2. Old Regime
01 - Regimes
New Regime
Can claim exemptions
(HRA, LTA, Food etc) and
deductions (80C, 80D,
80G etc)
Tax slabs as follows:
2.5L - 5L: 5%*
5L - 10L: 20%
10L above: 30%
Exemptions and
deductions cannot be
claimed
Tax slabs as follows:
2.5L - 5L: 5%*
5L - 7.5L: 10%
7.5L - 10L: 15%
10L - 12.5L: 20%
12.5L - 15L: 25%
15L & above: 30%
*For income < 5 lakh, tax can be claimed back as rebate
3. 02 - Which regime to
opt for?
Your salary
What deductions you can claim
How many exemptions your company
provides
Your eventual tax slab
Very subjective, because it depends on:
1.
2.
3.
4.
Check www.jackfruit.one to see which regime is best for you
4. 03 - How is tax
calculated?
First subtract all exemptions from your
Gross Income
Then subtract all deductions
The amount you get is your taxable income
Check the slab it falls under, and calculate
your tax liability
1.
2.
3.
4.
5. 04 - Which ITR to file?
ITR - 1: Income < 50 Lakhs. Income from
salary, one house property & other sources
ITR - 2: Income > 50 lakhs, Capital Gains,
more than one house property
ITR - 3: Income from business/profession,
Income from derivatives/stock trading
ITR - 4: Presumptive Income
(Freelancer/Business)
6. 05 - Major exemptions
LTA: Maximum up to amount specified by
employer
HRA: Minimum of:
50% of basic (Metro) / 40% of basic (non metro)
Actual HRA given by employer
Rent paid - 10% of Basic
Education Allowance: Max Rs. 200 per child for
upto 2 children per month
Food Allowance: Upto Rs. 2,200 or 3,000
Fuel Allowance: As specified by employer
Communication Allowance: As specified by
employer
7. Section Max Limit Description
80C 1,50,000
ELSS, PF, LIC, tax saver FDs,
Home Loan Principal etc.
80D (Health
Insurance)
Upto
75,000
Self - Deduction of Rs. 25K
(age < 60)
Parents - Deduction of 25K
(age <60) or 50K (age > 60)
80D (Health
expenses for Sr
citizen parents)
50,000
Medical expenses for
parents (only if they don't
have health insurance)
80CCD (1B) 50,000 NPS Tier 1 scheme
06 - Major Deductions
8. Section Max Limit Description
80E No limit Interest on Education Loan
24 2,00,000 Interest on Home Loan
80DD
Upto
1,25,000
Treatment for handicapped
dependent
80U
Upto
1,25,000
Self disability treatment
80TTA 10,000
Exemption of interest from
banks, post office etc.
06 - Major Deductions
9. Section Max Limit Description
80GG 60,000
Deduction on Rent if HRA is
not provided by employer
80G No limite
Donations to charitable
institutions
80DD
Upto
1,25,000
Treatment for handicapped
dependent
80U
Upto
1,25,000
Self disability treatment
80TTA 10,000
Exemption of interest from
banks, post office etc.
06 - Major Deductions
10. Section Max Limit Description
80EEA 1,50,000
Interest on home loan
(affordable housing) - loan
per
80EEB 1,50,000
Interest on loan taken for
electric vehicle
06 - Major Deductions
Note: There are certain conditions that need to be
fulfilled to claim deductions under section 80EEA
11. What next?
#2 Share this post with folks who need help with
tax filing
#1 Check out which regime is best for you on the
Jackfruit website (link in first comment)
#3 If you still need more help with filing, reach out
to us (link in first comment)
