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Comparison of OLD Tax Regime Vs New Tax Regime for Individual/ HUF as upated by Finance Act 2024 (exemption & deductions in both)

Income tax updates for FY 2024-25 (FY 2025-26)

Here is the summary of some important exemptions & deductions under New Tax Regime for Fy 2024-25:-

ParticularsOld Tax RegimeNew Tax regime (For FY 2024-25)(AY 2025-26)Remarks (If any)
Basic Exemption Limit(a) ₹ 250000 (others)
(b) ₹ 300000 (Senior Citizen)
(c) ₹ 500000 (Super Senior Citizen)

₹ 3 Lakh (for all)See Detailed Slab Rate
Income level for rebate eligibility₹ 5 lakhs₹ 7 lakhs
Standard Deduction₹ 50,000₹ 75000
Effective Tax-Free Salary income₹ 5.5 lakhs₹ 7.5 lakhs
Rebate u/s 87A12,50025000
The deduction under Section 80TTA/80TTB 10000 / 50000X
Professional tax and entertainment allowance on salariesX
Allowances to MPs/MLAs X
Minor child income allowanceX
Helper allowanceX
Children education allowanceX
Other Chapter VI-A deductionsX
HRA ExemptionX
Leave Travel Allowance (LTA)X
Other allowances including food allowance of Rs 50/meal subject to 2 meals a dayX
Interest on Home Loan u/s 24b on self-occupied or vacant propertyX
Interest on Home Loan u/s 24b on let-out property
Deduction u/s 80C (EPF|LIC|ELSS|PPF|FD|Children’s tuition fee etc)X
Medical insurance premium – 80DX
Disabled Individual – 80UX
Interest on education loan – 80EX
Interest on Electric vehicle loan – 80EEBX
Donation to Political party/trust etc – 80GX
Other Chapter VI-A deductionsX
Other special allowances [Section 10(14)]X
Additional depreciation under section 32(1)(iia)X
Various deductions for donation for or expenditure on scientific research contained in section 35(2AA) or 35(1)(ii) or (iia) or (iii)X
Deduction under section 35AD or section 35CCCX
Section 80JJAA of the Income Tax Act allows eligible businesses to claim a 30% deduction on additional employee recruitment costs for three consecutive assessment years
Donation to Political party/trust, etcX
Deductions under section 32AD, 33AB, 33ABAX
Employee’s (own) contribution to NPS (80CCD (1) & 80CCD(1B))X
Employer’s contribution to NPS (80CCD (2))Max 10%Max 14%
Perquisites for official purposes
All contributions to Agniveer Corpus Fund – 80CCH

Gifts up to Rs 50,000
Exemption on voluntary retirement 10(10C)
Exemption on gratuity u/s 10(10)
Exemption on Leave encashment u/s 10(10AA)
Daily Allowance
Transport Allowance for a specially-abled person
Conveyance Allowance

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