what are the deduction as per new tax regime and old regime for the fy 2023-24?
Ans: If you opt for new tax regime you can claim deduction/exemption like standard deduction, Perquisites for official purposes, Interest on Home Loan u/s 24b on let-out property, Employer’s contribution to NPS, Deduction on Family Pension Income, Exemption on Leave encashment u/s 10(10AA), Exemption on gratuity u/s 10(10), Conveyance Allowance.
In new tax regime following exemption/deduction specifically not allowed
- HRA Exemption
- Leave Travel Allowance (LTA)
- Interest on Home Loan u/s 24b on self-occupied or vacant property
- Deduction u/s 80C (EPF|LIC|ELSS|PPF|FD|Children’s tuition fee etc)
- Employee’s (own) contribution to NPS
- Medical insurance premium – 80D