You need to see this post 👇 https://lnkd.in/g3HaUDij
❓ How to make your Income Tax 𝗭𝗘𝗥𝗢 under New Regime 😉 The new tax regime, revamped in this year's budget, has become the default option for many of us. With revised tax slabs and a standard deduction benefit, incomes up to ₹7.5 lakh are effectively tax-free Sounds great, right? But there’s a catch While the new regime simplifies things by cutting down on the paperwork, it also means giving up most of the deductions and exemptions we used to enjoy So, how do you still save on taxes? 💡Here are a few tips 💡 ▶️ 𝑬𝒎𝒑𝒍𝒐𝒚𝒆𝒓 𝑪𝒐𝒏𝒕𝒓𝒊𝒃𝒖𝒕𝒊𝒐𝒏𝒔 Your PF and NPS contributions remain powerful tools. While your contribution is taxable, your employer’s share isn’t, up to certain limits. This can significantly reduce your taxable income ▶️ 𝑯𝒐𝒎𝒆 𝑳𝒐𝒂𝒏 𝑰𝒏𝒕𝒆𝒓𝒆𝒔𝒕 𝑫𝒆𝒅𝒖𝒄𝒕𝒊𝒐𝒏 If you’ve let out a property, you can still deduct the interest on your home loan, which lowers your taxable rental income under both the old and new regimes ▶️ 𝑹𝒆𝒊𝒎𝒃𝒖𝒓𝒔𝒆𝒎𝒆𝒏𝒕𝒔 𝒂𝒏𝒅 𝑬𝒙𝒆𝒎𝒑𝒕𝒊𝒐𝒏𝒔 Keep those receipts! Expenses like fuel, travel, and internet are still tax-free if you provide the necessary proofs. It’s a simple way to keep your tax burden light ▶️ 𝑺𝒑𝒆𝒄𝒊𝒂𝒍𝒊𝒛𝒆𝒅 𝑻𝒂𝒙 𝑩𝒆𝒏𝒆𝒇𝒊𝒕𝒔 Don’t forget about specialized benefits like deductions for family pension, gratuity, and voluntary retirement. These can still be a significant help in reducing your tax liability While the new tax regime is more straightforward, it puts the responsibility of saving and investing squarely on your shoulders. If you thrive on flexibility and managing your finances, this regime could be for you But if you need a push to save and invest, the old regime may still be your best option Choosing the right tax regime is crucial — make sure it aligns with your financial habits and goals! A big thank you to Emirates India team for giving Magnum Finvest Services a chance to help their employees & busy corporates, understand these complex tax structures in an easy manner and create systems & processes so that, they can grow their wealth in the long run If you want to be part of this group, just drop us a message (𝑳𝑰𝑵𝑲 𝑰𝑵 𝑩𝑰𝑶) or just DM us Follow Sourabh Jain & Magnum Finvest Services for more such insightful posts #taxtips #financialplanning #newtaxregime #taxsaving #personalfinance #india