![]() ![]() ![]() Only the Income tax slabs under the new regimes were revised in the recent Union Budget 2023. Transport Allowance for a specially-abled personĬomparison of Income Tax Slabs under New Regime before and after budget Savings Bank Interest u/s 80TTA and 80TTBĪll contributions to Agniveer Corpus Fund – 80CCHĮxemption on voluntary retirement 10(10C)Įxemption on Leave encashment u/s 10(10AA) Interest on Electric vehicle loan – 80EEBĭonation to Political party/trust etc – 80G Interest on Home Loan u/s 24b on let-out propertyĭeduction u/s 80C (EPF|LIC|ELSS|PPF|FD|Children’s tuition fee etc) Interest on Home Loan u/s 24b on slef-occupied or vacant property Other allowances including food allowance of Rs 50/meal subject to 2 meals a dayĮntertainment Allowance Deduction and Professional Tax In all there are 70 deductions & exemptions that are not allowed, out of which the most commonly used are listed below: Particulars The taxpayer opting for concessional rates in the New Tax regime will have to forgo certain exemptions and deductions available in the existing old tax regime.
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