In the financial year 2023-24, the new tax regime became the default regime. Here, we list some of the common deductions allowed under the old tax regime. Please note that these exemptions are allowed only under the old tax regime. It is vital to note that the old tax regime has slightly higher tax rates than the new tax regime. …
With the new tax regime becoming the default regime lately, several taxpayers are anxious about having lost the eligibility to claim deduction. What, however, is not known to many people is that some deductions and exemptions are still allowed in the new tax regime. New tax regime: These deductions are still allowed 1.Standard deduction: Standard deduction amounting to ₹75,000 or …
