03 June 2024
There are certain deductions and exemptions in the new tax regime, which are as follows: New Tax Regime Exemption List
Transport Allowances w.r.t. Person with Disabilities (PwD) Conveyance Allowance Travel/ Tour/ Transfer Compensation Perquisites for Official Purposes Exemptions for Voluntary Retirement Scheme u/ Section 10(10C) Gratuity Amount u/ Section 10(10) Leave Encashment u/ Section 10(10AA) Interest on Home Loan on Lent-out Property u/ Section 24 Gifts of Up to Rs. 5,000 from employer, and up to Rs. 50K from others Employer’s Contributions to Employees NPS Accounts u/ Section 80CCD(2) Additional Employee Costs u/ Section 80JJA Standard Deductions on Family Pension u/ Section 57(IIA) Deductions on Deposits in Agniveer Corpus Fund u/ Section 80CCH(2)
Under old tax regime, there are same options available as earlier: Refer: https://www.indiafilings.com/learn/how-to-save-income-tax-best-tax-saving-methods/
CAclubindia
