Exemptions and deductions removed FY2020-21

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For the 2020-21 financial year, several income tax exemptions and deductions have been impacted. While not entirely removed from statute, options like HRA, life insurance premiums, LTA, and employee contributions to PF, NPS, and PPF are no longer available if you choose the alternative tax slab. Employer contributions to PF remain exempt up to 12% of salary.

Sreekumar

Sreekumar (Querist)
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01 February 2020 HRA exemption, life insurance premium, LTA, Employee contribution to PF, voluntary PF, NPS, PPF whether these are removed or retained

Ca Neha Jain

Ca Neha Jain (Expert)
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02 February 2020 All these deductions come under chapter via of income tax, hra investments under 80c , and even LTA have been removed

Sreekumar

Sreekumar (Querist)
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03 February 2020 Employer's contribution to PF is added to taxable, what is the exemption limit of PF salary in this case?

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Ca Neha Jain

Ca Neha Jain (Expert)
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03 February 2020 Employers contribution to pf is exempt from tax to the extent of 12% of salary

Sreekumar

Sreekumar (Querist)
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03 February 2020 NPS also removed? it is retained right, for deduction.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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04 February 2020 Removed is not a correct term. as removed may also refer to these sections being taken away from statute book. It is not like that, only thing is that one has to forgo these and several other exemptions and deductions if one has to opt for alternative slab of tax rate.

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