Exemption Available or not under new tax regime

Under the new tax regime: Standard Deduction is Rs.50,000/-

No exemptions are available for specific allowances like transport allowance, ration money, etc., unless they are specifically exempted by the govt. 

The total taxable income from these allowances would be Rs.3,62,424.

After applying the standard deduction of Rs.50,000, the net taxable income from these allowances would be Rs.3,12,424.