New Income Tax Regime

Yes you can carry forward short or long term capital loss under new regime

Following deductions will not be available under new tax regime

1) Home loan interest

2) LIC premium

3) Contribution to provident fund

4) Investment in ELSS

5) Employee's contribution to NPS

6) Home loan principal

7) Medical Insurance Premium u/s 80D

However employer's contribution to NPS will be available as deduction in new tax regime

Yes you can carry forward short or long term capital loss under new regime

Following deductions will not be available under new tax regime

1) Home loan interest

2) LIC premium

3) Contribution to provident fund

4) Investment in ELSS

5) Employee's contribution to NPS

6) Home loan principal

7) Medical Insurance Premium u/s 80D

However employer's contribution to NPS will be available as deduction in new tax regime

Only business related losses and losses of house property cannot be carried forward in new regime.

Capital losses can be carried forward in new regime

Originally posted by : Kapadia Pravin
	No exemptions/ deductions under new regime (which is optional) are :-1, 2, 3, 4, 5, 6All not available under new regime.However NPS of 50000/- is available under 80CCD(2)

Hi Pravin

80TTB reduction of 50k (from bank interest income ) allowed for seniors for FY2020-21 under the new regime?

To avail the new regime, taxpayers have to forgo the following exemptions and deductions:

• Leave travel allowance
• House rent allowance
• Standard deduction/Professional tax deduction/Entertainment allowance
• Interest on housing loan
• Deduction on additional depreciation, deduction u/s 32AD/35AD etc.
• Chapter VI-A deduction other than a contribution to the pension fund by employer and 80JJAA
• No set-off of any loss under the head house property with any other head of income

Also one more thing on new tax regime I want to ask, Salaried class is using Fringe Benefit from salary component for

Rs 3000 Foodplus card per month (Rs 36000 per year)

Rs 1000 for mobile reimbursement per month (Rs 12000 per year)

Rs 2500 Profession Tax per year

TOTAL Rs 50,500 per year

Whether the above three components will continue to remain out of gross salary?

Or

These exemption deductions will go away?

List of exemptions and deductions that a taxpayer will have to give up while choosing the income tax slabs for the FY(2020-2021)

• Leave Travel Allowance
• Conveyance
• House Rent Allowance
• Relocation Allowance
• Helper Allowance
• Children Education allowance
• Standard deduction
• Professional Tax
• Interest on Housing loan(section 24)
• Daily expense in the course of employment
• Other special allowances [section10(14)]

The below mentioned deductions/allowances shall not be allowed under the new IT regime. 

Exemption of House Rent Allowance

Standard Deduction

Leave Travel Allowance (LTA)

Mobile reimbursement

Food coupons

Section 80C, 80CCC and 80CCD

Medical Insurance Deduction (Section 80D)

Interest on Home Loan (Section 80C and Section 24)

Deduction for Loan for Higher Studies (Section 80E)

Deduction for Donations (Section 80G)

Deduction on Savings Account Interest (Section 80TTA)

Additional Deduction for Interest on Home Loan (Section 80EE)

Income tax exemption on relocation allowance

https://www.caclubindia.com/articles/new-income-tax-regime-or-old-regime-42234.asp