Sir, Will the undermentioned deductions permissible under new regime of IT :-
1. Standard Deduction under sec 16
2. Professional tax paid to State Govt.
3. Deduction of 50,000 under sec 80TTB.
4. Deduction under sec 80 TTA
5. Tax deduction of 12,500 for those whose taxable income is upto 5 lac under sec 87A?
6. Any other deductions now available to common man.
Following deductions not permissible under new regime
1) Standard deduction, entertainment allowance and employment/professional tax u/s 16
2) Deduction deduction under chapter VIA (like section 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, 80TTA,80TTB etc). However, deduction under sub-section (2) of section 80CCD (employer contribution on account of employee in notified pension scheme) and section 80JJAA (for new employment) can be claimed
However rebate u/s 87A is available in new regime
- However exemption in respect of following allowances notified under section 10(14) of the Act shall be allowed to the Individual or HUF exercising option under the new regimea)
- Transport Allowance granted to a handicapped employee to meet expenditure for the purpose of commuting between place of residence and place of duty
- Conveyance Allowance granted to meet the expenditure on conveyance in performance of duties of an office
- Any Allowance granted to meet the cost of travel on tour or on transfer
- Daily Allowance to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty
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