Many salary taxpayers and pensioners are expected to switch to the new tax regimen in this financial year (2025-26). In the new regimen of income tax, tax slabs are high, tax rates are low and income tax-free of up to Rs 12 lakh annually. However, the new Reijim does not have the benefits of Didles and Exgrempts like Old Reijim. However, some Didles and Benefits are also in the new reizards.
Corporate NPS Contribution
This is a tax benefit that is less used. However, this benefits Income tax It is available in both new and old reizards. In the old regim, a deduction of up to 1.5 lakhs can be claimed under section 80C in NPS. Apart from this, a deduction of Rs 50,000 can be claimed under section 80ccD (1B). These benefits are not available in the new reizards. However, the facility of deduction at the capacity of the employer in the Employee’s NPS account is available in the new regimen.
Tax benefits on home loan interest of home on rent
In the new regimen of income tax, tax benefits can be taken on the interest of home loans of the hired home loan. However, under section 24 (b), the permission of deduction of up to Rs 2 lakh in a year on the interest of the home loan of the self -occupied property is not in the new regimen.
Income tax’s Old Regimm is reduced from the money rated (after property tax and 30 % standard deduction) for the calculation of income from the house property from House Property. This reduces taxable property income. This also reduces your total tax. If this calculation causes you to harm the house property instead of income and it is not more than 2 lakh rupees, then it can be set-off with another income. It can be set-off in the SAME Financial Year to reduce tax liability. If the los is more than Rs 2 lakh from the rented property, it can be carried forward and can be claimed during the next 8 financial year.
However, the rules of this tax benefit are slightly different in the new tax regimen. Loss from house property can only be set-off with income from house property. It cannot be set-off with any other income.
Employers contribution up to 12 % of basic salary in EPF
Your employer contributes 12 % of the basic salary in your EPF account. Like the contribution of the employer in the NPS account, this amount is also out of the scope of tax until the Agriculture Retirement Benefit from Employer does not cross the limit of Rs 7.5 lakh in a year.
In addition, the money received on the maturity of gratuity payout, leave inchesion and insurance policy also has an exemption from tax, but some conditions are fixed for this.