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N. Betharia & Associates

Chartered Accountants

Tax Planning Guide for Assessment Year 2024-25

Important Disclaimer

This guide is for general information purposes only and should not be construed as professional tax advice. Tax laws are subject to frequent changes and individual circumstances vary. This document is prepared based on the Income Tax Act, 1961 and rules thereunder as applicable for Assessment Year 2024-25. Readers are advised to consult qualified Chartered Accountants or tax professionals before making any tax-related decisions. N. Betharia & Associates does not assume any responsibility or liability for actions taken based on this guide. This information complies with the guidelines issued by the Institute of Chartered Accountants of India (ICAI).

About This Guide

This comprehensive tax planning guide covers key provisions and strategies for the current assessment year. It is prepared in compliance with ICAI professional standards and current tax legislation.

Last Updated: August 4, 2025

1. Income Tax Slabs for AY 2024-25

Old Tax Regime

Income Range Tax Rate
Up to ₹2,50,000 Nil
₹2,50,001 to ₹5,00,000 5%
₹5,00,001 to ₹10,00,000 20%
Above ₹10,00,000 30%

New Tax Regime

Income Range Tax Rate
Up to ₹3,00,000 Nil
₹3,00,001 to ₹6,00,000 5%
₹6,00,001 to ₹9,00,000 10%
₹9,00,001 to ₹12,00,000 15%
₹12,00,001 to ₹15,00,000 20%
Above ₹15,00,000 30%

2. Key Deductions Under Section 80C

  • Public Provident Fund (PPF) - Maximum ₹1,50,000
  • Employee Provident Fund (EPF)
  • Equity Linked Savings Scheme (ELSS)
  • National Savings Certificate (NSC)
  • Tax Saving Fixed Deposits
  • Home Loan Principal Repayment
  • Life Insurance Premium
  • Children's Tuition Fees

3. Other Important Deductions

  • Section 80D: Health Insurance Premium - Up to ₹25,000 (₹50,000 for senior citizens)
  • Section 80E: Education Loan Interest - No upper limit
  • Section 80G: Donations to Charitable Organizations
  • Section 24(b): Home Loan Interest - Up to ₹2,00,000
  • Section 80CCD(1B): Additional NPS Investment - Up to ₹50,000

4. Tax Planning Strategies

  1. Maximize Section 80C Investments: Ensure full utilization of ₹1,50,000 limit
  2. Plan Health Insurance: Cover entire family under Section 80D
  3. Home Loan Benefits: Claim both principal (80C) and interest (24b) deductions
  4. NPS Investment: Additional ₹50,000 deduction under 80CCD(1B)
  5. Choose Right Regime: Compare old vs new tax regime based on your deductions

5. Important Due Dates

Particulars Due Date
ITR for Individuals (Non-Audit) 31st July
ITR for Audit Cases 31st October
Advance Tax Installments 15th June, 15th Sep, 15th Dec, 15th Mar
TDS Returns Quarterly

6. Common Mistakes to Avoid

  • Not maintaining proper documentation for claims
  • Missing advance tax payments leading to interest
  • Incorrect reporting of exempt income
  • Not claiming eligible deductions
  • Late filing of returns
N. Betharia & Associates

Chartered Accountants
FRN: 117991W
Nagpur, Maharashtra

For professional tax consultation:
Email: ca.nbetharia@gmail.com
Phone: +91 712 2777 044