CA. Brijesh Baranwal
Quick Summary
A taxpayer needs to select Old or New tax regime, as beneficial to him or her. Below here are the deductions available in Old Vs. New tax regime, in brief, which should help in making the required choice. This is applicable from 01.04.2023 i.e. for FY 2023-2024 or say AY 2024-2025. (Amount
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FAQ :
In the new tax regime, there is a full tax rebate on an income up to 7 lakhs.
The standard deduction in the new tax regime is 50,000, making the exemption limit up to 7.5 lakhs.
No, deductions under Section 80C are not available in the new tax regime.
Deductions like HRA, LTA, Food Allowances, Entertainment Allowance, Professional Tax, and interest on home loan under section 24b for self-occupied property are available in the old regime but not the new one.
Salaried taxpayers may opt for the new tax regime for now and make changes during final submissions, after calculating benefits under both regimes.
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