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Tax Saving Tips for Seniors and Super Citizens Earning Over Rs. 7.5 Lacs

Mihir

Mihir Tanna  |948 Answers  |Ask -

Tax Expert - Answered on Jul 16, 2024

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Amit Question by Amit on Jul 15, 2024Hindi
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Are there any way in which senior and super citizen can save tax from salary in excess of Rs. 7.5 Lacs in new tax regime. Is yes, then how?

Ans: In case of salary income; conveyance allowance, amount received on voluntary retirement, gratuity, Leave encashment, Employer Contribution to NPS is available under new scheme subject to fulfillment of conditions.
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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Hardik

Hardik Parikh  | Answer  |Ask -

Tax, Mutual Fund Expert - Answered on Jul 07, 2023

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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.

I hope this helps!

..Read more

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Pushpa

Pushpa R  |11 Answers  |Ask -

Yoga, Mindfulness Expert - Answered on Oct 17, 2024

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I am a diabetic with HbA1C 7.4. I feel very sleepy after the breakfast, which I take around 10-10:30 AM. Also, I feel not so fresh when I get up in the morning. Infact getting up in the morning is a struggle. I generally sleep around 11 PM. How to avoid this sluggishness during the day. I do regular exercise Yoga or Walk for 30 min atleast 5 times a week. I have a feeling that I am becoming hypoglycemic during the night and that is what causing this sleepiness during the day. Quality of night sleep is reasonably ok. However, I get once during the night for urination. Please advise on my condition.
Ans: Feeling sleepy after breakfast and struggling to wake up in the morning can be linked to several factors, especially in diabetics. Here are some insights and tips to help manage your symptoms:

Possible Nocturnal Hypoglycemia: If your blood sugar drops during the night, it can affect the quality of your sleep and lead to morning sluggishness. You could try having a glass of milk before bed to help maintain blood sugar levels overnight. Consult your doctor to monitor glucose levels more closely.

Post-Breakfast Sleepiness: The type of breakfast you have might be causing a blood sugar spike, followed by a crash. Opt for a balanced meal with complex carbs, protein, and fiber to prevent rapid sugar fluctuations. Avoid sugary or processed foods that can cause drowsiness.

Sleep Quality and Schedule: Although you sleep around 11 PM, if your sleep quality is compromised (like waking up for urination), it may not be fully restorative. Try to reduce fluid intake an hour before bed, and consult a healthcare professional to address frequent urination.

Morning Exercise: Doing yoga or walking earlier in the day, particularly in the morning, can boost your energy levels and reduce daytime sluggishness.

Check with a Doctor: It’s important to discuss the possibility of hypoglycemia and other metabolic factors with your doctor, especially considering your diabetes and HbA1C levels. Adjusting your medication, diet, or routine may be necessary.

Combining balanced meals, consistent exercise, and good sleep hygiene should help reduce the sluggishness you're experiencing during the day.

R. Pushpa, M.Sc (Yoga)
Online Yoga & Meditation Coach
Radiant YogaVibes
https://www.instagram.com/pushpa_radiantyogavibes/

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