NOT ALLOWED Deductions In New Tax Regime | Is Deduction Allowed In New Tax Regime? |

NOT ALLOWED Deductions In New Tax Regime | Is Deduction Allowed In New Tax Regime? | @expertcasachin
New Tax Regime में ये Deduction मत भूलना | Exemption In New Tax Regime by @expertcasachin ​ | Josh Money
Deductions Not Allowed in New Tax Regime Under Union Budget 2023-24
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).
Here's a list of the main exemptions and deductions that taxpayers will have to forgo if they opt for the new regime.
Section 80C: This is the most commonly availed deduction by individuals. Investments made in Employees’ Provident Fund, Life insurance premium paid, Public Provident Fund, principal home loan repayment etc. are part of this deduction. The maximum amount available under section 80C is 1.5 lakh in a financial year.
Section 80CCD (1b): This deduction is available for investment made in the NPS account. The maximum deduction that can be claimed under this section is Rs 50,000.
Section 80D: This deduction is available for premium paid on medical insurance policy. An individual can claim maximum deduction of Rs 25,000 for insurance premium paid for self, spouse and dependent children. For senior citizens, the maximum deduction is Rs 50,000.
Source: Economic Times
Watch the full video to know more!
How to Save Tax on Salary? : • Income Tax कैसे बचाएं?...
About CA Sachin: Expert CA Sachin is a post graduate and a practicing Chartered Accountant who have served more than 10000 business man over all the world. Expert CA Sachin helps the people in complete startup funding, Equity funding and all MSME's sector for all types of Loans advice.
Checkout his channel: www.youtube.co...
Follow the Instagram Page of जोश Money: / joshmoneylive
#DeductionsInNewTaxRegime #TaxSavingTips #IncomeTaxSaving #NewTaxRegime #JoshMoney

[@priyanshugautam2173]

🥰💕💕🥰

[@RKSharma2012v]

बहुत अच्छी जानकारी दी है साहिव। senior citizens को राहित की जगह अधिक भार डाल दिया है सरकार ने, इसलिए हमारे लिए OTR ही सही।

[@jitendrasingare9618]

Can you advise me sec 80u is available in new tax regime

[@rajaramagarwala5326]

New regime main 80u ka deduction milega ki nahin koi nahi baata raha hai

[@vineetshende321]

ये निकम्मी नाकाम सरकार का प्रचार ज्यादा लग रहा है ...😁😁😁😁

[@abhina0101]

Sir, Please clarify 2 points as under:
(1) is PPF still categorize as "EEE" scheme under New Tax Regime w.e.f. FY: 2023-24 (AY: 24-2025).
(2) is PPF final maturity amount still tax free under new Tax Regime w.e.f. FY: 2023-24 (AY:2024-25)?

[@nileshthakare7290]

Sir can I ITR filing in new tax slab?

[@AshutoshSingh-dz8lz]

Sodexo meal ?

[@shilpasachdeva9021]

Hi.. is sodexo meal allownce is exempted in new tax regime? or it is better not to opt it?