Comparison of New Tax regime and Old Tax regime, Deductions allowed under new and old Tax regime

Here you can see the small comparison between New tax slab and old tax slab

New vs old tax regime
articularsOld Tax RegimeNew tax RegimeNew Tax Regime
(until 31st March 2023)(From 1st April 2023)
Income level for rebate eligibility₹ 5 lakhs₹ 5 lakhs₹ 7 lakhs
Standard Deduction₹ 50,000-₹ 50,000
Effective Tax-Free Salary income₹ 5.5 lakhs₹ 5 lakhs₹ 7.5 lakhs
Rebate u/s 87A₹ 12,500₹ 12,500₹ 25,000
HRA ExemptionXX
Leave Travel Allowance (LTA)XX
Other allowances including food allowance of Rs 50/meal subject to 2 meals a dayXX
Standard Deduction (Rs 50,000)X
Entertainment Allowance and Professional TaxXX
Perquisites for official purposes
Interest on Home Loan u/s 24b on: Self-occupied or vacant propertyXX
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)XX
Employee's (own) contribution to NPSXX
Employer's contribution to NPS
Medical insurance premium - 80DXX
Disabled Individual - 80UXX
Interest on education loan - 80EXX
Interest on Electric vehicle loan - 80EEBXX
Donation to Political party/trust etc - 80GXX
Savings Bank Interest u/s 80TTA and 80TTBXX
Other Chapter VI-A deductionsXX
All contributions to Agniveer Corpus Fund - 80CCHDid not exist
Deduction on Family Pension Income
Gifts upto Rs 5,000
Exemption on voluntary retirement 10(10C)
Exemption on gratuity u/s 10(10)
Exemption on Leave encashment u/s 10(10AA)
Daily Allowance
Conveyance Allowance
Transport Allowance for a specially-abled person
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