Are you planning to opt for the new tax regime announced by finance minister Nirmala Sitharaman in her Budget for 2020-21? If yes, here is some news for you. The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees. It has allowed employees to claim I-T exemption on conveyance allowance received from employers. So, which allowances are exempt from the new tax regime and what it means for taxpayers?
Watch the video to find out.
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