POST BUDGET NEW AND OLD INCOMETAX COMPARISION TOOL

INCOME DETAILS

DEDUCTION DETAILS

Income from Salary Salary before reducing exemptions (HRA, LTA), standard deduction & professional tax	Exemptions and Deductions from salary HRA, LTA, Standard Deductions, Employer NPS contribution etc.,
Income from Interest Includes interest from Savings Bank, deposits and other Interest	Other Income Includes taxable freelancing income or any other taxable income
Interest paid on Home loan Interest paid on Housing loan taken for self occupied property	Rental Income received Annual rent received from let-out property
Interest paid on loan Interest paid on Housing loan taken for rented/letout property

Basic Deductions - 80C Amount invested/paid in tax saving instruments such as PPF, ELSS mutual funds, LIC premium etc	Interest from Deposits - 80TTA Amount of interest income on deposits in savings account (includes fixed/recurring deposit interest in case of senior citizen)
Medical Insurance - 80D	Donations to Charity - 80G
Interest on Education Loan - 80E Amount of interest paid on loan taken for higher education	Interest on Housing Loan - 80EEA Amount of interest paid on housing loan sanctioned during FY 19-20
Employee contribution to NPS - 80CCD Includes voluntary contribution to National Pension Scheme (NPS) under section 80CCD(1) and 80CCD(1B)