New Tax Regime में ये Deduction मत भूलना | Exemption In New Tax Regime by
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- Опубліковано 22 лют 2023
- New Tax Regime में ये Deduction मत भूलना | Exemption In New Tax Regime by @expertcasachin | Josh Money
Deductions in New Tax Regime Under Union Budget 2023-24
There are 70 exemptions and deductions that were removed from the new income regime for individual taxpayers.The excluded exemptions include 80 C deductions up to Rs 1.5 lakh, medical insurance premiums u/s 80D, etc. But there are some exemptions that a taxpayer can claim in the new tax regime. And if you are feeling confused between the ones that are removed and the available ones, then here is a quick rundown of some of the important valid available deductions in the new tax regime.
Contribution by Employer Towards Employees NPS/EPF Account
For the FY 2021-2022, the employer's contributions towards superannuation, EPF, and NPS are available for tax exemption up to a maximum limit of Rs. 7.5 lakh.
Employees are not taxed on the employer's contribution to their EPF account as long as it does not exceed 12% of their gross salary (basic plus DA). Employer contributions that go beyond the threshold will also be taxed. Employees may also claim a deduction under the new tax regime, under Section 80C, for their portion of EPF contributions, up to a total of Rs 1.5 lakh.
With Section 80C reduction of Rs. 1.5 lakh and Section 80CCD (1b) reduction of Rs. 50,000, the maximum tax deduction requested in employer additions to NPS accounts is 10% of the pay (Basic + DA).
Interest on Employee's Provident Fund
If an employee contributes more than Rs 2.5 lakh to an EPF account within a fiscal year, interest on those contributions is taxable (including TDS) to the employee.
In the new tax structure, if the interest earned during a year on the EPF scheme does not exceed the limit of 8.10%, you can avail of tax exemption benefits.
Gratuity
All the taxpayers that receive gratuity (on working for more than 5 years) from their employer can avail of deduction under the new tax regime up to a specified limit. The deduction under the new tax regime for gratuity in a lifetime is kept at Rs. 20 lakhs for non-government employees. There is no limit for government employees.
In the new tax regime, the gratuity amount received on an employee's death shall be available for tax exemption with no limits.
Interest Earned on Post Office Savings Account Balances
Interest received from savings bank accounts up to Rs 10,000 is not taxable under section 80TTA of the Income Tax Act. If the total interest generated from all of these sources exceeds Rs 10,000, the excess amount is tax deductible.
However, only post office savings account holders can still avail of exemption up to a certain extent. If you are availing of this exemption, you can derive your gross taxable income by deducting the interest earned under the head of other sources.
Source: PolicyBazaar
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Very good information
LIC ki annuity income to taxable hi hoti h. Bataye Pradhan mantri vya vandan yojna jo LIC ki taraf se govt. Ki scheme k that gi gai h ,uski pension tax free h ?
What's about gift received from relatives and ppf intrest. Which was tax free in old regime.
Conveyance allowance/ travelling allowance, 2nd slide m 1st Nd 3 rd Point, diference kya hai
Sir I m govt servent.... I want to know travelling expenses provided to govt servent under LTA is exempted in new tax regime??? If yes in which section it is to be claimed in new income tax return???
Sir transport allowance for special , abled people ko kis section ke tahat new tax regime Mein yah chhut milegi
is professional tax exempted from new tax regime like old tax regime ( 2500) ?
Sar mera 194N me 9000 TDS kat gaya hai mera 400000 adeson hai apil fail hai apil pendig hai to keya muchhe itr fail karne par TDS wapas mil jayega ya demand me kat jayega.pl.replai ansar.
People are not talking tax exemption on PF withdrawal under new tax regime after 5 yrs. There is no information anywhere on web.Sad
I am a super senior citizen having net taxable income exceeds Rs 5lacs pension plus for fy 22-23. I have to pay tax only for the amount exceeding Rs5 lacs? Or have to pay addl amount of Rs Rs12500 from 2.5 to 5lacs? There are different version pl clarify namaste
For govt salary employees in new tax regime EPF/GPF contribution is allowed for deduction.
PPF का new regim में मिलेगा क्या 80c या other section
Home lone interst or principal dedication milega ya nahi batado 80% logo ki Home loan he bhai
80CCD1,80CCD1B, 80CCD2 deduction allowed under revised New Tax regime?
Pl any gift is given in cash whether taxation is minus.
3500 in single account , what about joint accoun? is it 7000
What about post office saving bank interest U/S 10(15)(ii) under new regime ?
दिव्यांग व्यक्ति को नई कर व्यवस्था मे 80u का लाभ मिलेगा या नही सर
Sir ji dress allowance bhi kiaa exempt hoga new regim me
Sir me new tax regime e file kar Raha hu
Standard didection 50000 nahi mil Rahi hai Kiya karun
Can pensioner will save the IT as explained by you
VPF me koi tax choot milegi kya
If I give some money to my Daughter say 50000 as a gift in cash what is tax procedure.pltell me
What about HRA
Sir nps investment deduct milega ??
What about 80U?
In addition standard deduction 50000/
Employer contribution not clear
Rented property pe koi home loan kaise lega, plz explain
Rented property pe nahi, iska mean hai property aapki hai but aapne usko rent par de rakha hai uspar exemption hai
Meraa g.p.f katta Hai kya usmai koi benefit milega me government job me hu
मेरा nps 90000 कटता है। क्या मुझे 80सीसीडी2 में पूरी 90 हजार की छूट मिलेगी
न्यू regime में केवल govt.कंट्रीब्यूशन का ही छूट मिलेगा यानी 90 हजार का आधा।
Bhai Katrina ka bacha ab Salman ka bhi bacha lo
50,000 standard deduction confirm h ap sir......... Salry 15 lakh ho tbi deduction le sakte h ya jitni bi ho le sakte h... Koi limit h to bataye ap
Sabko standard deduction milega
Bolna kya chahte ho bhaii
😂 pehle seekh lo fir sikhao. Bolna to seekho bhai