Old & New Tax Regime – Exemptions / Deductions (FY: 23-24)

A snapshot of the exemptions / deductions applicable for FY: 2023-24 (AY: 2024-25) under the Old & New Tax Regimes are summarized as under:

Particulars	Old Tax Regime	New Tax Regime (From 1st April 2023)
Income level (for Rebate u/s 87A)	₹ 5 lakhs	₹ 7 lakhs
Rebate u/s 87A	₹ 12,500	₹ 25,000
Standard Deduction (Rs 50,000)	✓	✓
HRA Exemption	✓	x
Leave Travel Allowance (LTA)	✓	x
Other allowances (including food allowance)	✓	x
Entertainment Allowance and Professional Tax	✓	x
Perquisites for official purposes	✓	✓
Interest on Home Loan u/s 24b (Self-occupied property)	✓	x
Interest on Home Loan u/s 24b (Let-out property)	✓	✓
Deductions – 80C	✓	x
Employee’s contribution to NPS	✓	x
Employer’s contribution to NPS	✓	✓
Medical Insurance – 80D	✓	x
Disabled Individual – 80U	✓	x
Donation to Political Party / Trust – 80G	✓	x
Interest on Education loan – 80E	✓	x
Interest on Electric Vehicle loan – 80EEB	✓	x
Savings Bank Interest – 80TTA / 80TTB	✓	x
Deduction on Family Pension Income	✓	✓
Other Chapter VI-A deductions	✓	x
Contribution to Agniveer Corpus Fund – 80CCH	✓	✓
Transport Allowance for a specially-abled person	✓	✓
Gifts upto Rs 50,000	✓	✓
Daily Allowance (if consumed)	✓	✓
Exemption on voluntary Retirement 10(10C)	✓	✓
Exemption on Gratuity u/s 10(10)	✓	✓
Exemption on Leave encashment u/s 10(10AA)	✓	✓
Conveyance Allowance	✓	✓

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