Hi Salaried Taxpayer, Are you confused with Option of Availing New Regime vs Old Regime under Income Tax Act. Please find the Brief Excel Calculator for your decision making.
Some of the Deductions available under new regime are given below
– 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.
– Perquisites for official purposes
– 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)
– Gifts up to Rs 5,000
– Deduction for employer’s contribution to NPS account [Section 80CCD(2)]
– Deduction for additional employee cost (Section 80JJA)
– Standard deduction of Rs 50,000 under New Tax Regime applicable from FY 2023-24
– Deduction under Section 57(iia) of family pension income
– Deduction of amount paid or deposited in the Agniveer Corpus Fund under Section 80CCH(2)
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