Old & New Tax Regime – Exemptions / Deductions (FY: 23-24)

A snapshot of the exemptions / deductions applicable for FY: 2023-24 (AY: 2024-25) under the Old & New Tax Regimes are summarized as under:

Particulars Old Tax Regime New Tax Regime
(From 1st April 2023)
Income level (for Rebate u/s 87A) ₹ 5 lakhs ₹ 7 lakhs
Rebate u/s 87A ₹ 12,500 ₹ 25,000
Standard Deduction (Rs 50,000)
HRA Exemption x
Leave Travel Allowance (LTA) x
Other allowances (including food allowance) x
Entertainment Allowance and Professional Tax x
Perquisites for official purposes
Interest on Home Loan u/s 24b (Self-occupied property) x
Interest on Home Loan u/s 24b (Let-out property)
Deductions – 80C x
Employee’s contribution to NPS x
Employer’s contribution to NPS
Medical Insurance – 80D x
Disabled Individual – 80U x
Donation to Political Party / Trust – 80G x
Interest on Education loan – 80E x
Interest on Electric Vehicle loan – 80EEB x
Savings Bank Interest – 80TTA / 80TTB x
Deduction on Family Pension Income
Other Chapter VI-A deductions x
Contribution to Agniveer Corpus Fund – 80CCH
Transport Allowance for a specially-abled person
Gifts upto Rs 50,000
Daily Allowance (if consumed)
Exemption on voluntary Retirement 10(10C)
Exemption on Gratuity u/s 10(10)
Exemption on Leave encashment u/s 10(10AA)
Conveyance Allowance

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