New vs Old Tax Regime - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Fri, 22 Aug 2025 05:11:45 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png New vs Old Tax Regime - Rightsofemployees.com https://www.rightsofemployees.com 32 32 ITR Filing 2025: Complete List of Deductions in New vs Old Tax Regime https://www.rightsofemployees.com/itr-filing-2025-complete-list-of-deductions-in-new-vs-old-tax-regime/ Fri, 22 Aug 2025 05:11:45 +0000 https://www.rightsofemployees.com/?p=48015 New Vs Old Tax Regime: If you haven’t yet filed your income tax return (ITR) this year, it is important to remember that you can claim tax deductions on several investments, but only if you have made these investments during the financial year 2024-25. The last date for filing income tax returns (ITR) for the […]

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]]> New Vs Old Tax Regime: If you haven’t yet filed your income tax return (ITR) this year, it is important to remember that you can claim tax deductions on several investments, but only if you have made these investments during the financial year 2024-25.

The last date for filing income tax returns (ITR) for the financial year (FY) 2024-25 is ending on September 15. If you have not yet filed your income tax return (ITR) this year, it is important to remember that you can claim tax deductions on many investments, but only if you have made these investments during the financial year 2024-25.

These are some of the deductions that are available to taxpayers who opt for the new tax regime.

Deductions under the new tax regime

1. Deduction on interest on housing loan: It is a provision to deduct the interest paid on housing loan from the rental income of the house.

2. Deduction under Section 80CCD(2): Deduction on contributions made by the employer to the Central Government Pension Scheme (NPS).

3. Deduction under Section 80CCH: Deduction on contribution to Agneepath Plan.

However, if you are filing your income tax returns under the old tax regime, you can avail the deductions mentioned below.

Tax deduction in the old tax regime

1. Deduction under Section 24(b): Deduct interest paid on housing loan and home improvement loan from household income.

2. Various deductions under Section 80 (Chapter VIA) of the Income Tax Act

A. Section 80C: Combined deduction limit of ₹1,50,000. Details of each eligible payment have to be filled in the ITR, such as policy number, document ID number and eligible amount under Section 80C.

B. Section 80CCC: Annuity plan for pension plan of LIC or any other insurance company.

C. Section 80CCD (1): Own contribution to Central Government Pension Scheme (NPS).

3. Section 80CCD(1B): Additional contribution to Central Government Pension Scheme (NPS) (over and above Section 80CCD(1), up to ₹50,000).

4. Section 80CCD (2): Contribution made by the employer to the Central Government Pension Scheme (NPS).

5. Section 80CCH: Deduction on contribution to Agneepath Scheme.

6. Section 80D: Health insurance premium for self or family and payment made on preventive health check-ups.

7. Section 80DD: Expenses incurred on treatment or maintenance of a disabled dependent or amount deposited in any approved scheme.

8. Section 80DDB: Expenses incurred on treatment of certain diseases of self or dependents.

9. Section 80E: On payment of interest on loan taken for higher education of self or relative.

1 0. Section 80EE: Deduction on interest on loan taken between April 1, 2016 and March 31, 2017 for purchase of first time residential property (subject to certain conditions).

11. Section 80EEA: Deduction on interest on loan taken between April 1, 2019 and March 31, 2022 for purchasing affordable housing for the first time, provided Section 80EE is not availed.

12. Section 80EEB: On interest paid on loan taken between April 1, 2019 and March 31, 2023 for purchasing an electric vehicle.

13. Section 80G: Deduction on donations to certain specified funds or charitable institutions.

14. Section 80GG: On payment of rent for a rented house (for those whose salary is not HRA).

15. Section 80GGA: On donations for scientific research or rural development.

16. Section 80GGC: On contribution to a political party or electoral trust.

17. Section 80TTA: Deduction on interest earned on bank deposits (savings accounts etc.) (different rules for senior citizens).

18. Section 80U: Deduction for physically handicapped person.

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]]> Income Tax Slab 2023: Big news for taxpayers, government may change income tax slab in Budget 2023, tax rate will be reduced! https://www.rightsofemployees.com/income-tax-slab-2023-big-news-for-taxpayers-government-may-change-income-tax-slab-in-budget-2023-tax-rate-will-be-reduced/ Tue, 17 Jan 2023 12:05:55 +0000 https://www.rightsofemployees.com/?p=9970 Income Tax Slab 2023: Income tax to the taxpayers of the country in the Central Government Union Budget 2023But can give great news. The taxpayers of the country expect tax relief the most from the budget. In such a situation, reports are coming that the government can revise the income tax slab in the coming […]

The post Income Tax Slab 2023: Big news for taxpayers, government may change income tax slab in Budget 2023, tax rate will be reduced! first appeared on Rightsofemployees.com.

]]> Income Tax Slab 2023: Income tax to the taxpayers of the country in the Central Government Union Budget 2023But can give great news. The taxpayers of the country expect tax relief the most from the budget.

In such a situation, reports are coming that the government can revise the income tax slab in the coming budget on February 1. Before the budget, there is a constant discussion about whether the government will give any relief on tax or not. A report has come on this, which can give some hope to the taxpayers. In a Reuters report, quoting government sources, it has been told that the government can reduce the tax rate in its Voluntary Income Tax Framework and can also revise the tax slab. That is, to make the new tax regime more attractive, the government can amend the income tax slab. However, the Prime Minister’s Office is yet to take a decision on this.

Income Tax Slab 2023: Finance Minister has indicated relief

Finance Minister Nirmala Sitharaman just said on the question of giving relief to the middle class in a program on Sunday that “I also come from a middle class family, I can understand their pressure.” Since then there are speculations that the government can give some relief on the tax rate.

New vs Old Tax Regime: What are the tax slabs now?

The government had optionally introduced a new tax regime in the 2020 budget, in which six new slabs were introduced – 5%, 10%, 15%, 20%, 25%, and 30%. There are three slabs in the old slab 5%, 20% and 30%, with which all the benefits of tax deduction are available, which are not available in the new tax regime, so many people do not see the new tax regime as tax relief, And most people give preference to the old regime only.

Under the new tax regime,

  • There is no tax on annual income of 2.5 lakhs. 
  • At the same time, 5% tax is levied on income up to 2.5-5 lakhs. 
  • 10% tax on annual income of 5-7.5 lakhs, 
  • 15% on income between 7.5 lakh and 10 lakh
  • 20% tax between 10 to 12 lakh income
  • Between 12.5 Lakh to 15 Lakh 25%
  • And income above 15 lakhs is taxed at 30% annually.

The government has left it up to the taxpayer that under which tax slab they file their returns. In such a situation, when Finance Minister Nirmala Sitharaman will be presenting the budget on February 1, all the hopes of the middle class will rest on the relief in tax cuts.

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