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Monthly Tax Saving Tips for 24L Gross Salary

T S Khurana |536 Answers |Ask -Follow

Tax Expert - Answered on Aug 10, 2024

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

Question by Rajesh on Jul 28, 2024Hindi

Money

Hello Mihir, My gross salary is 24L and after 75K standard deduction and new regime new slabs, I end up with a monthly tax of around 30K. Is there any way where I can invest and save tax?

Ans: Interest paid on Home Loan is also exempt under the new tax regime. You may plan for that.
I feel in your case old regime may not be beneficial even after all tax savings under 80-C, 80-D & 80CCD(1b).
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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I am working with a private organisation and my monthly salary is Rs 70,500. Kindly note my 80C is full. 80D is also full. Will invest in NPS also. Still I have to pay tax. Please suggest any other investment where I can invest and save tax.

Ans: Since you have covered many of the commonly used tax saving options, the few available exemptions/deductions are:

Tax saving on home loan interest paid, under Section 24, upto Rs 2 lakhs
Tax savings on interest repayment on a home loan for first-time owners, under Section 80EE, upto Rs 50,000 (the value of the house to be less than Rs 50 lakhs and the loan less than Rs 35 lakhs) over and above the deduction of Section 24 above.
HRA/tax savings on rent paid in cases where HRA isn't paid under Section 80GG, upto Rs 60,000 in a financial year (deduction is not applicable to taxpayers who own a house, but live in a rented house in the same city). It cannot be availed by taxpayers who own a house in another city and claim tax deduction under Section 24 towards repayment of home loan interest on that house)
Leave Travel Allowance under Section 10 (5) for domestic travel
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Reimbursements: You need to check with your company on the various reimbursements possible, like medical, transport allowance, food coupons, vehicle reimbursement, etc

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Question by Praveen - May 15, 2023Hindi

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Dear Mr. Parikh, Are there any tax saving options available, considering I am on new tax regime. Also, I don't have any home/auto/etc. loan, and stay in my own apartment. Regards, Praveen

Ans: Dear Praveen,

Thank you for your question. I understand that you're looking for tax-saving options under the new tax regime. While the new tax regime does limit some of the deductions available under the old regime, there are still a few options you can consider.

Standard Deduction: A fixed amount of Rs. 50,000 is allowed as a deduction from the total income of salaried individuals. Please note that if you claim this standard deduction, you cannot claim any other deduction for the same amount under any other section of the Income Tax Act.
Employer's Contribution to NPS: If your employer contributes to your National Pension Scheme (NPS) account, this contribution can be claimed as a deduction.
Transport Allowances for Persons with Disabilities: If you have a disability, you may be eligible for deductions related to transport allowances.
Gratuity: If you receive a gratuity from your employer, it may be exempt from tax under Section 10(10).
Leave Encashment: If you receive any amount in lieu of leave not taken, it may be exempt from tax under Section 10(10AA).
Please remember that tax planning should be a part of your overall financial planning. It's important to choose the options that best suit your financial goals and circumstances. If you need more detailed advice, I would recommend consulting with a tax advisor who can provide guidance based on your specific situation.

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Asked by Anonymous - May 20, 2024Hindi

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Every month I am paying 30% tax on my salary .I have invested in PPF,NPS,EPF L,MEDICLAIM,LIC and also HRA. I have utilised the maximum benefits available in all sections.Still the amount of tax I have to pay is humongous. Can u please let me know if there is any other financial products that I should invest to save more tax

Ans: Unfortunately salaried people do not have many options, but if you have a housing loan or an education loan then you can get additional benefits. Donation is always an option u/s 80G.

Please consult with your CA once.

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Hi sir I have huge tax paid to it dept around 50k every month. Basic 1,05,831.00 Hra 42,332.00. Special allowance 1,16,414.00. Tax deducted cols Pf 12,700.00. Profession tax 200. Income tax 48,607.00. I have total 1.5 lakhs for 80c Hra full declared I don't have anything apart from these I have home loan which is under construction 80 percent completed but possession is dec ending I don't know how to save my tax Need some inputs Which places I can invest or donation or insurance so that I can reduce my tax Any advice please suggest me based on my above salary pay slip Every month 48k is getting deducted.. Lots of commitments i have like personal loan , gold loan , home loan, mutual funds My whole salary is going to all these sectors Please advise so that I can pay min tax with good investment if possible.. Income tax

Ans: Hi,

With your salary, you can claim the following:
1. HRA - already done by you
2. 80C - 1.5 lakhs done by you
3. Home Loan Deduction - can be done
4. Sec 80D - Health Insurance and medical checkup for self, family and parents

Doing donation or any other investment just to save tax is not a wise idea. Best is to invest smartly so that you can generate good returns with time.
You and no1 can escape from this vicious cycle of paying income tax.

If you need help with investments, can consult a professional Certified Financial Planner - a CFP who can guide you with exact funds to invest in keeping in mind your age and risk profile.

Best Regards,
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https://www.instagram.com/cfpreetika/

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Question by raghav - Feb 16, 2025Hindi

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Hello Sir...need your advise as my total income for this FY is 951840/- aftyer exhausting my home loan interest/80C/80D/80CCD(1B)nps...still my taxable income is 52460 means i still need to invest 24K more to save tax...is thre any other catagory I can invest in next 2 month to save 100% tax...thanks in advance

Ans: 01. In this case, Donations may be considered to reduce your tax liability.
02. Please ensure that you have considered exemption u/s 80TTA (Rs.10,000.00 in case of Resident Indian & Rs.50,000.00 in case of Senior Citizen), while working out above details.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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