There are several notable exemptions and deductions that will be allowed under new tax regime (starting from FY 2023-24) as compared to its allowability applicable up till FY 2022-23, which are to be considered for tax calculation purposes.
|
Deduction or Exemption
|
Allowed Upto F.Y. 2022-23
|
Allowed F.Y. 2023-24 onwards
|
|---|---|---|
|
Standard deduction of Rs. 50,000
|
No
|
Yes
|
|
Professional tax and entertainment allowance
|
No
|
No
|
|
Allowance for Housing Rent
|
No
|
No
|
|
Leave Travel Allowance or concession Allowances u/s. 10(14) except for Divyang Travel allowance, Tour Travel Allowance, Daily allowance & Conveyance allowance
|
No
|
No
|
|
Home Loan interest for Self-occupied property
|
No
|
No
|
|
Set-off of House property losses from other heads
|
No
|
No
|
|
Any additional depreciation other than normal depreciation u/s. 32
|
No
|
No
|
|
Allowances for Income of Minor
|
No
|
No
|
|
Allowance to MP/MLA
|
No
|
No
|
|
Deduction for Family Pension
|
No
|
Yes
|
|
Deduction under VI-A
80C ( LIC premium, Public Provident Fund, housing loan repayment, Tuition fees, National Savings Certificate, etc)
|
No
|
No
|
|
Deduction under VI-A
80D (Health insurance)
|
No
|
No
|
|
Deduction under VI-A
Any other deductions such as:
80E-Interest on education loan
80DD- Dependent disabled
80DDB- Expenditure on medical treatment
80TTA- Deduction on Interest on savings (available for individual aged below 60 years)
80TTB- Deductions on Interest on savings and fixed deposits (available for individual aged 60 years and above )
|
No
|
No
|
|
Any Other Deduction under the provisions of Chapter VI-A
|
No [Except for Deductions u/s 80CCD(2)- Employers contribution to National Pension scheme),80JJAA]
|
No [Except for Deductions u/s 80CCD(2)- Employers contribution to National Pension scheme), 80JJAA,80CCH]
|
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