Ahmedabad-based finance professional can save Rs 1.58 lakh tax by moving to new tax regime
new tax regime and opts for the NPS benefit offered by his company.
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Some of the allowances in Parashar’s salary are tax-free, but he is not able to claim exemption for all of them. Tax rules allow him a maximum HRA exemption of Rs.1.5 lakh, which makes the remaining Rs.3.23 lakh taxable. He is not able to claim exemption for LTA as well. The conveyance and medical allowances in his salary are already taxable.
The Budget has brought hope to taxpayers like Parashar. He should move to the new tax regime, where his tax will be lower by almost Rs.1.15 lakh. He will not get any exemption for HRA or deduction for tax-saving investments under Section 80C and medical insurance premium under Section 80D, but the higher standard deduction and lower tax rates will more than make up for that.
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