New Tax Regime में ये Deduction मत भूलना | Exemption In New Tax Regime by @expertcasachin ​ | Josh Money

Deductions in New Tax Regime Under Union Budget 2023-24
There are 70 exemptions and deductions that were removed from the new income regime for individual taxpayers.The excluded exemptions include 80 C deductions up to Rs 1.5 lakh, medical insurance premiums u/s 80D, etc. But there are some exemptions that a taxpayer can claim in the new tax regime. And if you are feeling confused between the ones that are removed and the available ones, then here is a quick rundown of some of the important valid available deductions in the new tax regime.

Contribution by Employer Towards Employees NPS/EPF Account
For the FY 2021-2022, the employer's contributions towards superannuation, EPF, and NPS are available for tax exemption up to a maximum limit of Rs. 7.5 lakh.

Employees are not taxed on the employer's contribution to their EPF account as long as it does not exceed 12% of their gross salary (basic plus DA). Employer contributions that go beyond the threshold will also be taxed. Employees may also claim a deduction under the new tax regime, under Section 80C, for their portion of EPF contributions, up to a total of Rs 1.5 lakh.

With Section 80C reduction of Rs. 1.5 lakh and Section 80CCD (1b) reduction of Rs. 50,000, the maximum tax deduction requested in employer additions to NPS accounts is 10% of the pay (Basic + DA).

Interest on Employee's Provident Fund
If an employee contributes more than Rs 2.5 lakh to an EPF account within a fiscal year, interest on those contributions is taxable (including TDS) to the employee.

In the new tax structure, if the interest earned during a year on the EPF scheme does not exceed the limit of 8.10%, you can avail of tax exemption benefits.

Gratuity
All the taxpayers that receive gratuity (on working for more than 5 years) from their employer can avail of deduction under the new tax regime up to a specified limit. The deduction under the new tax regime for gratuity in a lifetime is kept at Rs. 20 lakhs for non-government employees. There is no limit for government employees.

In the new tax regime, the gratuity amount received on an employee's death shall be available for tax exemption with no limits.

Interest Earned on Post Office Savings Account Balances
Interest received from savings bank accounts up to Rs 10,000 is not taxable under section 80TTA of the Income Tax Act. If the total interest generated from all of these sources exceeds Rs 10,000, the excess amount is tax deductible.

However, only post office savings account holders can still avail of exemption up to a certain extent. If you are availing of this exemption, you can derive your gross taxable income by deducting the interest earned under the head of other sources.


Source: PolicyBazaar

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