What are some of the differences between the Old Regime and the New Regime?

What are some of the differences between the Old Regime and the New Regime?

The main difference between Old Regime & New Regime is that the Tax Slabs have been changed to give more tax benefit.  Other than there are certain Allowance / Exemptions & Deductions are not allowed in New Regime.  See the below table for what is allowed / not allowed in New Regime.
 

Sl. No.

Allowances / Exemptions / Deductions

Old Regime

New Regime

1

Exemptions / Deduction for Perquisites

Yes

No

2

Leave Travel Allowance (LTA)

Yes

No

3

House Rent Allowance (HRA)

Yes

No

4

Leave Encashment

Yes

Yes

5

Gratuity

Yes

Yes

6

Allowances under Section 10(14)

Yes

No

7

Children Education Allowance

Yes

No

8

Standard Deduction

Yes

No

9

Professional Tax (PT)

Yes

No

10

Interest on Home Loan - Self Occupied (Sec 24)

Yes

No

11

Chapter VIA Deductions - 80C, 80D, 80E Etc

Yes

No

12

NPS Employee Contribution Section 80CCD(1B)

Yes

No

13

NPS Employer Contribution Section 80CCD (2)

Yes

Yes

14

Rebate - Section 87A

Yes

Yes