Hello Mr. Sriharsha Vedurmudi,

Using the 1489 integrated circuit (IC) to convert a 24 volt signal to 5 volts is exactly what it was designed to do.

Using the 7406 to integrated circuit (IC) to drive a LED is exactly what it was designed to do. It has an open collector NPN transistors which can tolerate up to 30 Volt thru a load hooked to them. I am not sure what it's max current rating is but I am sure you can drive 30 MilliAmps easy enough.

Both of these parts are widely available any where in the world which makes maintenance a snap. They are also low in price which means you are not going to get a better solution for the price.

I have used both of these IC's in many project during the years and they have served me well.

Good luck,

Regards,

Charles Bannister