Ways To Save Money On Income Tax

Outlook Money

Strategic Maneuvers 

Taxpayers should leverage strategic maneuvers and investments to optimize tax liabilities and save money for 2024.


New Tax Regime

Under the New Tax Regime, earnings up to Rs 7.5 lakh can have tax savings and the standard deduction of Rs 50,000 can be availed by both salaried individuals and pensioners.


Maximizing Deductions

Under the Old Tax Regime, housing rent allowance and investments under Section 80C (Senior Citizen Savings Scheme, Public Provident Fund (PPF), etc., can be explored for deductions.


Insurance Plans

Investments for tax benefits can be done by investing in life insurance plans under Section 80C.



Plan donations like charitable donations carefully ensure deductions in the intended tax year.

Donations | Olivier Le Moal

Pension Funds

Certain pension funds under Section 80CCC and 80CCD(1) qualify for exemptions up to Rs 1.5 lakh.


Section 80C 

Look into various investments and expenses under Section 80C to claim deductions.