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List of Allowances and exemptions with sections allowed in New Tax Regime

Subramanya (Tax Consultant) (523 Points)

25 February 2020

Dear All,

Kindly provide list of Allowances and exemptions with sections which are allowed in New Tax Regime (115BAC) for a salaried person

With regards,

Subramanya

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177864 Points)
Replied 29 February 2020

Salaried taxpayers who opt for the new regime will have to forgo the standard deduction as well as the exemptions under chapter VI-A, including the HRA, investments under Section 80C, medical insurance premium and even the leave travel allowance which is tax free if claimed once in a block of two years.

What’s out
Some of the 70 exemptions and deductions you won’t get in new regime.

Section 80C investments
House rent allowance
Hous ..

Read more at:
https://economictimes.indiatimes.com/wealth/tax/six-income-tax-slabs-in-70-exemptions-out-impact-on-taxpayers/articleshow/73861843.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Salaried taxpayers who opt for the new regime will have to forgo the standard deduction as well as the exemptions under chapter VI-A, including the HRA, investments under Section 80C, medical insurance premium and even the leave travel allowance which is tax free if claimed once in a block of two years.

What’s out
Some of the 70 exemptions and deductions you won’t get in new regime.

Section 80C investments
House rent allowance
Hous ..

Read more at:
https://economictimes.indiatimes.com/wealth/tax/six-income-tax-slabs-in-70-exemptions-out-impact-on-taxpayers/articleshow/73861843.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Refer::

1. https://www.basunivesh.com/2020/02/18/new-tax-regime-complete-list-of-exemptions-and-deductions-not-allowed/

& 2. https://www.moneycontrol.com/news/business/personal-finance/budget-2020-should-you-switch-to-the-new-tax-slabs-4892691.htm l

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