New Tax Regime.
Most welcome for any further clarifications. Thanks.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Dear sir, I hope you are doing great. I am a pensioner (66 yr old). I want to plan income tax deductions for this current financial year. My total income (approximately) for the year would be: Pension (about 1.1 lakh per month): 14 Lakhs NPS Annuity (Rs 8040 per month): 1 lakhs Bank Interest on FD: about 50,000 Net gain on redeemed mutual funds: 2.5 lakhs (depending on the need, it may be more) This is the approximate income that I will have this year. Kindly advise me (i) How much income tax I should be paying? Approximately. (ii) Is there a way to pay income tax from net banking? (iii) Will it be helpful to my income tax if I donate some (about Rs 10000) to a charitable society under section 80 G where there is a 50% IT exemption? Please enlighten me on this. Kindly help me in advance in planning the budget for this small income to make the best use of the deductions. Gratefully yours for your advice, Yogendra
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You can choose the new tax regime from next year and pay comparatively less taxes. Doing investments to save tax is not a good idea.
As per your income discussed, tax will have to be paid and there is no way to save that.
You can pay income tax using net banking or upi or card while filing your ITR.
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For you, choosing new regime is better as it will have less tax for you to pay. You will have to pay 1.4 lakhs less tax in new tax regime for FY 2025-26. Total tax paybale - 97500

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https://www.instagram.com/cfpreetika/

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