New Tax Regime w.e.f. AY 2024-25
Section 115BAC(1A) provides rate of tax applicable to New Tax Regime w.e.f 01-04-2024 i.e. FY 2023-24 (AY 2024-25). Below table compares the tax rates between New Tax Regime & Old Tax Regime: New Tax Regime u/s 115BAC(1A) Old Tax Regime Total Income Tax Rate Total Income Tax Rate Upto 3 Lacs 0% Upto 2.5 Lacs 0% Above 3 Lacs - Upto 6 Lacs 5% Above 2.5 Lacs - Upto 5 Lacs 5% Above 6 Lacs - Upto 9 Lacs 10% Above 5 Lacs - Upto 10 Lacs 20% Above 9 Lacs - Upto 12 Lacs 15% Above 10 Lacs 30% Above 12 Lacs - Upto 15 Lacs 20% Above 15 Lacs 30% List of deductions not available under New Tax Regime: Leave Travel Allowance u/s 10(5) House Rent Allowance u/s 10(13A) Prescribed Allowances u/s 10(14) with few exceptions Allowances to MP/MLA u/s 10(17) Deduction u/s 10(32) of Rs. 1,500/- in respect of Minor's Income Deductions to SEZ units u/s 10AA Entertainment Allowance to Gove