New Tax Regime में कोंन कोनसी Deductions ले सकते है ? #newtaxregime #oldtaxregime #whichtaxregimeYour

Questions and My Answers :
1. What deductions are allowed in new tax regime?
What deductions and exemptions are allowed under the new tax regime?
Particulars Old Tax Regime New Tax Regime (From 1st April 2023)
Standard Deduction ₹ 50,000 ₹ 50,000
Effective Tax-Free Salary income ₹ 5.5 lakhs ₹ 7.5 lakhs
Rebate u/s 87A ₹12,500 ₹25,000
HRA Exemption ✓ X

2. What is the standard deduction for the new tax regime 2023-24?
Budget 2023 introduced a standard deduction of Rs 50,000 under New Tax Regime applicable from FY 2023-24.

3. What is the standard deduction for 2024-25?
In AY 2024-25, you can avail a flat standard deduction of Rs. 50,000 under both the new tax regime and the old tax regime if you are a salaried individual or a pensioner. However, you will not be able to avail about 70 deductions under the new tax regime as compared to the old tax regime.

4. Can I claim 80C in new tax regime?
No, investments like PF and VPF are tax deductible under 80C. However, section 80C deduction is not available under the new regime. Click here to know what exemptions and deductions are allowed under the new regime.

5. How to save tax in new tax regime 2023?
6 Ways to Save Income Tax for FY 2023-24
Buy a home loan and enjoy tax benefits under Section 80C.
Buy a health insurance policy.
Park your money in government schemes.
Buy life insurance plans.
Investment options under Section 80C.
Other Tax Saving options beyond Section 80C.

6. Which is better old or new tax regime?
The new regime will be advantageous when total deductions are less than 1.5 lakhs. When total deductions exceed 3.75 lakhs, the old regime will be beneficial. When total deductions range from 1.5 lakhs to 3.75 lakhs: this is determined by your income level.

7. Can we claim PPF in new tax regime?
Employer's contribution is also tax free but it is not eligible for deduction under Section 80C. PPF is one of the few investment plans in India that provides the advantage of Exempt-Exempt-Exempt (EEE) Tax status. The amount that is deposited into the account during each financial year is eligible for tax exemption.

8. Which deductions are not allowed under new regime?
“Under the new regime, which will be the default regime from FY23-24, deductions will not be allowed under chapter VIA of the income-tax act'1961 such as deduction for donations made to specified charitable institutions or trusts under section 80G, deduction for interest income earned from savings account up to Rs

9. What is 80G in new regime?
Section 80G Deduction - Donations Eligible Under Section 80G ...
Section 80G of the Income Tax Act provides for a deduction for donations made to certain charitable institutions or funds. The deduction is available to individuals as well as companies. The deduction under section 80G can be claimed on the amount donated to eligible institutions or funds.

10. How much HRA is exempt from tax?
HRA exemption is allowed least of the below : Actual HRA received by the employee. 40% of salary for a non-metro city or 50% of salary if the rented property is in metro cities like Mumbai, New Delhi, Kolkata, and Chennai. Actual rent paid should be less than 10% of salary.

свернуть