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Deductions under New Tax Regime: Salaried individuals opting for the New Tax Regime can still claim many deductions. A few prominent ones are Standard Deduction and deduction under Section 80CCD (2) for employer's contribution to the National Pension System.
It is to be noted that deductions under Chapter VI-A deduction (Section 80C, 80D, 80E and so on) are not available for taxpayers who opt for the New Tax regime. However, salaried individuals can still claim two deductions under the new tax regime -- Standard Deduction and deduction under section 80CCD (2) for employer's contribution to NPS.
Insurance can be a strategic tool for tax optimization, offering financial safety net and potential tax-saving benefits.
From next month, insurance companies will have to provide their health insurance policyholders with an updated customer information sheet (CIS). It is also the month when salaried people would need to file proof of their tax-saving investments.
The Post Office offers Term or Time Deposit schemes of tenures of 1 year, 2 years, 3 years and 5 years. The interest rate ranges from 6.9 to 7.5 per cent.