Any changes were made in the old tax regime for FY 2023-24?
What happens if a salaried employee does not state that he prefers the old tax regime?
Beginning April1, 2023, if a salaried person does not specify that they prefer the old tax regime, then their employer deduct the taxes based on new tax regime by deault
Deductions not allowed in new tax regime
Under the new tax regime, the individual will forego 70 deductions and tax exemptions, which includes HRA tax exemption, LTA tax exemption, deduction up to Rs.1.5 lakh under Section 80C
Can I claim Section 80C deduction