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List of Allowances and exemptions with sections allowed in New Tax Regime

ITR 325 views 1 replies
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Tax Consultant
526 Points Posted on 25 February 2020

Dear All,

Kindly provide list of Allowances and exemptions with sections which are allowed in New Tax Regime (115BAC) for a salaried person

 

With regards,

Subramanya

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On 25 February 2020 at 15:27 Report
Replies (1)
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SEO Sai Gr. Hosp.
211658 Points Posted on 29 February 2020
Salaried taxpayers who opt for the new regime will have to forgo the standard deduction as well as the exemptions under chapter VI-A, including the HRA, investments under Section 80C, medical insurance premium and even the leave travel allowance which is tax free if claimed once in a block of two years.

What’s out
Some of the 70 exemptions and deductions you won’t get in new regime.
  • Section 80C investments
  • House rent allowance
  • Hous ..
     
    Read more at:
    https://economictimes.indiatimes.com/wealth/tax/six-income-tax-slabs-in-70-exemptions-out-impact-on-taxpayers/articleshow/73861843.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Salaried taxpayers who opt for the new regime will have to forgo the standard deduction as well as the exemptions under chapter VI-A, including the HRA, investments under Section 80C, medical insurance premium and even the leave travel allowance which is tax free if claimed once in a block of two years.

What’s out
Some of the 70 exemptions and deductions you won’t get in new regime.
  • Section 80C investments
  • House rent allowance
  • Hous ..
     
    Read more at:
    https://economictimes.indiatimes.com/wealth/tax/six-income-tax-slabs-in-70-exemptions-out-impact-on-taxpayers/articleshow/73861843.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Refer::

1.  https://www.basunivesh.com/2020/02/18/new-tax-regime-complete-list-of-exemptions-and-deductions-not-allowed/

& 2.  https://www.moneycontrol.com/news/business/personal-finance/budget-2020-should-you-switch-to-the-new-tax-slabs-4892691.htm l

581 Reply
On 29 February 2020 at 09:33


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