Comparison of Old Tax Regime & New Tax Regime:

Old Tax Regime New Tax Regime (Sec 115BAC)

This is the existing / Old Tax Regime where in
an employee will be able to claim Section 10
Exemptions, Section 16 Deduction i.e.,
Standard Deduction & Profession Tax, Section
24 Deduction (interest on Housing Loan) and
avail deduction under Chapter VIA like
Insurance Premium, Provident Fund (PF),
Mediclaim Insurance etc.
Below is the applicable Income Tax Slabs
under this Regime
Taxable Income Tax Rates
This is the New Tax Regime where in an
employee will not be able to claim Section 10
Exemptions, Section 16 Deduction i.e,
Standard Deduction & Profession Tax, Section
24 Deduction (interest on Housing Loan) and
avail deduction under Chapter VIA like
Insurance Premium, Provident Fund (PF),
Mediclaim Insurance etc. Only deduction
allowed under Chapter VIA is NPS Employer
Contribution u/s 80CCD(2) which is up to 10%
of Basic + DA
Below is the applicable Income Tax Slabs
under this Regime

0 - 2.5 Lakhs Exempt

Taxable Income Tax Rates
2.5 - 5 Lakhs 5%
0 - 2.5 Lakhs Exempt
5 - 10 Lakhs 20%
2.5 - 5 Lakhs 5%
Above 10 Lakhs 30%
5 – 7.5 Lakhs 10%

7.5 – 10 Lakhs 15%

10 – 12.5 Lakhs 20%

12.5 – 15 Lakhs 25%

Above 15 Lakhs 30%

Note: Employee choosing the Regime is only for Tax Calculation by Employer and at the time of
filing individual returns, employee has to Opt the Regime and File the Income Tax Returns