ITR Filing FY 2024-25: Old vs New Tax Regime – Which One Saves You More?
Filing your income tax return (ITR) for FY 2024-25? One of the most crucial decisions this year is choosing between the old and new tax regimes. Each has its own benefits, and the ideal choice depends on your income structure, investments, and deductions. Let’s break it down.
📊 Understanding the Two Tax Regimes
✅ Old Tax Regime
Allows deductions under various sections like 80C, 80D, HRA, LTA, etc.
Ideal for those with high investments and claims.
Progressive tax slabs with exemptions.
✅ New Tax Regime (Default from FY 2023-24 onwards)
Lower tax rates but no major exemptions or deductions allowed.
Simpler for those with fewer investments or claims.
Includes standard deduction of ₹50,000 (from FY 2023-24 onwards).
💰 Income Tax Slab Comparison (FY 2024-25)
Income Slab Old Regime New Regime
0 – ₹2.5 lakh Nil Nil
₹2.5 – ₹5 lakh 5% 5%
₹5 – ₹7.5 lakh 20% 10%
₹7.5 – ₹10 lakh 20% 15%
₹10 – ₹12.5 lakh 30% 20%
₹12.5 – ₹15 lakh 30% 25%
Above ₹15 lakh 30% 30%
Note: Under both regimes, rebate under section 87A is available for income up to ₹7 lakh (New Regime) and ₹5 lakh (Old Regime).
🧾 Who Should Choose What?
✔️ Go with Old Regime if:
You claim deductions under 80C (PF, ELSS, PPF, etc.)
You have home loan interest (Section 24b)
You claim HRA or LTA
You invest in NPS (Section 80CCD(1B))
✔️ Opt for New Regime if:
You have minimal deductions
You prefer a simplified filing process
You’re a salaried individual with limited tax-saving investments
📈 Quick Case Example
Annual Income Old Regime (with deductions) New Regime
₹10 lakh Taxable Income: ₹5 lakh → Tax: ₹0 (after deductions) Tax: ₹60,000
₹15 lakh Taxable Income: ₹10 lakh → Tax: ₹1.12 lakh (after deductions) Tax: ₹1.5 lakh
💡 Pro Tip:
If you're unsure, calculate tax liability under both regimes using an online tax calculator or consult a tax expert. Many platforms and CA portals now offer dual-regime comparison to help you decide.
📌 Final Thoughts
The "better" regime depends on your specific income, exemptions, and financial goals. While the new regime offers ease, the old regime could still help you save more if you’re making the right investments. Evaluate both before filing your ITR for FY 2024-25.
Want a personalized assessment? Reach out to our expert tax advisors and choose the most rewarding path for your financial journey.
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