Last 2 Years I am Submitting the IT Return in the New Regime
Apart from Standard Deduction 75000 FY 2025-26
I have one Query In the New Regime
Petrol Allowance 5400
Conveying Allowances 21600
Professional Tax 2500
will eligible for Deduction
Please Guide me
1) petrol allowance is not available as deduction
2) professional tax is not allowed as a deduction
2) Conveyance allowance is also not allowed as a deduction
Conveyance allowance, available only exemption , if it is reimburse for official duty only ,under section 10(14) of the income tax Act1961 , must be for
1) official use
2) Based on actual expenses
3) properly supported by bill .
Above reply is considering you are private employee.
Take more Opinions on this.
CAclubindia
