Benefits on Corporate car lease with new tax regime

Jayanth Hegde (1 Points)

04 January 2024  



I am new to this forum. I have opted for new tax regime from past two years. As car lease policy is too attractive in my company, I decided to go for it. Enquired with payrole team if car lease would be applicable if I am in new tax regime. They told yes applicable. 

Car worth 30L is registered in my employer name and I am using it. Had informed my employer to deduct the lease amount from dec 23, but no deduction happened. Upon enquiry, Now payrole team says tax benefits are not applicable as I am in new tax regime. I am in a soup now. 

Is it possible to get tax benefits on car lease with new tax regime? 

If not, can something be done while filing ITR ? 

Monthly lease amount deducted is around 70,000. So for whole amount I need to pay tax ? Or only I will loose benefits on car maintenance amount?