Let us inform tax saving options available in new tax regime for FY 2023-24 in the Benefit of all ?

Ans: For senior citizen specifically no new benefits are announced. However, Senior citizen can take benefit of revised rate of tax under new tax regime and if income is upto 7 lacs, senior citizen can also take benefit of 100% rebate of tax.

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: The below are the types of deductions you can claim under the old tax regime -

1. Investment in PPF/NSC/ Insurance: INR 150000
2. Mediclaim - depending upon self and / or dependents : INR 25000 / INR 50000 or INR 75000 (incase either parent is a senior citizen)
3. Interest on savings bank account interest to the extent of INR 10000
4. You can claim housing rent allowance from your salary income incase you live on rent.
5. Other deductions depend upon whether you have housing loan or education loan etc.
6. Investment in National Pension scheme : INR 50000

Please consult your CA before moving ahead.

Ans: Please calculate your tax liability under both tax regimes & select the option, in which you have minimum tax liability.
It is not possible to generalise the selection of tax regime. It depends upon the individual details, Income & Saving patron to take advantage under both schemes.
Most welcome for any further clarifications. Thanks.