New tax regime - Income tax slab rate

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Anand Prakash Garg (Querist)
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04 May 2024 Till now, I used to follow old tax regime income tax slab.

For Fy2024-25, I would like to switch to New régime income tax slab.
Is new tax régime allows U/S 80 C dedution for LIPs, ELSS MF etc.

RAJA P M

RAJA P M (Expert)
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04 May 2024 No... Please check allowable deductions under new tax regime.

Anand Prakash Garg

Anand Prakash Garg (Querist)
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04 May 2024 Can I swith to new tax regime from old tax regime (ignoring deductions if any)

RAJA P M

RAJA P M (Expert)
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04 May 2024 Yes, You can switch to new scheme. (But, better to check the availability of new to old & old new. Bcoz, it's not possible to switch every year except Salary income)