Is 80c Deduction Allowed In New Tax Regime Explore the exemptions and deductions allowed under the new tax regime for FY 2023 24 AY 2024 25 Learn about the options available to taxpayers and make
In new tax regime Chapter VIA deductions cannot be claimed except deduction u s 80CCD 2 80CCH 80JJAA as per the provision of Section 115BAC of the Income Tax The only deduction that is allowed under the new income regime in FY 2022 23 is Section 80CCD 2 This deduction is linked to the employer s contribution to the
Is 80c Deduction Allowed In New Tax Regime
Is 80c Deduction Allowed In New Tax Regime
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However in Budget 2023 it was announced that the standard deduction benefit of Rs 50 000 will be available for the salaried and pensioners under the new tax regime Can I claim 80C in the new tax regime No Section 80C deduction is not applicable in the new tax regime
What deductions are still not allowed in the revised new tax regime effective April 2023 Under the revised new tax regime the individual will forego 70 deductions Since the new tax regime began in FY 2020 21 a deduction under Section 80CCD 2 has been available for employer contributions to an employee s Tier I NPS account Private sector employees
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Under the new tax regime the tax rates are structured as follows income up to Rs 3 lakh attracts zero tax Rs 3 lakh to Rs 6 lakh is taxed at 5 with a rebate under section 87A Rs 6 lakh to Rs Ans From AY 2024 25 new tax regime has become the default tax regime where claiming of chapter VIA deductions are not allowed except section 80CCD 2 as per the
New Tax Regime A new tax regime was introduced in Budget 2020 wherein the tax slabs were altered and taxpayers were offered concessional tax rates A taxpayer can claim a few exemptions under the new tax regime apart from HRA LTA Section 80C and 80D of the Income Tax Act 1961 ClearTax Chronicles Standard
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Explore the exemptions and deductions allowed under the new tax regime for FY 2023 24 AY 2024 25 Learn about the options available to taxpayers and make
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In new tax regime Chapter VIA deductions cannot be claimed except deduction u s 80CCD 2 80CCH 80JJAA as per the provision of Section 115BAC of the Income Tax
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