Regarding 80 C

Save Share

This query is : Resolved

Quick Summary

For the financial year 2021-22, taxpayers have a choice regarding Section 80C deductions. You can either stick with the existing tax regime, which allows for deductions like those under 80C, or switch to the new tax regime. The new regime significantly simplifies things by removing many common deductions and exemptions, including those for HRA, LTA, standard deduction, and various 80C investments such as PPF and ELSS.

kamal

kamal (Querist)
Follow

18 February 2021 Would 80 C continue in FY 2021_22 or not

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

18 February 2021 Continue under old option but new option also available.

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

20 February 2021 The new regime has removed around 70 of the existing deductions and exemptions including HRA, LTA, standard deduction and 80C, which includes investments in Public Provident Fund (PPF) and Equity-Linked Savings Scheme (ELSS), among others.

The taxpayers have the option to continue with the current tax rates and avail various deductions available now,

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