Income Tax Saving options for the FY 2022-23 (AY 2023-24)

Income Tax Saving options for the FY 2022-23 (AY 2023-24)

Income Tax Saving Schemes for the FY 2022-23 (AY 2023-24) as per the old scheme

Income tax department with a view to encourage savings and investments amongst the taxpayers have provided various deductions from the taxable income under chapter VI A deductions. 80C being the most famous, there are other deductions which are beneficial for the taxpayers to reduce their tax liability. Let us understand these deductions in detail:  

Section 80C – Deductions on Investments 

Section 80C is one of the favorite sections amongst taxpayers as it allows them to reduce taxable income by making tax-saving investments or incurring eligible expenses. It allows a maximum deduction of Rs 1.5 lakh every year from the taxpayer’s total income.  
The benefit of this deduction can be availed by Individuals and HUFs. Companies, partnership firms, and LLPs cannot avail the benefit of this deduction.  
Section 80C includes subsections, 80CCC, 80CCD (1), 80CCD (1b) and 80CCD(2).

It is important to note that overall limit including the subsections for claiming deduction is Rs 1.5 lakh except an additional deduction of Rs 50,000 allowed u/s 80CCD(1b)

Section 80C and its subsections

SectionsEligible investments for tax deductions
80CPayments made towards life insurance premiums, Equity Linked Saving Schemes, payments made towards the principal sum of a home loan, SSY, NSC, SCSS, and so on.
80CCCPayment made towards pension plans, and mutual funds.
80CCD (1) Payments paid to government-sponsored plans such as the National Pension System, the Atal Pension Yojana, and others.
80CCD (1B) Investments of up to Rs.50,000 in NPS.
80CCD (2) Employer’s contribution towards NPS (up to 10%, comprising basic salary and dearness allowance, if any)

Here are some investment options that are allowed as deduction u/s 80C. They not only help you with saving taxes but also help you grow your money. A quick comparison of the options is tabulated below:

Section 80C Deductions List

Investment optionsAverage InterestLock-in period forRisk factor
ELSS funds12% – 15%3 yearsHigh
NPS Scheme8% – 10%Till 60 years of ageHigh
ULIP8% – 10%5 yearsMedium
Tax saving FDUp to 8.40%5 yearsLow
PPF7.90%15 yearsLow
Senior citizen savings scheme8.60%5years (can be extended for other 3 years)Low
National Savings Certificate7.9%5 yearsLow
Sukanya Samriddhi Yojana8.50%Till girl child reaches 21 years of age  
(partial withdrawal allowed when she reached 18 years)

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Sometimes, you may have deductions or investments eligible for 80C but haven’t submitted proof to your employer. This may cause additional TDS deductions. You can still claim these deductions while e-filing, as long as you have the proofs with you.

Section 80TTA – Interest on Savings Accounts

If you are an individual or a HUF, you may claim a deduction of a maximum Rs 10,000 against interest income from your savings account with a bank, co-operative society, or post office. Do include the interest from a savings bank account in other income.

Section 80TTA deduction is not available on the interest income from fixed deposits, recurring deposits, or interest income from corporate bonds.

Section 80TTB – Interest From Deposits Held by Senior Citizens

Section 80TTB provides a deduction of up to Rs 50,000 for interest income earned on deposits held by resident senior people (age 60 or more) with a banking firm, a post office, a co-operative, a society engaged in the banking business, and so on. As a result, the maximum for TDS deduction under Section 194A for older citizens has been enhanced to Rs. 50,000. In these instances, however, no deduction under section 80TTA is permitted. It should be noted that senior citizens aged 75 and up who receive just pension and interest income are exempt from ITR filing because tax is deducted at the source by banks.

Section 80GG – Income Tax Deduction on House Rent Paid

a. Section 80GG deduction is available for rent paid when HRA is not received. The taxpayer, spouse or minor child should not own residential accommodation at the place of employment

b. The taxpayer should not have self-occupied residential property in any other place

c. The taxpayer must be living on rent and paying rent

d. The deduction is available to all individuals

Deduction available is the least of the following:

a. Rent paid minus 10% of adjusted total income

b. Rs 5,000/- per month

c. 25% of adjusted total income*

*Adjusted Gross Total Income is arrived at after adjusting the Gross Total Income for certain deductions, exempt income, long-term capital gains and income related to non-residents and foreign companies.

From FY 2016-17 available deduction has been raised to Rs 5,000 a month from Rs 2,000 per month.

Section 80E – Interest on Education Loan

A deduction is allowed to an individual for interest on loans taken for pursuing higher education. This loan may have been taken for the taxpayer, spouse or children or for a student for whom the taxpayer is a legal guardian.

80E deduction is available for a maximum of 8 years (beginning the year in which the interest starts getting repaid) or till the entire interest is repaid, whichever is earlier. There is no restriction on the amount that can be claimed.

Section 80EEA – Interest on Home Loan For First-Time Home Owners

This is Section 80EEA, which provides taxpayers with an extra deduction for paying interest on a house loan. Whereas Section 24 exempted interest on home loans up to Rs 2 lakh, this section exempts home buyers who take out a home loan and pay interest on the loan an additional Rs 1.5 lakhs.

FY 2017-18 and FY 2016-17

This deduction is available in FY 2017-18 if the loan has been taken in FY 2016-17.

The deduction under section 80EE is available only to home-owners (individuals) having only one house property on the date of sanction of the loan. The value of the property must be less than Rs 50 lakh and the home loan must be less than Rs 35 lakh. The loan taken from a financial institution must have been sanctioned between 1 April 2016 and 31 March 2017.

There is an additional deduction of Rs 50,000 available on your home loan interest on top of the deduction of Rs 2 lakh (on the interest component of home loan EMI) allowed under section 24.

FY 2013-14 and FY 2014-15

During these financial years, the deduction available under this section was a first-time house worth Rs 40 lakh or less. You can avail this only when your loan amount during this period is Rs 25 lakh or less. The loan must be sanctioned between 1 April 2013 and 31 March 2014. The aggregate deduction allowed under this section cannot exceed Rs 1 lakh and is allowed for FY 2013-14 and FY 2014-15.

Section 80D – Deduction on Medical Insurance Premium

You (as an individual or HUF) can claim a deduction of Rs.25,000 under section 80D on insurance for self, spouse and dependent children. An additional deduction for insurance of parents is available up to Rs 25,000, if they are less than 60 years of age. If the parents are aged above 60, the deduction amount is Rs 50,000, which has been increased in Budget 2018 from Rs 30,000.

In case, both taxpayer and parent(s) are 60 years or above, the maximum deduction available under this section is up to Rs.1 lakh.

Example: Rohan’s age is 65 and his father’s age is 90. In this case, the maximum deduction Rohan can claim under section 80D is Rs. 100,000.

From FY 2015-16 a cumulative additional deduction of Rs. 5,000 is allowed for preventive health check.

Section 80DD – Deduction for Medical Treatment of a Dependent with Disability

Section 80DD deduction is available to a resident individual or a HUF and is available on:

a. Expenditure incurred on medical treatment (including nursing), training and rehabilitation of handicapped dependent relative

b. Payment or deposit to specified scheme for maintenance of handicapped dependent relative.

i. Where disability is 40% or more but less than 80% – a fixed deduction of Rs 75,000.

ii. Where there is a severe disability (disability is 80% or more) – a fixed deduction of Rs 1,25,000.

To claim this deduction a certificate of disability is required from the prescribed medical authority.

From FY 2015-16 – The deduction limit of Rs 50,000 has been raised to Rs 75,000 and Rs 1,00,000 has been raised to Rs 1,25,000.

Section 80DDB – Deduction for Specified Diseases

a. For individuals and HUFs below age 60

A deduction up to Rs.40,000 is available to a resident individual or a HUF. It is available with respect to any expense incurred towards treatment of specified medical diseases or ailments for himself or any of his dependents. For an HUF, such a deduction is available with respect to medical expenses incurred towards these prescribed ailments for any of the HUF members.

b. For senior citizens and super senior citizens

In case the individual on behalf of whom such expenses are incurred is a senior citizen, the individual or HUF taxpayer can claim a deduction up to Rs 1 lakh. Until FY 2017-18, the deduction that could be claimed for a senior citizen and a super senior citizen was Rs 60,000 and Rs 80,000 respectively. This has now become a common deduction available upto Rs 1 lakh for all senior citizens (including super senior citizens) unlike earlier.

c. For reimbursement claims

Any reimbursement of medical expenses by an insurer or employer shall be reduced from the quantum of deduction the taxpayer can claim under this section.

Also, remember that you need to get a prescription for such medical treatment from the concerned specialist to claim such a deduction. Read our detailed article on Section 80DDB.

Section 80U – Deduction for Disabled Individuals

A deduction of Rs.75,000 is available to a resident individual who suffers from a physical disability (including blindness) or mental retardation. In case of severe disability, one can claim a deduction of Rs 1,25,000.

From FY 2015-16 – Section 80U deduction limit of Rs 50,000 has been raised to Rs 75,000 and Rs 1,00,000 has been raised to Rs 1,25,000.

Section 80G – Income Tax Benefits Towards Donations for Social Causes

The various donations specified in u/s 80G are eligible for deduction up to either 100% or 50% with or without restriction.

From FY 2017-18, any donations made in cash exceeding Rs 2,000 will not be allowed as a deduction. Donations above Rs 2000 should be made in any mode other than cash to qualify for an 80G deduction.

a. Donations with 100% deduction without any qualifying limit

  • National Defence Fund set up by the Central Government
  • Prime Minister’s National Relief Fund
  • National Foundation for Communal Harmony
  • An approved university/educational institution of National eminence
  • Zila Saksharta Samiti constituted in any district under the chairmanship of the Collector of that district
  • Fund set up by a State Government for the medical relief to the poor
  • National Illness Assistance Fund
  • National Blood Transfusion Council or to any State Blood Transfusion Council
  • National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities
  • National Sports Fund
  • National Cultural Fund
  • Fund for Technology Development and Application
  • National Children’s Fund
  • Chief Minister’s Relief Fund or Lieutenant Governor’s Relief Fund with respect to any State or Union Territory
  • The Army Central Welfare Fund or the Indian Naval Benevolent Fund or the Air Force Central Welfare Fund, Andhra Pradesh Chief Minister’s Cyclone Relief Fund, 1996
  • The Maharashtra Chief Minister’s Relief Fund during October 1, 1993 and October 6,1993
  • Chief Minister’s Earthquake Relief Fund, Maharashtra
  • Any fund set up by the State Government of Gujarat exclusively for providing relief to the victims of earthquake in Gujarat
  • Any trust, institution or fund to which Section 80G(5C) applies for providing relief to the victims of earthquake in Gujarat (contribution made during January 26, 2001 and September 30, 2001) or
  • Prime Minister’s Armenia Earthquake Relief Fund
  • Africa (Public Contributions — India) Fund
  • Swachh Bharat Kosh (applicable from financial year 2014-15)
  • Clean Ganga Fund (applicable from financial year 2014-15)
  • National Fund for Control of Drug Abuse (applicable from financial year 2015-16)

b. Donations with 50% deduction without any qualifying limit

  • Jawaharlal Nehru Memorial Fund
  • Prime Minister’s Drought Relief Fund
  • Indira Gandhi Memorial Trust
  • The Rajiv Gandhi Foundation

c. Donations to the following are eligible for 100% deduction subject to 10% of adjusted gross total income

  • Government or any approved local authority, institution or association to be utilized for the purpose of promoting family planning
  • Donation by a Company to the Indian Olympic Association or to any other notified association or institution established in India for the development of infrastructure for sports and games in India or the sponsorship of sports and games in India

d. Donations to the following are eligible for 50% deduction subject to 10% of adjusted gross total income

  • Any other fund or any institution which satisfies conditions mentioned in Section 80G(5)
  • Government or any local authority to be utilised for any charitable purpose other than the purpose of promoting family planning
  • Any authority constituted in India for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns, villages or both
  • Any corporation referred in Section 10(26BB) for promoting the interest of minority community
  • For repairs or renovation of any notified temple, mosque, gurudwara, church or other places.

Section 80GGB – Company Donation to Political Parties

Section 80GGB deduction is allowed to an Indian company for the amount contributed by it to any political party or an electoral trust. A deduction is allowed for contributions done in any way other than cash.

Section 80GGC – Deduction on Donations By a Person to Political Parties

Deduction under section 80GGC is allowed to an individual taxpayer for any amount contributed to a political party or an electoral trust. It is not available for companies, local authorities and an artificial juridical person wholly or partly funded by the government. You can avail this deduction only if you pay in any way other than cash. 

Section 80RRB – Deduction on Income via Royalty of a Patent

80RRB Deduction for any income by way of royalty for a patent, registered on or after 1 April 2003 under the Patents Act 1970, shall be available for up to Rs.3 lakh or the income received, whichever is less. The taxpayer must be an individual patentee and an Indian resident. The taxpayer must furnish a certificate in the prescribed form duly signed by the prescribed authority.

Section 80TTB – Interest Income on Deposits for Senior Citizens 

A new section 80TTB has been inserted vide Budget 2018 in which deductions with respect to interest income from deposits held by senior citizens will be allowed. The limit for this deduction is Rs.50,000.

No further deduction under section 80TTA shall be allowed. In addition to section 80 TTB, section 194A of the Act will also be amended so as to increase the threshold limit for TDS on interest income payable to senior citizens. The earlier limit was Rs 10,000, which was increased to Rs 50,000 as per the latest Budget.

Section 80 Deductions Summary Table

SectionDeduction onAllowed Limit (maximum) FY 2022-23
80CInvestment in PPF 
– Employee’s share of PF contribution 
– NSCs 
– Life Insurance Premium payment 
– Children’s Tuition Fee 
– Principal Repayment of home loan 
– Investment in Sukanya Samridhi Account 
– Sum paid to purchase deferred annuity 
– Five year deposit scheme 
– Senior Citizens savings scheme 
– Subscription to notified securities/notified deposits scheme 
– Contribution to notified Pension Fund set up by Mutual Fund or UTI. 
– Subscription to Home Loan Account scheme of the National Housing Bank 
– Subscription to deposit scheme of a public sector or company engaged in providing housing finance 
– Contribution to notified annuity Plan of LIC 
– Subscription to equity shares/ debentures of an approved eligible issue 
– Subscription to notified bonds of NABARD
Rs. 1,50,000
80CCCFor amount deposited in annuity plan of LIC or any other insurer for a pension from a fund referred to in Section 10(23AAB)
80CCD(1)Employee’s contribution to NPS account (maximum up to Rs 1,50,000)
80CCD(2)Employer’s contribution to NPS accountMaximum up to 10% of salary
80CCD(1B)Additional contribution to NPSRs. 50,000
80TTA(1)Interest Income from Savings accountMaximum up to 10,000
80TTBExemption of interest from banks, post office, etc. Applicable only to senior citizensMaximum up to 50,000
80GGFor rent paid when HRA is not received from employerLeast of : 
– Rent paid minus 10% of total income 
– Rs. 5000/- per month 
– 25% of total income
80EInterest on education loanInterest paid for a period of 8 years
80EEInterest on home loan for first time home ownersRs 50,000
80DMedical Insurance – Self, spouse, children 
Medical Insurance – Parents more than 60 years old or (from FY 2015-16) uninsured parents more than 80 years old
– Rs. 25,000 
– Rs. 50,000
80DDMedical treatment for handicapped dependent or payment to specified scheme for maintenance of handicapped dependent 
– Disability is 40% or more but less than 80% 
– Disability is 80% or more
– Rs. 75,000 
– Rs. 1,25,000
80DDBMedical Expenditure on Self or Dependent Relative for diseases specified in Rule 11DD 
– For less than 60 years old 
– For more than 60 years old
– Lower of Rs 40,000 or the amount actually paid 
– Lower of Rs 1,00,000 or the amount actually paid
80USelf-suffering from disability : 
– An individual suffering from a physical disability (including blindness) or mental retardation. 
– An individual suffering from severe disability
– Rs. 75,000 
– Rs. 1,25,000
80GGBContribution by companies to political partiesAmount contributed (not allowed if paid in cash)
80GGCContribution by individuals to political partiesAmount contributed (not allowed if paid in cash)
80RRBDeductions on Income by way of Royalty of a PatentLower of Rs 3,00,000 or income received


Frequently Asked Questions

Can I claim the 80C deductions at the time of filing the return in case I have not submitted proof to my employer?

Proofs for making investments are submitted to the employer before the end of a Financial Year (FY) so that the employer considers these investments while determining your taxable income and the tax deduction that needs to be made. However, even if you miss submitting these proofs to your employer, the claim for such investments made can be done at the time of filing your return of income as long as these investments have been made before the end of the relevant FY.

I have made an 80C investment on 30 April 2022. For which year can I claim this investment as a deduction?

You can claim deduction for investments made in the return of income for the year in which you have made the investment. Therefore, if you made the investment on 30 April 2022, you will be eligible to claim such investment as a deduction during FY 2022-23.

I have availed a loan from my employer for pursuing higher education. Can I claim the interest paid on such a loan as a deduction under Section 80E?

A deduction of interest paid on an education loan under Section 80E can be made only if the loan has been availed from a financial institution for pursuing higher education. Therefore, availing a loan from your employer will not entitle you to claim the interest under Section 80E.

Is there any restriction or maximum limit up to which I can claim a deduction under Section 80E?

Law has not prescribed any upper limit for making a claim of deduction under Section 80E. Hence, the actual interest paid during a year can be claimed as a deduction.

Can a company or a firm take benefit of Section 80C?

The provisions of Section 80C apply only to individuals or a Hindu Undivided Family (HUF). Hence, a company or a firm cannot take benefit of Section 80C.

I have been paying life insurance premiums to a private insurance company. Can I claim an 80C deduction for the premium paid?

Deduction under Section 80C is available in respect of life insurance premiums paid to any insurer approved by the Insurance Regulatory and Development Authority of India, whether public or private. Hence, the insurance premium you are paying will also help you claim an 80C deduction.

In which year can I claim a deduction of the stamp duty paid for the purchase of a house property

You can go ahead claiming the stamp duty for the purchase of a house in the year in which the payment is made towards stamp duty under Section 80C.

Can a company claim a deduction for donations made under Section 80G

Any taxpayer making donations towards specified institutions, funds, etc. will be eligible to claim a deduction under Section 80G.

I am paying medical insurance premiums for a medical policy taken in my name, my wife and my children’s. I am also paying the premium on a medical policy taken in the name of my parents who are above 60 years. Can I claim a deduction for both premiums paid?

The premium you have paid on the policy taken for yourself, your spouse and your children is eligible for a deduction under Section 80D up to a maximum of Rs 25,000. In addition to this, you will also be eligible to claim a deduction of premium paid on the policy taken for your senior citizen parents up to a maximum of Rs 50,000 (this limit was Rs 30,000 until FY 2017-18. Hence, you can claim both premiums paid as a deduction under Section 80D.

Is my FD interest exempt under Section 80TTB?

If you are a senior citizen above 60 years of age, then your interest income from a Fixed Deposit is exempt under Section 80TTB.

What do you mean by 80C deduction under chapter VI A?

The income tax department allows reducing of the taxable income of the taxpayer in case the taxpayer makes certain investments or eligible expenditures allowed under Chapter VI A. 80C allows a deduction for the investment made in PPF, EPF, LIC premium, Equity linked saving scheme, principal amount payment towards home loan, stamp duty and registration charges for the purchase of property, Sukanya Smriddhi Yojana (SSY), National saving certificate (NSC), Senior citizen savings scheme (SCSS), ULIP, tax saving FD for 5 years, Infrastructure bonds etc.

How to calculate deduction u/s 80c?

For section 80C- The amount of eligible investment or expenditure as specified is fully allowed for deduction subject to the limit of Rs 1.5 lakh.

The limit of Rs 1.5 lakh deduction of Section 80C includes 80CCC (contribution towards pension plan) and 80CCD (1), 80CCD (1b) and 80CCD (2).

Section 80CCCD (1) is a contribution towards the National pension scheme by the employee or self-employed and is limited to 10% of salary (basisc + DA) or 20% of gross total income for self employed.

Section 80CCD (1b) provides additional deduction of Rs 50,000 for contributions towards NPS , Atal pension Yojana etc. This deduction is over and above Rs 1.5 lakh. Hence total of deduction including 80C and 80CCD (1b) can be maximum Rs 2 lakh for a single year.

Section 80CCD (2) is deduction allowed to salaried for contributions made by their employer for NPS , this is also allowed at 10 % of salary (basic +DA) . However it is important to note that there is no upper limit in 80CCD (2)

Hence for investment in 80C only , the limit is Rs 1.5 Lakh. For investment together in 80C, 80CCD (1) and 80CCD (1b), one may invest upto Rs 2 lakh in total. Whereas, a salaried employee can avail more deduction without restriction of limit of Rs 2 lakh under section 80CCD (2) if the employer contributes towards NPS account subject to 10% of salary.

Further please note that per Budget 2020, any contribution towards EPF, NPS and superannuation will be added to the salary as “perquisites” and taxable under salaries in the hands of employees.

Can you claim HRA under section 80?

Yes, if you do not receive HRA as a part of a salary component, the Rent paid can be claimed as deduction under section 80GG. However the maximum amount of deduction allowed is Rs 60,000 per annum.

What is 80GG in income tax? What is rent paid under 80GG ?

80GG allows you to claim deduction for rent paid even if your salary does not include HRA component or by self employed individuals having income other than salary. The condition is that you should not own any residential accommodation in the place of residence to claim deduction under 80GG.

How to calculate 80GG? How to claim 80GG?

80GG deduction will be allowed as lowest of below mentioned :

  • Rs 5,000 per month
  • 25% of the adjusted total Income (excluding long-term capital gains, short-term capital gains under section 111A and Income under Section 115A or 115D and deductions under 80C to 80U. Also, income is before making a deduction under section 80GG).
  • Actual rent less 10% of Income

Who can claim deduction in 80GG?

Deduction under 80GG is available for employees who do not get HRA as a component of salary because of jobs in the informal sector or to self employed persons. The person claiming this deduction should not own a house in the place of residence.

What is section 80CCD ?

80CCD is a subsection of 80C which allows a deduction for contributions to national pension schemes as notified by the central government. The deduction is allowed for contributions made by an employee, employer or voluntary self contribution. Overall limit of deduction allowed in section 80C is Rs 1.5 lakh plus an additional deduction of Rs 50,000 u/s 80CCD (1b) for self contribution to NPS or Atal pension yojana.

What is section 80CCD (1b)?

Section 80CCD (1b) specifically deals with contributions made by an individual (employee or self employed) to pension schemes as notified by the central government. This section provides additional deduction of Rs 50,000 over and above 80C limit of Rs 1.5 Lakh. Which mean an individual can claim total deduction of Rs 2 lakh by making investments in 80C and contribution for national pension scheme u/s 80CCD (1b)

What is section 80CCD (1) ?

Section 80CCD (1) is a deduction for employees as well as self-employed for making contributions to the National Pension scheme. An employee can claim deduction under 80CCD (1) at a maximum of 10% of basic salary plus dearness allowance. For self employed , the limit for deduction is 20% of their income subject to Rs 1.5 lakh maximum limit of section 80C.

What is section 80CCD (2)?

Section 80CCD deals with tax deductions available to employers with respect to contributions made to the pension scheme for its employees. i,e if your employer contributes to its employees pension account, deduction ,maximum upto 20% of total income of the employer can be availed.

What is section 80TTB?

Section 80TTB provides deduction upto Rs 50,000 on interest income earned on fixed deposit or savings account specifically to Senior citizens.

What is rebate u/s 87A?

A rebate under section 87A is one of the income tax provisions that help low income earning taxpayers reduce their income tax liability. Taxpayers earning an income below a certain limit have the benefit of paying marginally lower taxes. A Taxpayer can claim the benefit of rebate under section 87A for FY 2022-23 and 2023-24 only if the following conditions are satisfied:

  • You are a resident individual
  • Your total income after reducing the deductions under chapter VI-A (Section 80C, 80D and so on) does not exceed Rs 5 lakh in an FY.

The tax rebate is limited to Rs 12,500. This means, if your total tax payable is less than Rs 12,500, then you will not have to pay any tax. 

However, if you opt for the new regime from FY 2023-24, the rebate threshold has been increased to Rs 7 lakh.

Do note that the rebate will be applied to the total tax before adding the health and education cess of 4%.

Who is eligible for rebate u/s 87a?

A Taxpayer can claim the benefit of rebate under section 87A for FY 2022-23 and 2023-24 only if the following conditions are satisfied:

  • You are a resident individual which means HUF and firms cannot claim this rebate.
  • Your total income after reducing the deductions under chapter VI-A (Section 80C, 80D and so on) does not exceed Rs 5 lakh in an FY
  • However, if you opt for the new regime from FY 2023-24, the rebate threshold has been increased to Rs 7 lakh.

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