Dear Mr. Tanna, 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: The following deductions remain under the new tax regime: standard deduction, Interest on Home Loan for a let out property, employer's contribution to NPS, contributions to Agniveer Corpus Fund.
Exemption of leave encashment is also available under the New Regime.

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: Hello;

You may invest 50 K in NPS and claim deduction for the same under Sec. 80 CCD(1B) over and above the 80 C deductions.

Best wishes;

Ans: You have planned well & already covered Savings Limit u/s 80-C (Rs.1,50,000.00; 80-D (Rs.25,000.00; 80CCD (1B) Rs.50,000.00 (hope your contribution under this scheme is at least Rs.50,000.00 during the year) & Interest on Housing Loan u/s 24(b) (Rs.2,00,000.00. There is hardly any further scope for other tax saving investments.
Most welcome for any further details. Thanks.

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.