New Income Tax - 2020


This query is : Resolved 

Quick Summary
This discussion clarifies which exemptions are eligible for salaried individuals under the new Income Tax regime introduced in 2020. It explains that taxpayers must forgo exemptions like Professional Tax, Leave Travel Allowance, HRA, Standard Deduction, 80C, 80D, and Housing Loan Interest to opt for the new tax rates. The conversation also touches upon calculating gross salary or CTC, specifically regarding employer contributions to PF.

13 February 2020 Dear Experts,

what are the below exemptions are eligible & not eligible ( salaried person) in new Income tax 2020 ??

Professional tax
Leave travel allowance.
HRA
Std Deduction ( Rs.50000)
80 C
80 D
Interest paid ( Housing loan)

kindly clarify the same

13 February 2020 Tax payer has to give up all the referred items to choose the new tax rates.

13 February 2020 if the assessee wants to opt for new rates of tax, then s/he need not consider any of the above referred item

13 February 2020 sirs,
Thanks.
Can we calculate gross salary or CTC ? .
( gross salary - after deduction of PF ( employer contribution)


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
Featured 06 August 2026
Junior Accounting Associate

Prish Consultancy LLP

New Delhi

B.Com

View Details
Company
19 August 2026
PAID ARTCILE ASSISTANT

My Legal Tax Consultants Pvt. Ltd.

Noida

CA Inter

View Details
Company
14 August 2026
Article Assistant CA Articleship

Eshwar & Co Chartered Accountants - Nungambakkam

Chennai

CA Inter

View Details
Company
13 August 2026
Chartered Accountant (FP&A)

Client of Trellis Consulting

Gurgaon

CA

View Details
Company
ARTICLESHIP 24 August 2026
Chartered Accountant Articles

Rohit KC Jain & Co

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 26 August 2026
CA Article Assistant/CA Drop Out/Accounts Executive

PARV & Co.

New Delhi

CA Inter

View Details
Company
27 August 2026
ACCOUNTANT

CHARUPREETI & CO

Noida

Graduate (Any)

View Details