New Income Tax - 2020

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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.

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(Querist)
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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
13 February 2020 Tax payer has to give up all the referred items to choose the new tax rates.
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Amol S Joglekar

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Amol S Joglekar (Expert)
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
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S. Devi jegatha

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