Personal Tax Planning in India: Checkpoint 1

Quick checkpoint - five questions on planning vs evasion, salary components, 80C, health insurance and capital gains.

Question 1 of 5 Which of these is illegal?

Choosing the better tax regime Hiding rental income from the tax department Investing in PPF Claiming HRA with rent receipts

Hiding income is tax evasion, which carries penalties.

Question 2 of 5 What is the standard deduction for salaried employees under the new regime from 2024-25?

25,000 rupees 50,000 rupees 75,000 rupees 1.5 lakh rupees

It was raised to 75,000 rupees under the new regime.

Question 3 of 5 What is the maximum 80C deduction under the old regime?

50,000 rupees 1.5 lakh rupees 5 lakh rupees No limit

EPF, PPF, ELSS and other items share the 1.5 lakh limit.

Question 4 of 5 Up to how much can you deduct for health insurance premiums for senior citizen parents under the old regime?

10,000 rupees 25,000 rupees 50,000 rupees 5 lakh rupees

The limit for senior citizen parents is 50,000 rupees.

Question 5 of 5 After July 2024, what is the tax rate on long-term gains from listed equity above 1.25 lakh rupees?

5 percent 12.5 percent 20 percent 30 percent

Short-term equity gains are taxed at 20 percent.

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