Which are the Exemptions and deductions still available under the new tax regime from FY 2023-24 onwards?

April 17, 2024 10:45

Under the new tax regime, the following exemptions and deductions would be permitted:

1. Employer's NPS contribution under Section 80CCD(2) of up to 10% of your pay (Salary).
2. If a house property is rented out, a standard deduction of 30% of net rental income is allowed.
3. Employees of Divyang will be eligible for a transportation allowance exemption to cover daily travel costs between their place of employment and home.
4. An allowance for conveyance shall be provided to cover transportation costs associated with carrying out official duties.
5. The personnel will be given allowances to cover the expense of their travel while on tour or during a transfer.
6. Daily allowance given for regular daily expenses in the event of absence from the employee's usual place of duty.
7. Standard deduction of Rs. 50,000/- under the head Salary.
8. Deduction of family pension.

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