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It New Slab
It New Slab
It New Slab
The important tax breaks that will not be available under the new tax regime include Section 80C (Investments in PF, NPS, Life insurance premium, home loan
principal repayment etc.), Section 80D (medical insurance premium), tax breaks on HRA (House Rent Allowance) and on interest paid on housing loan. Tax breaks for
the disabled and for charitable donations will also go. Therefore, it is not clear as to whether the new personal tax regime will really bring substantial tax savings for
most.
A. The deduction claimed for medical insurance premium under section 80D will also not be claimable.
B. Tax benefits for disability under sections 80DD and 80DDB will not be claimable
C. Tax break on interest paid on education loan will not be claimable-section 80E
D. Tax break on donations to charitable institutions available under section 80G will not be available
E. Deduction of Rs 15000 allowed from family pension under clause (iia) of section 57
F. House rent allowance normally paid to salaried individuals as part of salary. This could be claimed as tax exempt upto certain specified limits if the individual
was staying in rented accommodation.