What deductions are allowed in New Tax Regime

Apr 24, 2023 Rajeev Kumar

New Tax Regime allows some deductions that can be claimed while filing ITR for AY 2024-25 (FY 2022-23). Read on to find details

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Standard Deduction on Salary, Pension

Standard Deduction on Family Pension

Deduction under Section 80CCD (2)

Under Section 80CCD (2), private sector employees are allowed a maximum deduction equal to 10% of his/her salary (Basic+DA)

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Under Section 80CCD (2), Government employees are allowed a maximum deduction equal to 14% of his/her salary (Basic+DA)

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What deductions are allowed in New Tax Regime

What deductions are allowed in New Tax Regime

New Tax Regime allows some deductions that can be claimed while filing ITR for AY 2024-25 (FY 2022-23). Read on to find details

New Tax Regime allows some deductions that can be claimed while filing ITR for AY 2024-25 (FY 2022-23). Read on to find details

Standard Deduction on Salary, Pension

Standard Deduction on Salary, Pension

A Standard Deduction of Rs 50,000 from salary/pension income is allowed under New Tax Regime for FY 2023-24.

A Standard Deduction of Rs 50,000 from salary/pension income is allowed under New Tax Regime for FY 2023-24.

Standard Deduction on Family Pension

Standard Deduction on Family Pension

A standard deduction of Rs 15,000 from family pension can be claimed by pensioners under new regime for FY 2023-24.

A standard deduction of Rs 15,000 from family pension can be claimed by pensioners under new regime for FY 2023-24.

Deduction under Section 80CCD (2)

Deduction under Section 80CCD (2)

In New Regime, employer’s contribution to employee’s NPS account is eligible for deduction under Section 80 CCD (2).

In New Regime, employer’s contribution to employee’s NPS account is eligible for deduction under Section 80 CCD (2).

Under Section 80CCD (2), private sector employees are allowed a maximum deduction equal to 10% of his/her salary (Basic+DA)

Under Section 80CCD (2), private sector employees are allowed a maximum deduction equal to 10% of his/her salary (Basic+DA)

Under Section 80CCD (2), Government employees are allowed a maximum deduction equal to 14% of his/her salary (Basic+DA)

Under Section 80CCD (2), Government employees are allowed a maximum deduction equal to 14% of his/her salary (Basic+DA)

Section 80CCH deduction

Section 80CCH deduction

This deduction is available under both old and new regimes to Agniveers against contribution made to Agniveer Corpus Fund.

This deduction is available under both old and new regimes to Agniveers against contribution made to Agniveer Corpus Fund.