Apr 16, 2024 · Explore the exemptions and deductions allowed under the new tax regime for FY 2023-24 (AY 2024-25). Learn about the options available to taxpayers and make informed decisions to optimize tax efficiency.

Gross Salary (after deducting allowances exempted under both regimes) Allowances which are allowed as exempted under both regimes.

Various deductions and exemptions are allowed in Old tax regime. The new regime offers lower rates of taxes but permits limited deductions and exemptions. Which is better between the old tax regime and the new tax regime? The option to choose between two regimes may vary from person to person.

Will I Receive An Exemption On Leave Encashment Under New Tax Regime? Yes, exemption on leave encashment is available under the new tax regime. In Budget 2023, the exemption threshold for leave encashment was increased 8-fold from ₹3 lakhs to ₹25 lakhs for non-government employees.

5 days ago · Income Tax: Standard deduction of ₹75,000 from salary is given under the new tax regime In FY 2023, the income tax regime became a default regime for all taxpayers. This means the taxpayers are ...

Dec 18, 2024 · Key Features of the New Tax Regime 2024: A tax rebate has been introduced, allowing taxpayers with income up to ₹7 lakhs to pay no tax under the new tax regime. This means individuals with taxable income below ₹7 lakhs will not have to pay any tax.

What are the Exemptions and Deductions Not Claimable under the New Tax Regime? The following are some of the major deductions and exemptions you cannot claim under the new tax regime: Salary: Professional tax and entertainment allowance on salaries; Leave Travel Allowance (LTA) House Rent Allowance (HRA) Allowances to MPs/MLAs Helper allowance

The new regime under Section 115BAC gives individuals and HUF taxpayers an option to pay income tax at lower rates with fewer exemptions and deductions to claim. Keep reading to learn more about Section 115BAC of the Income-tax Act, 1961 .

Budget 2023 has hiked the basic exemption limit to Rs 3 lakh from Rs 2.5 lakh under the new revised tax regime, this will save you Rs 2500. What is the surcharge amount under the revised new tax regime? The highest surcharge rate, which formerly applied to people with incomes beyond Rs 5 crore, was 37%; it has since been reduced to 25%.

2 days ago · The income tax basic exemption limit has been hiked to Rs 4 lakh from Rs 3 lakh under the new tax regime in Union Budget 2025-26. The basic exemption limit under the new tax regime was last hiked in the Budget 2023-from Rs 2.5 lakh to Rs 3 lakh; and under the old tax regime, it was last hiked in the ...