What are the major issues in New Tax Regimen?

No Deductions/Exemptions (just except few):.

Under New Tax Regime, all major exemptions and deductions readily available to Salaries individual like HRA, LTA, Section 10( 14 )( i)/( ii) Exemptions, Home Loan Interest, 80C, 80D etc. are not enabled.

No Rebate Against Special Incomes:.

Under New Tax Regime, there are no Rebate u/s 87A enabled versus the special earnings like LTCG, STCG, Winning Income, Online games etc. This is enabled under Old Tax Regime.

Regime Must be opted before Due Date:.

The appropriate regimen (New or Old) have to be chosen before completion of the due day i.e. 31st July 2024. As soon as the due date mores than, after that return can be filed only in NEW TAX REGIME.

Conditional Opt-Out From New Tax Regime:.

To decide out from New Tax Regime, assessee need to file the Form 10-IEA if he is having business revenue. However, individual with no service revenue can decide out directly through ITR kind.

Adjustment in Regime:.

– For Person having Business Income: If anybody is having Business earnings, then he can pull out from the New Tax Regime only when. And, when chose out, he can never opt in once again.