New tax regime - Income tax slab rate

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This discussion clarifies the differences between the old and new income tax regimes for FY2024-25. It confirms that the new tax regime generally does not allow deductions like those under Section 80C for life insurance premiums or ELSS mutual funds. While switching to the new regime is possible, the ability to switch back and forth annually may be restricted, especially for salary income.

Anand Prakash Garg

Anand Prakash Garg (Querist)

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)

04 May 2024 No... Please check allowable deductions under new tax regime.

Anand Prakash Garg

Anand Prakash Garg (Querist)

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)

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)

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