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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 Software in Excel All in One for the Salaried Persons for the F.Y.2023-24 and A.Y.2024-25

Form 10 E

 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. 

Therefore,

Old vs. New Income Tax Regime Which Tax Regime is better for the A.Y.2024-25?

              Particulars                                                             Old Regime      New Regime

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

In other words, the Reduction of standard                              Rs. 50,000     Rs. 50,000

However, a Tax-free salary without the investment of Rs. 5 Lakh      Rs. 7.5 Lakhs

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

For instance, Discounts

Housing Rent Allowance (HRA) U//s10(13A)                              Yes                    No

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

In addition, Food Subsidy 10 (14)                                               Yes                    No

After that, Exemption from voluntary retirement 10 (10C)         Yes                   Yes

Similarly, 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 conclusion

* 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 All the Salaried Persons for the Financial Year 2023-24 and Assessment Year 2024-25 U/s 115BAC

Feature of this Excel Utility:-

1) In other words, This Excel Utility Prepare Your Income Tax as per your option U/s 115BAC perfectly. 

2) However, This Excel Utility has all amended Income Tax Sections as per Budget 2023 

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

4) For instance, Automated Calculation Income Tax House Rent Exemption U/s 10(13A) 

5)In addition, Individual Salary Structure as per the Salaried Person’s Salary Pattern 

6) Individual Salary Sheet 

7) Individual Tax Computed Sheet 

8) After that, Automated Income Tax Revised Form 16 Part A&B for the F.Y.2023-4 

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

10) Automatic Convert the amount into the in-words without any Excel Formula