SlabĮxample for Old Tax regime Vs New Tax regime? Which is better? Only the Income tax slabs under the new regimes were revised in the recent Union Budget 2023. Transport Allowance for a specially-abled personĬomparison of Income Tax Slabs under New Regime before and after budget Savings Bank Interest u/s 80TTA and 80TTBĪll contributions to Agniveer Corpus Fund – 80CCHĮxemption on voluntary retirement 10(10C)Įxemption on Leave encashment u/s 10(10AA) Interest on Electric vehicle loan – 80EEBĭonation to Political party/trust etc – 80G Interest on Home Loan u/s 24b on let-out propertyĭeduction u/s 80C (EPF|LIC|ELSS|PPF|FD|Children’s tuition fee etc) Interest on Home Loan u/s 24b on slef-occupied or vacant property Other allowances including food allowance of Rs 50/meal subject to 2 meals a dayĮntertainment Allowance Deduction and Professional Tax In all there are 70 deductions & exemptions that are not allowed, out of which the most commonly used are listed below: Particulars The taxpayer opting for concessional rates in the New Tax regime will have to forgo certain exemptions and deductions available in the existing old tax regime. Additional Health and Education cess at the rate of 4% will be added to the income tax liability + surcharge in all cases. The surcharge rate for an Association of Persons (AOP) consisting entirely of companies will also be limited to 15%. From Assessment Year 2023-24, the maximum surcharge rate on tax payable for dividend income or capital gain mentioned in Section 112 will be 15%. Therefore, the highest surcharge rate on the tax payable for such incomes will be 15%.
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