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Note-l: New Tax regime is a default tax regime which was inserted for lower tax rates in which no
deduction & exemption allowed for any investment made by employee & no exemption allowed
for House Rent Allowances.
Note-2: As Per CBDT Circular No. 37014210612023-TPL dated 05th April 2023, it is compulsory to
opt out any ohe tax regime and tax will be deducted by employer under that tax regime. lf no
regime opt by employee than tax will be deducted under new tax regime.
Allowed Deduction and loss set off under old tax regime
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