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WealthVizioCrunching the numbers…
Compare old vs new regime for FY 2024-25 with full slab breakup and 87A rebate.
Deductions only apply to old regime. New regime ignores all except standard deduction.
Saves ₹65,000 vs the other option for your numbers.
From FY 2023-24, the new regime is the default. It has lower slab rates but disallows most deductions: no 80C, no 80D, no HRA, no home loan interest (except NPS employer contribution).
The old regime allows all traditional deductions but has higher slabs. Standard deduction of ₹50K applies in old regime; ₹75K (raised from ₹50K) in the new regime for FY24-25.
Section 87A rebate makes tax ZERO up to ₹7L taxable income under new regime (₹5L under old). That's why low/mid incomes typically benefit from new regime.
At ₹15L with only standard 80C utilization, the new regime saves ~₹38K. Add a home loan, and old regime wins.