Old Income Tax Regime Vs New Income Tax Tax Regime

This is my 1^st article and I covered very interesting topic ‘Old Vs New Tax regime‘ because after becoming Chartered accountant my relatives and friends ask which tax regime they should choose.

Here we covered the following points –

1. Applicability

2. Tax Rate Structure

3. Exemptions & Deductions

4. Other Points

1. Applicability :-

Section 115BAC applicable only to Individual (Including Senior Citizen and Super Senior Citizen) / HUF

2. Tax Rate Structure :-

3. Exemptions & Deductions :-

4. Other Points :-

• Deduction U/s 80CCD(2) and 80JJAA Allowed Under New Tax Regime as well as Old Tax Regime
• Transport Allowance granted to Divyang employee, Conveyance allowance, Tour Allowance, Daily Allowance allowed under certain conditions
• If individual or HUF having Business or Professional Income and opted New Tax Regime then he can not shifted to Old Tax Regime in Future Years but in one condition he can shifted to Old Tax Regime only when business or professional income Cease to Exist
• if Individual or HUF having income other then business or professional income then he has the option to opt New Or Old Tax Regime every year