Maximizing Tax Savings: A Salaried Employee’s Guide to Filing ITR for FY 2024–25
Over the past decade, the number of taxpayers filing income tax returns has surged significantly. Filers in higher income brackets (₹50 lakh+) have grown especially fast, reflecting rising incomes and compliance. In this context, salaried employees can benefit greatly by understanding how to minimize taxes via the old vs new tax regimes, claim all eligible deductions, and avoid common filing mistakes. This guide walks through the key differences between the old and new regimes, major tax-saving sections (like 80C, 80D, HRA, etc.), recommended investments and allowances, a side-by-side comparison of the regimes, and practical tips for filing your ITR correctly. Old vs New Tax Regimes India’s tax system now offers two regimes for salaried taxpayers. The old regime has higher tax rates but allows most deductions and exemptions (80C, 80D, HRA, LTA, etc.). The new regime features more tax brackets with lower rates and a higher basic exemption (₹3 lakh vs ₹2.5 lakh under old), but most ded...