What is New Tax Regime? — Meaning, Definition & Example
Definition
The New Tax Regime (default from FY 2023-24) offers lower tax rates but with minimal deductions. Only standard deduction (₹75,000), NPS employer (80CCD(2)), and family pension deduction are available. No HRA, 80C, 80D, home loan interest deductions. Ideal for those with low investments/deductions.
At ₹12 lakh income: New Regime tax = nil (after rebate), Old Regime tax = ₹1.17 lakh (without deductions) or lower with full 80C+HRA claims.
🇮🇳 New Tax Regime in Hindi / हिंदी में
नई कर व्यवस्था — नई कर व्यवस्था कम कर दरें प्रदान करती है लेकिन न्यूनतम कटौतियों के साथ। HRA, 80C, 80D जैसी छूट उपलब्ध नहीं हैं।
New Tax Regime (Hinglish) — New Tax Regime mein lower tax rates hain lekin bahut kam deductions milti hain. HRA, 80C, 80D nahi milta. Jinke paas kam investments hain unke liye acha hai.