Old tax and new tax regime comparison chat for Tax payers

Old Tax Below 60Years

Total Income	Rate of Tax
Upto Rs.2,50,000	Nil
2,50,001 to 5,00,000	5%
5,00,001 to 10,00,000	20%
Above 10,00,000	30%

Old Tax regime above 60years and below 80years

Total Income	Rate of Tax
Upto Rs.3,00,000	Nil
3,00,001 to 5,00,000	5%
5,00,001 to 10,00,000	20%
Above 10,00,000	30%

Old Tax regime above 80years

Total Income	Rate of Tax
Upto Rs 5,00,000	Nil
5,00,001 to 10,00,000	20%
Above 10,00,000	30%

 New tax regime for all age group 

Total Income	Rate of Tax
Upto Rs.3,00,000	Nil
3,00,001 to 6,00,000	5%
6,00,001 to 9,00,000	10%
9,00,001 to 12,00,000	15%
12,00,001 to 15,00,000	20%
Above 15,00,000	30%

 

Claiming of Exemptions or Deductions Allowed or Not	Old Tax Regime	New Tax Regime
Standard Deduction of Rs.50,000 for Salaried and Pensioner	Allowed	Allowed
Deduction for Professional Tax paid	Allowed	Not Allowed
House Rent Allowance Exemption	Allowed	Not Allowed
Leave Travel Concession	Allowed	Not Allowed
Deduction of Interest on Self Occupied House Property up to 2 Lacs	Allowed	Not Allowed
Deduction of Interest on Let Out Property up to 2 Lacs	Allowed	Allowed
Deduction for Family Pension Up to Rs. 15000	Allowed	Allowed
Employer's Contribution to NPS	Allowed	Allowed
Employee's (own) Contribution to NPS	Allowed	Not Allowed
Deduction Under Section 80C to 80U Example: Provident Fund, LIC Premium, Mutual Fund, HL Principal Repayment, Medical Insurance, Donation, Interest on Education Loan, Physically Handicapped Deduction etc. 80 TTA (Interest on Saving Accounts Upto Rs.10,000) 80 TTB (Interest on Savings, FDR, others for senior citizens upto Rs.50,000)	Allowed	Not Allowed
Health and Education Cess	Charged	Charged
Rebate under Section 87A	12500	25000 Sub. to MR
AMT	Applicable	Not Applicable
Contributions to Agniveer Corpus Fund	Allowed	Allowed