I have shared the key standard deduction in old tax regime. Under the old tax regime in India, taxpayers can claim various deductions to reduce their taxable income. These deductions encourage savings, investments, and essential expenditures.
What are the Old Tax Regime Deductions?
Salaried individuals can claim a flat standard deduction of Rs. 50,000. Apart from this, the other deductions are as follows,- Section 80C: This section allows deductions up to Rs. 1.5 lakh for investments in schemes such as Public Provident Fund (PPF), National Savings Certificate (NSC), Employee Provident Fund (EPF), tax-saving fixed deposits, and payment of life insurance premiums.
- Section 80D: Taxpayers can claim deductions for medical insurance premiums, with limits of Rs. 25,000 for individuals below 60 years and Rs. 50,000 for senior citizens.
- Section 80E: Deduction is allowed for the interest paid on education loans for higher studies. There is no upper limit on the amount, but the deduction is available for a maximum of 8 years.
- Section 24(b): Interest paid on home loans qualifies for deductions up to Rs. 2 lakh per year for self-occupied properties. For let-out properties, there is no cap, but the total loss set-off under income from house property is limited to Rs. 2 lakh.
- Section 80G: Contributions to eligible charitable institutions and relief funds are deductible, subject to limits based on the donation and taxpayer\'s income.
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What Deductions are Allowed in Old Tax Regime?
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2024-12-30T08:55:54+00:00 2024-12-30T08:55:55+00:00Comment
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