IT Return: What are the exemptions and deductions not claimable under the new tax regime section u/s 115BAC?
The following are the deductions and exemptions you cannot claim under the new tax system:
- The standard deduction, professional tax and entertainment allowance on salaries
- Leave Travel Allowance (LTA)
- House Rent Allowance (HRA)
- Minor child income allowance
- Helper allowance
- Children education allowance
- Other special allowances [Section 10(14)]
- Interest on housing loan on the self-occupied property or vacant property (Section 24)
- Chapter VI-A deduction (80C,80D, 80E and so on) (Except Section 80CCD(2) and 80JJAA)
- Without exemption or deduction for any other perquisites or allowances
- Deduction from family pension income