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Old vs New Income Tax Regime Which Tax Regime is Better for the A.Y.2024-25? With Auto calculate Income Tax Preparation Excel Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2022-23 and A.Y.2024-25

80C

Old vs New Income Tax Regime Which Tax Regime is Better for the A.Y.2024-25? In the Finance Bill,

 2023 New Tax Regime has been introduced with some benefits compared to the previous New Tax

 Regime. The earlier New Tax regime was not so attractive but the latest amendment has made this new

 regime more attractive to change from the old regime for most people with a gross salary of 15.5 Lakh.

Tax Slab

              Particulars                                                             Old Regime      New Regime

Net profit for discount is                                                          Rs. 5 Lakh.    Rs.7 Lakhs

Reduction of standard                                                               Rs. 50,000     Rs. 50,000

Tax-free salary without investment                                          Rs. 5 Lakh      Rs. 7.5 Lakhs

87A Exemption (maximum amount)                                        Rs. 12,500      Rs. 25,000

Discounts

Housing Rent Allowance (HRA)U//s 10(13A)                              Yes                    No

Traveling Allowance (LTA) u/s 10(5)                                           Yes                    No

Food Subsidy 10 (14)                                                                     Yes                    No

Exemption from voluntary retirement 10 (10C)                             Yes                   Yes

Gratuity Exemption 10 (10)                                                            Yes                   Yes

Denial of holiday pays 10 (10AA)                                                  Yes                    No

Transportation assistance for the disabled                                      Yes                   Yes

Exemptions under Section VI-A 

Emissions 80C                                                                                  Yes                    No

Self Entry NPS u/s 80CCD (1B)                                                      Yes                     No

Self Entry NPS u/s 80CCD (2)                                                         Yes                     Yes

Health Insurance Premium – 80D                                                     Yes                      No

Interest on Education Loan – 80E                                                     Yes                      No

Interest on Electric Car Loan – 80EEB (Max 1,50,000)                   Yes                      No

Donation to Political Party / Foundation etc., – 80GGC / 80G         Yes                      No

Savings Bank interest u/s 80TTA/80TTB                                         Yes                      No

Disability – 80U                                                                                 Yes                      No

Related Disability – 80DD and 80DDB                                             Yes                      No

* In the case of employees, you can choose any mode before filing your income tax return, provided you file it within the deadline.

* Old Mode is useful if a person gets more than 3.75 lakh deductions/exemptions.

  • A person with income above 15 lakhs is benefited from the new scheme only if the deductions are less than 3.75 lakhs.

Download Automated Income Tax Preparation Excel-Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2023-24 and A.Y.2024-25 

Salary Structure
Old vs New Income Tax Regime Which Tax Regime is better for the A.Y.2024-25
Old vs New Income Tax Regime Which Tax Regime is better for the A.Y.2024-25
Income Tax Form 10E

Feature of this Excel Utility:-

1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

2) This Excel Utility has an option where you can choose your option as a New or Old Tax Regime

3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employees Salary Structure.

4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2023-24 (Update Version)

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2023-24

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2023-24