The new tax regime was introduced in FY21 but it was the Union Budget for FY24 that helped popularise it. The tax slabs were revised, the rebate under Section 87A was extended up to Rs 7 lakh of income, the benefit of standard deduction was introduced in the new tax regime as well and, above all, the new tax regime became the default option. There is even a marginal relief for income from Rs 7.5 lakh to Rs 7.78 lakh. So, for this income range, the tax will be the amount exceeding Rs 7.5 lakh, not the amount as per the tax slabs.
Given these changes, many switched to the new regime. However, if one opts for the new regime, one has to also give up most exemptions and deductions. So, the question that arises is if it’s possible to save tax in the new regime.
In this video, we explore 3 ways in which one can save tax in the new regime. We also discuss some other more specialised ways. Last but not least, we talk about a case when you should actually not go for the new regime. You can watch the video to find all of these.
Link to our tax-saving video for the old regime: • Ultimate tax saving gu...
Chapters
00:00 Introduction
02:12 Tax-saving avenue 1
03:44 Tax-saving avenue 2
07:12 Tax-saving avenue 3
08:26 Other avenues
09:56 Conclusion
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16 май 2024
