Income Tax Department is giving this much tax exemption on filing ITR in new and old tax system
Income Tax Return: The season for filing income tax returns has started. Now is the time to file income tax returns for assessment year 2025-26.
ITR Filing 2025: The season of filing income tax returns has started. Now is the time to file income tax returns for Assessment Year 2025-26. Now many people are confused whether to remain in the old tax regime or select the new tax regime while filing the return. If we talk about the new tax regime, then it does not get the exemption (Section 80C, 80D, 80G) for saving tax like the old tax regime. Now the question is which tax regime can be beneficial for you, let’s know about it…
New Tax Regime
– Up to Rs 4 lakh per annum: No tax
– From Rs 4 lakh 1 to Rs 8 lakh: 5% tax
– From Rs 8 lakh 1 to Rs 12 lakh: 10% tax
– From Rs 12 lakh 1 to Rs 16 lakh: 15% tax
– From Rs 16 lakh 1 to Rs 20 lakh: 20% tax
– From Rs 20 lakh 1 to Rs 24 lakh: 25% tax
– More than Rs 24 lakh: 30% tax
These exemptions are available in the new tax system
– 80CCH: Full exemption on the amount deposited in Agniveer Corpus Fund.
– 80CCD(2): Exemption on contribution to pension scheme (NPS).
– 80CCH: Exemption is available on contribution to pension fund.
– 80JJAA: Exemption related to recruitment of new employees is available.
In the new tax regime, there will be no tax on annual income up to Rs 12 lakh. Under section 87A, tax rebate will be available up to a limit of Rs 12 lakh. At the same time, if you are a salaried professional, then you will also get the benefit of standard deduction up to Rs 75 thousand.
Old Tax Regime
– In the old tax slab, there is no tax on annual income of Rs 2.5 lakh.
– 5% tax is to be paid on income from Rs 2.5 lakh to Rs 5 lakh.
– 20% tax is levied on income from Rs 5 lakh to Rs 10 lakh.
– 30% tax is to be paid on income from Rs 10 lakh to Rs 50 lakh.
These exemptions in the old tax system
– 80C: Exemption on investment in schemes like LIC, PPF, EPF, ELSS.
– 80D: Exemption on health insurance.
– 80DD: Exemption for physically handicapped family member.
– 80G: Exemption on donation.
– Section 10(13A): If you live in a rented house and HRA is included in the salary structure, then tax exemption is available.
– 80E: Tax exemption is available on the entire amount of interest paid on education loan (up to a maximum of 8 years).
– LTA: Tax exemption is available on travel expenses of self and family within India.
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