LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Easy Office

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

Subramanya (Tax Consultant) (523 Points)

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

Reply
Follow
Share

1 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 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

1 Like

Join CCI Pro

Recent Topics

More recent discussions | Post

Related Threads

Popular Discussion

Start a New Discussion

Easy Office

Trending Online Classes

Live class on Bonus & Gratuity(with recording)

Mr.Balamurugan Ranganathan

Enroll Now

25 April 2024
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)

CA Arun Chhajer

Enroll Now

21 April 2024
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"

CA Vishal Zawar

Enroll Now

01 May 2024

view all classess

CCI Pro

Subscribe to the latest topics :

Search Forum:

Forum Home

Popular Threads

Recent Posts

Unreplied Threads

Settings