New Tax Regime

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The new tax regime for individuals does not allow for standard deduction under section 16(ia) or professional tax deduction under section 16(iii). These deductions are specifically excluded from the benefits available under this updated tax framework.

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(Querist)
13 March 2021 Under new tax regime for individuals whether standard deduction u/s 16(ia) for Rs.50,000/- and Professional Tax u/s 16(iii)
are available ?
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CMA Poornima Madhava

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CMA Poornima Madhava (Expert)
13 March 2021 No, I don't think such deductions are allowable
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CA Gunjan Agarwal

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CA Gunjan Agarwal (Expert)
15 March 2021 Standard deduction & professional tax deduction is not allowed in new regime.
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