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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