Income tax

This discussion clarifies key aspects of the new income tax regime for FY 2020-21. It addresses whether exemptions under Section 80CCD(1B) and Section 10 for education allowance are permitted (they are not). Professional tax exemption under Section 16 is allowed. Regarding the threshold limit, it remains at Rs. 2,50,000 for both old and new regimes, but taxpayers earning up to Rs. 5,00,000 can still benefit from the rebate under Section 87A.