Sir, kindly let me know how to save more income tax apart from 80C deductions

Ans: New tax regime is beneficial if all the tax benefits are not taken. For e.g. if income is 20 lacs and deductions u/s 80C is 150000 taken, tax liability will be Rs.300000 under new tax regime and under old it will be 367500.

However, if person take PPF benefit of 1.5 lac, 25k in mediclaim, housing loan interest deduction 2 lacs, 50k standard deduction from salary; tax liability under old regime will reduce to 285000 as per Budget proposal for FY 23-24.

plus applicable cess

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.

I hope this helps!

Ans: you can invest in eligible investments u/s 80 C and 80CCC , take health insurance in name of your parents and yourself ( Sec 80D) and NPS - national pension schme for additional Rs. 50 K deduction.

Ans: 1. PPF / LIC/ ELSS - 1.5L
2. MEDICLAIM - 50K
3. MEDICLAIM SENIOR CITIZEN PARENTS - 25K
4. NATIONAL PENSION SCHEME - 50K

If you have HRA, housing loan or education loan then you may get additional benefits as well.

Please take help from your CA before moving ahead.