Hoff Bret (1 Points)
01 February 2020Hi
Pls help me to understand if following exemptions will be part of new Income tax regime -
1. Home Loan Interest
2. LIC premium
3. PF
4. ELSS, NPS
5. Home Loan Principal
6. Medical insurance under Sec 80D.
Also, can I still avail carry forwarded Short or Long term capital loss in new regime?
Thanks
Roshni
(Studwnt)
(1141 Points)
Replied 01 February 2020
Priyanshi Desai
(Tax Lawyer and cleared CA Final Group 2 and preparing for Group 1)
(782 Points)
Replied 01 February 2020
Yes you can carry forward short or long term capital loss under new regime
Following deductions will not be available under new tax regime
1) Home loan interest
2) LIC premium
3) Contribution to provident fund
4) Investment in ELSS
5) Employee's contribution to NPS
6) Home loan principal
7) Medical Insurance Premium u/s 80D
However employer's contribution to NPS will be available as deduction in new tax regime
Priyanshi Desai
(Tax Lawyer and cleared CA Final Group 2 and preparing for Group 1)
(782 Points)
Replied 01 February 2020
Yes you can carry forward short or long term capital loss under new regime
Following deductions will not be available under new tax regime
1) Home loan interest
2) LIC premium
3) Contribution to provident fund
4) Investment in ELSS
5) Employee's contribution to NPS
6) Home loan principal
7) Medical Insurance Premium u/s 80D
However employer's contribution to NPS will be available as deduction in new tax regime
Priyanshi Desai
(Tax Lawyer and cleared CA Final Group 2 and preparing for Group 1)
(782 Points)
Replied 01 February 2020
Only business related losses and losses of house property cannot be carried forward in new regime.
Capital losses can be carried forward in new regime
Kapadia Pravin
(17259 Points)
Replied 01 February 2020
herbsandchilli Trading
(81 Points)
Replied 03 February 2020
| Originally posted by : Kapadia Pravin | ||
 |
No exemptions/ deductions under new regime (which is optional) are :-1, 2, 3, 4, 5, 6All not available under new regime.However NPS of 50000/- is available under 80CCD(2) |  |
Hi Pravin
80TTB reduction of 50k (from bank interest income ) allowed for seniors for FY2020-21 under the new regime?
CA J.Jayaprakash
(Senior Officer (Finance))
(273 Points)
Replied 03 February 2020
To avail the new regime, taxpayers have to forgo the following exemptions and deductions:
J S BHAVSAR
(CONSULTING)
(1288 Points)
Replied 03 February 2020
Also one more thing on new tax regime I want to ask, Salaried class is using Fringe Benefit from salary component for
Rs 3000 Foodplus card per month (Rs 36000 per year)
Rs 1000 for mobile reimbursement per month (Rs 12000 per year)
Rs 2500 Profession Tax per year
TOTAL Rs 50,500 per year
Whether the above three components will continue to remain out of gross salary?
Or
These exemption deductions will go away?
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 27 March 2020
Spurto Consultancy Services
(Consultant)
(1891 Points)
Replied 27 March 2020
The below mentioned deductions/allowances shall not be allowed under the new IT regime.
Exemption of House Rent Allowance
Standard Deduction
Leave Travel Allowance (LTA)
Mobile reimbursement
Food coupons
Section 80C, 80CCC and 80CCD
Medical Insurance Deduction (Section 80D)
Interest on Home Loan (Section 80C and Section 24)
Deduction for Loan for Higher Studies (Section 80E)
Deduction for Donations (Section 80G)
Deduction on Savings Account Interest (Section 80TTA)
Additional Deduction for Interest on Home Loan (Section 80EE)
Income tax exemption on relocation allowance
Abhishek Ranjan Singh
(Managing Director and Founder of ARS Solutions)
(6570 Points)
Replied 29 July 2020
6 days Certification Course on GST Practical Return Filing Process
CAclubindia
