If i choose new regim tax slab, than will i have to exemption of standard deduction??
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Quick Summary
If you opt for the new tax regime, you will not be eligible for the standard deduction of £50,000. Additionally, several other common deductions, such as those for House Rent Allowance, investments under Section 80C, and NPS contributions, are also unavailable under this regime.
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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