A snapshot of the exemptions / deductions applicable for FY: 2024-25 (AY: 2025-26) under the Old & New Tax Regimes are summarized as under:
| Particulars | Old Tax Regime | New Tax Regime |
| Income level (for Rebate u/s 87A) | ₹ 5 lakhs | ₹ 7 lakhs |
| Rebate u/s 87A | ₹ 12,500 | ₹ 25,000 |
| Standard Deduction | ₹ 50,000 | ₹ 75,000 |
| 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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This is a handy reference as to the difference between New and Old tax regime
If 10 lakhs income which plan is good old or new
It is being assumed that the assessee is an individual and has a total income of Rs. 10 lakhs (which also includes salary). If there are no exemptions / deductions applicable while computing the taxable income, the new regime is always more beneficial. However, if these are applicable, then the taxable income needs to be computed under both regimes to decide which is beneficial.
Refer to our blog New Regime vs Old Regime – which is better?, which may be useful.