Income Tax Financial Year 2025-26

671 views 1 replies

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

Replies (1)

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. 

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