A burning question that every individual taxpayer is confused about: Should we shift to the New tax regime or stay in the Old tax regime? As we move into the new year, this thread on new v/s old regime will help you make better tax planning decisions by March 31, 2024🧵👇 [ 1] Brief background An individual can opt to be taxed at beneficial rates under Section 115BAC, as per the slabs mentioned below! For FY24 onwards, the new tax regime shall be the default regime for all individuals and HUFs, unless opted otherwise. [2] Standard Deduction for salaried individuals A standard deduction of ₹50,000 is available to individuals under both the new and old regime. Unlike the new regime, which was applicable up to March 31, 2023. [3] Opting for the new tax regime! A number of exemptions/deductions are not available when the new tax regime is opted for. Here are some of them: 1. Section 80C 2. Section 80D 3. HRA/LTA 4. Interest on loan for self-occupied property 5. Any additional depreciation ...
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