{"id":7943,"date":"2024-10-15T18:27:48","date_gmt":"2024-10-15T12:57:48","guid":{"rendered":"https:\/\/cacube.in\/?p=7943"},"modified":"2024-10-15T18:27:54","modified_gmt":"2024-10-15T12:57:54","slug":"comparison-of-old-tax-regime-vs-new-tax-regime-for-individual-huf-as-upated-by-finance-act-2024-exemption-deductions-in-both","status":"publish","type":"post","link":"https:\/\/cacube.in\/?p=7943","title":{"rendered":"Comparison of OLD Tax Regime Vs New Tax Regime for Individual\/ HUF as upated by Finance Act 2024 (exemption & deductions in both)"},"content":{"rendered":"\n

Here is the summary of some important exemptions & deductions under New Tax Regime for Fy 2024-25:-<\/p>\n\n\n\n

Particulars<\/td>Old Tax Regime<\/td>New Tax regime (For FY 2024-25)(AY 2025-26)<\/td>Remarks (If any)<\/td><\/tr>
Basic Exemption Limit<\/td>(a) \u20b9 250000 (others)
(b) \u20b9 300000 (Senior Citizen)
(c) \u20b9 500000 (Super Senior Citizen)

<\/td>		\u20b9 3 Lakh (for all)<\/td>See Detailed Slab Rate<\/a> <\/td><\/tr>
Income level for rebate eligibility<\/td>\u20b9 5 lakhs<\/td>\u20b9 7 lakhs<\/td><\/td><\/tr>
Standard Deduction<\/td>\u20b9 50,000<\/td>\u20b9 75000<\/td><\/td><\/tr>
Effective Tax-Free Salary income<\/td>\u20b9 5.5 lakhs<\/td>\u20b9 7.5 lakhs<\/td><\/td><\/tr>
Rebate u\/s 87A<\/td>12,500<\/td>25000<\/td><\/td><\/tr>
The deduction under Section\u00a080TTA<\/u>\/80TTB<\/u>\u00a0<\/td>10000 \/ 50000<\/td>X<\/td><\/td><\/tr>
Professional tax and entertainment allowance on salaries<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Allowances to MPs\/MLAs\u00a0<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Minor child income allowance<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Helper allowance<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Children education allowance<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Other Chapter VI-A deductions<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
HRA Exemption<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Leave Travel Allowance (LTA)<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Other allowances including food allowance of Rs 50\/meal subject to 2 meals a day<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Interest on Home Loan u\/s 24b on self-occupied or vacant property<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Interest on Home Loan u\/s 24b on let-out property<\/td>\u2713<\/td>\u2713<\/td><\/td><\/tr>
Deduction u\/s 80C (EPF|LIC|ELSS|PPF|FD|Children\u2019s tuition fee etc)<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Medical insurance premium \u2013 80D<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Disabled Individual \u2013 80U<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Interest on education loan \u2013 80E<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Interest on Electric vehicle loan \u2013 80EEB<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Donation to Political party\/trust etc \u2013 80G<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Other Chapter VI-A deductions<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Other special allowances [Section 10(14)]<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Additional depreciation under section 32(1)(iia)<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Various deductions for donation for or expenditure on scientific research contained in section 35(2AA) or 35(1)(ii) or (iia) or (iii)<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Deduction under section 35AD or section 35CCC<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Section 80JJAA of the Income Tax Act\u00a0allows eligible businesses to claim a 30% deduction on additional employee recruitment costs for three consecutive assessment years<\/strong><\/td>\u2713<\/td>\u2713<\/td><\/td><\/tr>
Donation to Political party\/trust, etc<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Deductions under section 32AD, 33AB, 33ABA<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Employee\u2019s (own) contribution to NPS (80CCD (1) & 80CCD(1B))<\/td>\u2713<\/td>X<\/td><\/td><\/tr>
Employer\u2019s contribution to NPS (80CCD (2))<\/td>Max 10%<\/td>Max 14%<\/td><\/td><\/tr>
Perquisites for official purposes<\/td>\u2713<\/td>\u2713<\/td><\/td><\/tr>
All contributions to Agniveer Corpus Fund \u2013 80CCH<\/td>
\u2713<\/td>
\u2713<\/td>		<\/td><\/tr>
Gifts up to Rs 50,000<\/td>\u2713<\/td>\u2713<\/td><\/td><\/tr>
Exemption on voluntary retirement 10(10C)<\/td>\u2713<\/td>\u2713<\/td><\/td><\/tr>
Exemption on gratuity u\/s 10(10)<\/td>\u2713<\/td>\u2713<\/td><\/td><\/tr>
Exemption on Leave encashment u\/s 10(10AA)<\/td>\u2713<\/td>\u2713<\/td><\/td><\/tr>
Daily Allowance<\/td>\u2713<\/td>\u2713<\/td><\/td><\/tr>
Transport Allowance for a specially-abled person<\/td>\u2713<\/td>\u2713<\/td><\/td><\/tr>
Conveyance Allowance<\/td>\u2713<\/td>\u2713<\/td><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

Here is the summary of some important exemptions & deductions under New Tax Regime for Fy 2024-25:- Particulars Old Tax Regime New Tax regime (For FY 2024-25)(AY 2025-26) Remarks (If any) Basic Exemption Limit (a) \u20b9 250000 (others)(b) \u20b9 300000 (Senior Citizen)(c) \u20b9 500000 (Super Senior Citizen) \u20b9 3 Lakh (for all) See Detailed Slab […]<\/p>\n","protected":false},"author":39,"featured_media":4868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[443],"tags":[],"class_list":["post-7943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax-updates-for-fy-2024-25-ay-2025-26"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/cacube.in\/wp-content\/uploads\/2021\/03\/pexels-photo-209224.jpeg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9X28M-247","_links":{"self":[{"href":"https:\/\/cacube.in\/index.php?rest_route=\/wp\/v2\/posts\/7943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cacube.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cacube.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cacube.in\/index.php?rest_route=\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/cacube.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7943"}],"version-history":[{"count":3,"href":"https:\/\/cacube.in\/index.php?rest_route=\/wp\/v2\/posts\/7943\/revisions"}],"predecessor-version":[{"id":7948,"href":"https:\/\/cacube.in\/index.php?rest_route=\/wp\/v2\/posts\/7943\/revisions\/7948"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cacube.in\/index.php?rest_route=\/wp\/v2\/media\/4868"}],"wp:attachment":[{"href":"https:\/\/cacube.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cacube.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cacube.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}