Income tax limit exemption for new tax regime is made 7 Lakhs. What happens to old tax regime who are paying housing loan instalments and health insurance etc etc.
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INCOME TAX LIMITS FOR OLD REGIME
Replies (7)
Quick Summary
There is no slab rate change under old tax regime
Basic exemption limit increased to 3lacs
ALL THE CHANGES MADE IN TAX SLAB ARE ONLY FOR NEW TAX REGIME.
OLD TAX REGIME REMAINS UNTOUCHED.
No change in old tax regime
Thanks all. If I make donation PMNRF. Is it deductible (80G) under new regime?. Also whether standard deduction of 50k is deductible in new regime?
No, deduction under section 80G is not allowed to persons opting for new tax regime.
Standard deduction of Rs. 50,000/- will be eligible in new tax regime from FY 2023-24. i.e. AY 2024-25.
New Tax regime has 3Lacs basic exemption, rebate is available upto 7lacs and by default tax payer is under new tax regime
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