Income Tax New Regime

Harveyspecter01 Aug, 2022Legal

In addition to compensation and pensions, gratuities, commissions or profits, advanced salaries, leave salaries, contributions under 80CCD, and taxable transfers to pension funds are some of the items that can be included in the list. Depending on your tax slab, you may be able to take advantage of the following deductions. However, if you choose a new one, you will not be able to take advantage of them: In section 10 of the Income Tax Act 1961, clause 5 refers to leave travel allowances (LTAs). In Section 10 of the Income Tax Act 1961, clause 13 A refers to Housing Rent Allowances (HRAs). Section 16 of the Internal Revenue Code provides a deduction for professional taxes There is a standard deduction of Rs. 50,000 under section 16 of the Income Tax Act