Income Tax (No 2) Bill Brings SIMPLE Law — Finally, Taxes Made Simple?
The Income Tax (No 2) Bill is finally here, and with it comes the SIMPLE law. Here’s what it means for your money, your returns, and why it’s not as boring as it sounds.
Learn how salaried Indians can legally save tax in FY 2025–26 with real-life tips on 80C, HRA, 80D, NPS & more — minus the jargon or confusion.
Okay, let’s be honest — the word tax makes most of us uncomfortable. It’s like that awkward relative you see once a year, and you’re never quite sure what to say or do.
This year, I made a promise to myself: I’m going to stop being clueless about where my salary goes. Not just cribbing in March when Form 16 shows up and it’s too late to fix anything.
So I’ve been doing some digging — nothing crazy, just simple ways to save tax legally (because obviously, jail doesn't look good on anyone’s resume 😅 ).
This one tripped me up at first. The new tax regime looks simple at first glance. Lower tax slabs, no paperwork, no investment proofs… sounds dreamy, right?
But here’s the catch: you lose all your exemptions.
No HRA, no 80C, no standard deductions, nada.
I actually ran both through a tax calculator (thank god for those online tools), and boom — old regime still saved me more.
Mostly because I already have a bunch of deductions going on (some without even trying).
You know how some things never go out of style? Like Maggi or complaining about traffic?
Well, Section 80C is kind of that. You can claim up to ₹1.5 lakhs.
I didn’t even realize I was already halfway there:
Suddenly, I was already hitting ₹1.2L. Just needed a little ELSS investment to top it up. Felt kinda proud of that one 😌
If you live in a rented place and aren’t claiming House Rent Allowance (HRA), you’re basically giving away free money.
I didn’t care about this last year (was too lazy to ask my landlord for rent receipts tbh). This time, I got smart.
Even if you’re paying rent to your parents — yeah, that works too (just make sure it’s documented).
It’s a weirdly satisfying hack, and it’s totally allowed.
I never thought of insurance as a tax-saving tool — until last year, when my dad had a apigacor hospital visit and the bills were a wake-up call.
Now I have a ₹25,000 plan for myself and ₹50,000 for parents (senior citizens). Under Section 80D, that gives me a ₹75,000 deduction.
And more importantly — some peace of mind.
If you’ve got a home loan, congrats. You’re broke, yes, but you’re also sitting on some solid deductions:
My cousin just bought a flat and was whining about EMIs. I told him to cheer up — at least Uncle Sam (well, Indian Sam) is cutting him some slack.
Some underrated but totally legit things:
Want to know the real kicker? Most of us already qualify for these deductions — we just don’t claim them in time.
Last year, I submitted my proofs late. My HR said “Sorry, can’t do anything now.” I lost around ₹15,000 in refund. That one hurt.
So this year, I’ve got a folder in Google Drive called “Tax Stuff 2025-26” — receipts, statements, even screenshots.
Sounds nerdy, but future-me will thank current-me.
Honestly? It’s not even about saving ₹50,000 or ₹80,000.
It’s about not feeling like a fool every time tax season rolls around.
I still mess up — like forgetting to link PAN and Aadhaar on time (ugh), or blindly trusting a friend’s advice without checking. But I’m learning.
Bit by bit. Form by form.
And if you’re reading this, maybe you’re in the same boat. Trying to figure out how to play smart with your salary, without doing anything shady.
I say — let’s figure it out together. No jargon. No stress. Just some good old common sense and a few legal loopholes your CA doesn’t tell you unless you ask 😄
Till then, here’s to smart moves and smaller tax bites. 🥂
The Income Tax (No 2) Bill is finally here, and with it comes the SIMPLE law. Here’s what it means for your money, your returns, and why it’s not as boring as it sounds.