In India, the financial year starts from April 1 and ends on March 31st of the following year.
As we approach the end of this financial year, taxpayers need to finalise their tax-saving plans before March 31, 2024, as tax regulations will change from April 1.
There are several options available in India to save taxes under the old regime, which can be broadly categorised into investments and deductions
Let's take a look at some popular deduction options available under the old tax rules:
Standard Deduction: Salaried individuals can avail standard deduction of Rs 50,000. (This deduction is also available in the new tax regime.)
Section 80 CCD (1B): Taxpayers can claim an additional deduction of up to Rs. 50,000 for amounts deposited in NPS accounts.
Section 80TTA: This section allows individuals or HUFs to claim a maximum deduction of Rs. 10,000 against interest income earned from savings accounts with banks, cooperative societies, or post offices.
Section 80D: Taxpayers can avail deductions on health insurance premiums paid.
Section 80G: Donations made to eligible trusts and charities qualify for deductions under this section.
Section 80C: Investments made in EPF, PPF, ELSS, life insurance premiums, home loan payments, SSY, NSC, and SCSS are eligible for deductions.