Available For Free Download At Http Taxcalc.ynithya.com
Evie Dobbe
Note that you will not get any other deductions except standard deduction in new tax regime. All other deductions are still available in old tax regime and new regime will be the default regime from FY 2023-24.
This is possible only when your total income is up to 10-12 lacs in a financial year and you are able to use all available investment options present. If your income goes above this figure in FY, it becomes difficult to save maximum income tax. Again, you can check by yourself using the Income Tax Calculator in Excel I have provided above.
Note that you can reduce taxable income with old regime only and get it below 5 lakh, by using deductions. In new regime there are no deductions available except standard deduction so you cannot do much to get it below 7 lakh limit to get tax rebate.
Infrastructure bonds are available through issues of ICICI Bank and IDBI, brought out in the name of ICICI Safety Bonds and IDBI Flexibonds. These provide tax-saving benefits under Section 88 of the Income Tax Act, 1961, up to an investment of Rs.1,00,000, subject to the bonds being held for a minimum period of three years from the date of allotment.
How much is the minimum contribution to NPS ? What are the restrictions to get this benefit of 1,000 you mentioned ? I am sure its mostly available if you keep investing for long term and with minimum amount . Can you find out more ?
If an Individual / HUF opts for Section 115BAC, no exemption or deduction under the provisions of clause (5) or clause (13A) or prescribed under clause (14) (other than those as may be prescribed for this purpose) or clause (17) or clause (32), of section 10 or section 10AA or section 16 or clause (b) of section 24 (in respect of the property referred to in sub-section (2) of section 23) or clause (iia) of sub-section (1) of section 32 or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii), of sub-section (1) or sub-section (2AA), of section 35 or section 35AD or section 35CCC or clause (iia) of section 57 or under any of the provisions of Chapter VI-A other than the provisions of sub-section (2) of section 80CCD or section 80JJAA from income will be available and New Income tax rates shall be applicable.
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