{"id":118952,"date":"2023-10-10T10:12:52","date_gmt":"2023-10-10T04:42:52","guid":{"rendered":"https:\/\/legalwindow.in\/?p=118952"},"modified":"2023-10-18T10:13:37","modified_gmt":"2023-10-18T04:43:37","slug":"deductions-under-the-new-tax-regime","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/deductions-under-the-new-tax-regime\/","title":{"rendered":"Deductions allowed under the New Tax Regime"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Deductions allowed under the New Tax Regime. Every year, governments worldwide make amendments to their tax regulations, aiming to streamline the tax structure and maximize revenue generation. The article focuses on the key <\/span>deductions in the new tax regime<span style=\"font-weight: 400;\">. The aim of the article is to provide a comprehensive overview of the changes and insights to taxpayers seeking a better understanding of tax exemptions within the new tax landscape.<\/span><\/p>\n<h2><b><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-118968 size-full\" title=\"Deductions allowed under the New Tax Regime\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Copy-of-How-to-Claim-Both-HRA-and-Home-Loan-Tax-Benefits-3.png\" alt=\"Deductions allowed under the New Tax Regime\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Copy-of-How-to-Claim-Both-HRA-and-Home-Loan-Tax-Benefits-3.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Copy-of-How-to-Claim-Both-HRA-and-Home-Loan-Tax-Benefits-3-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Copy-of-How-to-Claim-Both-HRA-and-Home-Loan-Tax-Benefits-3-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Copy-of-How-to-Claim-Both-HRA-and-Home-Loan-Tax-Benefits-3-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Copy-of-How-to-Claim-Both-HRA-and-Home-Loan-Tax-Benefits-3-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/>Table of Contents<\/b><\/h2>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid#000000;\">\n<ul>\n<li><a href=\"#the\"><strong>The New Tax Regime\u00a0<\/strong><\/a><\/li>\n<li><a href=\"#list\"><strong>List of the Deductions Permitted Under the New Tax Regime<\/strong><\/a><\/li>\n<li><a href=\"#old\"><strong>Typical Old Tax Regime Deductions Are Not Permitted Under the New Regime<\/strong><\/a><\/li>\n<li><a href=\"#note\"><strong>Winding Up Note<\/strong><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"the\"><b>The New Tax Regime\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">It was first included in the 2020 Union Budget. With its introduction, a new era of a dual tax system with new income tax rates and slabs was inaugurated. The <\/span><b>old and new tax regim<\/b><span style=\"font-weight: 400;\">es are the two options available to Hindu Undivided Families (HUFs) and individuals. It should be noted that corporations are exempted from taking advantage of the new tax regime.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here, the taxpayers can only select any of the two tax regimes. After selecting any one of them, they can file income tax returns for the current fiscal year 2022\u20132023. After all, the taxpayer must select a tax regime for the entire fiscal year once their choice of tax regime has been approved. The taxpayer can alter their choice of tax system only in the next year.<\/span><\/p>\n<h2 id=\"list\"><b>List of the Deductions Permitted Under the New Tax Regime<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Some exemptions under the new tax regime are still permitted, despite the fact that the majority of <\/span><b>new regime tax deductions and exemptions<\/b><span style=\"font-weight: 400;\"> have been eliminated.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let&#8217;s quickly review the <\/span><b>deductions in a new tax regime<\/b><span style=\"font-weight: 400;\"> that are available:<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Section 80 CCD(2) deduction<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Under the <\/span><b>new tax regime deduction<\/b><span style=\"font-weight: 400;\">, salaried people are eligible for this. They are eligible to deduct the employer&#8217;s pension plan contribution. 10% of a private sector employee&#8217;s compensation (base salary plus dearness allowance) may be claimed. According to this part of <\/span><a href=\"https:\/\/incometaxindia.gov.in\/_layouts\/15\/dit\/Pages\/viewer.aspx?grp=Act&amp;cname=CMSID&amp;cval=102120000000081015&amp;searchFilter=%5b%7b%22CrawledPropertyKey%22%3a1%2c%22Value%22%3a%22Act%22%2c%22SearchOperand%22%3a2%7d%2c%7b%22CrawledPropertyKey%22%3a0%2c%22Value%22%3a%22Income-tax+Act%2c+1961%22%2c%22SearchOperand%22%3a2%7d%2c%7b%22CrawledPropertyKey%22%3a29%2c%22Value%22%3a%222023%22%2c%22SearchOperand%22%3a2%7d%5d&amp;filterBy=S&amp;optionalFilter=80C&amp;k=&amp;IsDlg=0\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Section 80CCD<\/span><\/a><span style=\"font-weight: 400;\">, of the <\/span><span style=\"font-weight: 400;\">Income Tax Act, 1961<\/span><span style=\"font-weight: 400;\"> the <\/span><b>new tax regime deduction<\/b><span style=\"font-weight: 400;\"> for employees of the public sector is up to 14% of base pay plus dearness allowance.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Sukanya\u00a0Samriddhi\u00a0Yojana\u00a0and\u00a0PPF\u00a0Interest\u00a0and\u00a0Maturity\u00a0Amount<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Interest payout and maturity money received from investments like the Public Provident Fund and Sukanya Samriddhi Yojana are also exempt from being taxed under the new tax system.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Benefits of Section 10 (10D)<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/incometaxindia.gov.in\/_layouts\/15\/dit\/Pages\/viewer.aspx?grp=Act&amp;cname=CMSID&amp;cval=102120000000080842&amp;searchFilter=%5b%7b%22CrawledPropertyKey%22%3a1%2c%22Value%22%3a%22Act%22%2c%22SearchOperand%22%3a2%7d%2c%7b%22CrawledPropertyKey%22%3a0%2c%22Value%22%3a%22Income-tax+Act%2c+1961%22%2c%22SearchOperand%22%3a2%7d%2c%7b%22CrawledPropertyKey%22%3a29%2c%22Value%22%3a%222023%22%2c%22SearchOperand%22%3a2%7d%5d&amp;filterBy=S&amp;optionalFilter=10&amp;k=&amp;IsDlg=0\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Section 10<\/span><\/a><span style=\"font-weight: 400;\"> (10D) of the Income Tax Act, 1961 all life insurance payouts received by the taxpayer are <\/span><b>exempt<\/b><span style=\"font-weight: 400;\"> from tax under both the new and <\/span><b>old tax regimes<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Retirement Leave Encashment<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Salaried individuals who make use of their accrued leave balance upon retirement are exempt from taxation under <\/span><span style=\"font-weight: 400;\">Section 115 BAC<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Standard Deduction<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As part of the Budget 2023 announcement, the standard deduction of Rs. 50,000 was increased to apply to the <\/span><b>new tax regime<\/b><span style=\"font-weight: 400;\"> beginning in FY 2023\u20132024 (AY 24\u201325). HUF and other people who select to forego the new tax system in FY 2022-23 (AY 2023-24) are not eligible for this deduction or incentive. The standard Deductions allowed under the New Tax Regime <\/span><span style=\"font-weight: 400;\">\u00a0is the same under both the <\/span><b>new and old tax regimes<\/b><span style=\"font-weight: 400;\"> as a result of the modification made in Budget 2023.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Proceeds from Voluntary Retirement Schemes<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Under the new tax system, voluntary retirement scheme (VRS) proceeds up to Rs. 5 lakh are not subject to taxation.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Gratuity Payments<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Under the new tax system, payments made in place of gratuities after five years or more of uninterrupted service are likewise exempt from taxation. The maximum tax-free gratuity payout is limited to Rs. 20 lakh during the taxpayer&#8217;s lifetime.\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Employer Contribution to EPF<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Employer contributions to EPF (Employee Provident Fund) can be up to 12% of Basic + Dearness Allowance and are also tax-free.<\/span><\/p>\n<p><b>Also, read: <\/b><a href=\"https:\/\/legalwindow.in\/old-vs-new-tax-regime\/\" target=\"_blank\" rel=\"noopener\"><b>Old vs. New Tax Regime in India: A Comprehensive Comparison<\/b><\/a><\/p>\n<h2 id=\"old\"><b>Typical Old Tax Regime Deductions Are Not Permitted Under the New Regime<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As mentioned above, despite the numerous <\/span><b>new tax regime deductions<\/b><span style=\"font-weight: 400;\">, Section 115BAC prohibits the use of a number of significant deductions. The following well-liked <\/span><b>income tax deductions are<\/b><span style=\"font-weight: 400;\"> no longer available under the new tax law for employees and self-employed people:<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The deductions that are significant under Chapter VI A. <\/span><b>Sections 80C<\/b><span style=\"font-weight: 400;\">, 80CCC, 80CCD, <\/span><span style=\"font-weight: 400;\">80E<\/span><span style=\"font-weight: 400;\">, 80EEA, 80DD, 80DDB, <\/span><span style=\"font-weight: 400;\">80G<\/span><span style=\"font-weight: 400;\">, and others are included in it.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The <\/span><b>tax deductions<\/b><span style=\"font-weight: 400;\"> for contributions to scientific research.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Leave Travel Allowance (LTA), Section 10(5).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Deduction under Section 80D<\/b><span style=\"font-weight: 400;\"> for payments for health insurance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Allowances under section 10(14): This clause is applicable when an employer performs duties outside of a typical office setting.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deduction for home loan interest payments under Section 24(b).<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Section 10(13A) of the tax code permits an <\/span><b>exemption for the House Rent Allowance (HRA).<\/b><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The deduction made under 57(iia) from the family pension.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There are approximately 70 distinct tax-saving investments and choices with various <\/span><b>tax deduction limits<\/b><span style=\"font-weight: 400;\"> that are not available under the new tax system, therefore the preceding list is not all-inclusive.<\/span><\/p>\n<p><b>Also read: <\/b><a href=\"https:\/\/legalwindow.in\/income-tax-slab-2023-24\/\" target=\"_blank\" rel=\"noopener\"><b>Your Guide to Income Tax Slab 2023-24<\/b><\/a><\/p>\n<h2><a href=\"https:\/\/legalwindow.in\/itr-filing-for-individuals\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-108712 size-full\" title=\"File your Income Tax Return!\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/File-your-Income-Tax-Return.png\" alt=\"File your Income Tax Return!\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/File-your-Income-Tax-Return.png 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/File-your-Income-Tax-Return-600x120.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/File-your-Income-Tax-Return-300x60.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/File-your-Income-Tax-Return-768x154.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/h2>\n<h2 id=\"note\"><b>Winding Up Note<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The key <strong>Deductions allowed under the New Tax Regime<\/strong><\/span><span style=\"font-weight: 400;\"><strong>\u00a0<\/strong>can significantly influence taxpayers&#8217; financial planning and overall tax liability. It is important for businesses and individuals to acknowledge these deductions, ensuring they take full advantage of the opportunities provided. After understanding the<\/span><b> deductions available under the new tax regime<\/b><span style=\"font-weight: 400;\">, taxpayers can optimize their financial situation effectively. Keeping well-informed of any changes in the tax regime through regular updates and seeking professional advice when necessary is essential in navigating the complexities of the tax system.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case of any query regarding <\/span><b>Key Deductions Allowed Under the New Tax Regime,<\/b><span style=\"font-weight: 400;\"> feel free to connect with our legal experts at\u00a0<\/span><a href=\"https:\/\/legalwindow.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Legal Window<\/span><\/a><span style=\"font-weight: 400;\">\u00a0at\u00a0<\/span><b>72407-51000.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Deductions allowed under the New Tax Regime. Every year, governments worldwide make amendments to their tax regulations, aiming to streamline the tax structure and maximize revenue generation. The&hellip;<\/p>\n","protected":false},"author":4,"featured_media":118969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-118952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Deductions under the New Tax Regime &#187; Legal Window<\/title>\n<meta name=\"description\" content=\"Deductions under the New Tax Regime. 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