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Optimize deductions, maximize tax saving
Mint Chennai
|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.
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