Unlike the tax rebate (available on incomes up to Rs 5 lakh and Rs 7 lakh, respectively, under the old and new tax regimes), a hike in the basic exemption limit will reduce the tax liability across income slabs
Last Budget, the Centre brought in multiple new regulations for Income Tax. One notable announcement in relation to personal taxation was the establishment of the New Income Tax Regime as the default tax system.
Despite being a vote-on-account and most of the changes having come through in 2023, individual taxpayers could expect some concessions in this election-year Budget. However, any changes would be limited to the new tax regime, as the government seems determined to look past the old one
Many taxpayers pay rent to their parents to claim tax deduction benefits. But make sure that you actually pay rent to them, and save documents and rent receipts. You can claim tax breaks under section 80GG on rent paid if you are not eligible for HRA. If you are availing of exemption on house rent allowance by paying rent to parents, ensure that you have an agreement and rent receipts in place.
Section 80D offers tax breaks on health insurance premium paid for self, spouse, children and parents. You can avail of tax breaks at the time of filing returns, even if you have missed out on claiming these while submitting tax-saver investment proofs to your employer