How to Decide Income Tax ? | New Regime or Old Regime | Personal Finance

Опубликовано: 25 Октябрь 2024
на канале: Sriramasubramaniam Nagarajan

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Income Tax | New Regime | Old Regime | Personal Finance

Old Regime

Exemptions

HRA [40% of basic salary non metro and 50% of basic salary for metro]
LTA [2 tickets of trip - every 4 year]
Mobile/internet Reimbursement
Food - 2 meals a day [50*2]
Professional Tax

Deductions

Standard Deduction - 50k
80D - Health Insurance [25k for self, dependent, Parents 25k/50k for age is greater than 60]
80E - 8 years of interest after starting repayment
80G - 50 or 100% for Donations
80C - 1.5 LPA [EPF, PPF, SSY, ELSS, NPS, NSC, 5 years FD, Home Loan Repayment]
80DD - 75K for 40% DIsability and 1.25L for severe/80% disability
24B - 2L on Home Loan Interest Repayment

Rebate 87A - 12.5k

New Regime

50K standard
Employer’s Contribution to NPS [10% of Basic Salary]

Rebate 87A - 25k

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