Try GOLD - Free
Optimize deductions, maximize tax saving
Mint New Delhi
|January 13, 2025
How can I optimize tax savings on my ₹10 lakh package with current deductions, including home loan repayments, interest, food coupon, mediclaim premiums, and provident fund?
Should I park ₹50,000 to NPS, add ₹50,000 to home loan interest for a ₹2 lakh exemption, claim exemptions for parents' life insurance premiums, or explore other deductions?
-Name withheld on request
With a ₹10 lakh CTC (cost to company) and current deductions of ₹3,97,400, comprising ₹26,400 for food coupons, ₹21,000 for parents' mediclaim premiums, ₹1.5 lakh for Section 80C, ₹1.5 lakh under home loan interest and standard deductions of ₹50,000, the old tax regime is more beneficial for you. This structure allows you to maximize your deductions and minimize your taxable income effectively.
To further reduce your taxable income, you can contribute an additional ₹50,000 to NPS (Section 80CCD(1B)). This contribution provides a valuable opportunity to lower your taxes and enhance your retirement savings.
This story is from the January 13, 2025 edition of Mint New Delhi.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Mint New Delhi
Mint New Delhi
Spirituality, with a side of artisanal coffee
Wavering between the scriptures and self-help platitudes, Namita Devidayal's book leaves the reader wishing they'd chosen a different book
5 mins
October 04, 2025
Mint New Delhi
Zubeen Garg: Assam's first true rock star
The singer-songwriter has thousands of hits in different languages but it was his irreverence that gave him god-like status in a community starved of icons
7 mins
October 04, 2025
Mint New Delhi
L’Oréal board in India next week
The board of French cosmetics giant L’Oréal, the world’s largest beauty group, will visit India next week to explore opportunities in one of the fastest-growing beauty markets. The first such visit comes amid recent management changes at the Indian arm of the Maybelline lipstick maker.
1 min
October 04, 2025
Mint New Delhi
ALL YOU KNEAD
AS PEOPLE MAKE HEALTHIER CHOICES, DAILY BREAD IS NO LONGER JUST WHITE AND SLICED BUT ARTISANAL, SMALL-BATCH AND MADE-TO-ORDER. IN RESTAURANTS, TOO, IT HAS RISEN FROM FILLER TO MAIN ACT
1 min
October 04, 2025
Mint New Delhi
A conversation between fibre and photo
An ongoing show juxtaposes Monika Correa's tapestries and Seher Shah's prints and photogravures
4 mins
October 04, 2025
Mint New Delhi
RBI plans sweeping overhaul to ease foreign borrowing
The central bank has proposed a sweeping liberalization of the external commercial borrowing framework, removing cost caps, widening eligibility, and tying fundraising limits to financial strength to make it easier for Indian firms to access foreign funds.
1 mins
October 04, 2025
Mint New Delhi
Kuku FM looks to raise up to $80 mn
Audio streaming platform Kuku FM has signed a term sheet to raise about $70-80 million in new funding, with South Korean-based video game publisher Krafton leading the round alongside existing investors, three people familiar with the matters said.
1 min
October 04, 2025
Mint New Delhi
Delhi, TN, Maha lead e-bus sales surge in H1
Govt incentives, charging infrastructure also fuel e-bus demand in Odisha
2 mins
October 04, 2025
Mint New Delhi
A case for loafing about
Taylor Swift apparently spends 60% of her time talking about bread (\"it's a loaf story,\" to quote her)—as I learnt from a reel I came across while trying to avoid getting down to the real work of the day (or should I say loafing about)—and it made me wonder when we became so obsessed about what came out of a packet and was eaten when we were sick.
1 mins
October 04, 2025
Mint New Delhi
Draft gaming rules trigger pushback from stakeholders
India’s beleaguered online real-money gaming industry stakeholders have questioned what they call ambiguities in the draft rules of the law that ban any game involving financial winnings.
1 mins
October 04, 2025
Listen
Translate
Change font size