Exemptions and Deductions available under the New Regime
17-06-2024
- Transport allowances in case of a specially-abled person.
- Conveyance allowance received to meet the conveyance expenditure incurred as part of the employment.
- Any compensation received to meet the cost of travel on tour or transfer
- Daily allowance received to meet the ordinary regular charges or expenditure you incur on account of absence from his regular place of duty.
- Gifts up to Rs.50,000
- Exemption on voluntary retirement 10(10C), Gratuity u/s 10(10) and Leave encashment u/s 10(10AA).
- Interest on Home Loan on Let-Out Property (Section 24)
- Budget also introduced deduction under sec.57(iia) of family pension income
- Budget 2023 further introduced deduction of amount paid or deposited in the Agniveer Corpus Fund Under Sec.80CCH(2)
- Standard Deduction of Rs.50,000 under New Tax Regime applicable From FY 2023-24
- Deduction for Employer’s Contribution to NPS account [Sec.80CCD(2)]
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