Income Tax Deduction: Most people know that all types of concessions end as soon as the new tax regime is selected. But it is not so, you get the opportunity of 8 types of tax exemptions in the new regime also. If all these are seen together, you can get tax exemption worth lakhs of rupees. We are giving you information about such options.
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There is a provision of separate exemption in the new tax regime for those taxpayers who fall in the category of disabled. If such taxpayers get any transport allowance, then they can claim income tax exemption on that amount. This exemption will be applicable to both private and government sector employees.
If an employee has been transferred or has been sent on a tour at the company’s expense. In both these circumstances, if any amount is paid by the company for any kind of compensation, then the taxpayer can claim income tax exemption on that also. Apart from this, other allowances or facility charges received from the office, like if you are doing office work from some other place and are paid to meet the expenses there, then income tax can be claimed on this also. Could.
Under Section 10(10C) of Income Tax, income tax will not be charged on the amount of gratuity and leave encashment even after taking VRS i.e. voluntary retirement. You will also get the benefit of income tax exemption on such payments.
Actually, the benefit of tax exemption on home loan is available only in the old regime. But, under certain circumstances, under the new tax regime, tax exemption under Section 24 on home loan interest can also be availed. This exemption is available when you are paying interest on the loan of a house which you have given on rent.
You will be surprised to know that in the new tax regime, you can also avail tax exemption on gifts received in any one financial year. However, the gift amount should be in a fixed amount. A taxpayer can claim income tax exemption only on gifts up to Rs 50,000 in a financial year.
The money deposited in NPS by the employee’s employer is eligible for tax exemption. Apart from this, tax exemption is also given on additional investment of Rs 50 thousand in Tier 2 account of NPS. You get this exemption in both the old tax regime and the new regime.
Taxpayers who earn through family pension can also get tax exemption on this amount. Under Section 57 of Income Tax, the amount of such family pension is out of the scope of income tax even in the new tax regime and exemption can be claimed on this amount.
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