Exemptions and deductions not claimable under the new tax regime. 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)
What are the 70 exemptions?
What’s out Some of the 70 exemptions and deductions you won’t get in new regime.
- Section 80C investments.
- House rent allowance.
- Housing loan interest.
- Leave travel allowance.
- Medical insurance premium.
- Standard deduction.
- Savings bank interest.
- Education loan interest.
When does the new tax regime start for 2020-21?
ITR Filing: The New Tax Regime will apply for income earned during the financial year 2020-21 or assessment year 2021-22, for those opting for it. As there is an incidence of tax deducted at source (TDS), the concern with many taxpayers and TDS deductors was about the timing of exercising of this option by the taxpayers.
When to use Standard Deduction you / s 16 ( IA )?
Hence standard deduction u/s 16 (ia) is well applicable for periodical (uncommuted) pension received from current or past employer. (The same has been confirmed by CBDT press release dated 05.04
Who is considered an assessee in default in respect of tax?
“Provided that any person, including the principal officer of a company, who fails to deduct the whole or any part of the tax in accordance with the provisions of this Chapter on the sum paid to Payee or on the sum credited to the account of a payee shall not be deemed to be an assessee in default in respect of such tax if such resident—
When is due date for payment of advance tax?
15 March 2021 -. Due date for payment of whole amount of advance tax in respect of assessment year 2021-22 for assessee covered under presumptive scheme of Section 44AD / 44ADA. 17 March 2021 -. Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of January, 2021.
