If you choose to file return under new tax regime, then you will not get standard deduction of Rs. 50,000/- from salary income
Some other deduction which u can't claim under new tax regime : Standard deduction: Rs 50,000 House rent allowance: Depends on salary structure and rent paid Housing loan interest: Rs 3.5 lakh for affordable housing, Rs 2 lakh for others Investments under Sec 80C: Rs 1.5 lakh Leave travel allowance: Tax free if claimed once in block of two years NPS contribution: Rs 50,000 Medical insurance premium: Rs 25,000 (Rs 50,000 for parents and senior citizens) Savings bank interest: Rs 10,000 under Sec 80TTA Interest income (for senior citizens): Rs 50,000 under Sec 80TTB Education loan interest: Interest paid for eight consecutive years Disability of self or dependant: Rs 75,000 to Rs 1.25 lakh depending on disability Treatment of self or dependant for specified disease: Rs 40,000 (Rs 1 lakh for senior citizens) Donations to specified entities: 50-100% of the amount donated
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