🔴Deductions Under New vs Old Tax Regime: What You Need to Know| CA Monica| தமிழ்
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- Опубликовано: 15 сен 2024
- Published on 09-07-2024
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The new tax regime in India (introduced in the Union Budget 2020), taxpayers have the option to pay income tax at lower rates. However, they must forgo certain exemptions and deductions available under the old regime. Here's a brief overview:
Tax Rates under New Regime:
The new tax regime offers concessional tax rates, which are as follows:
- Income up to ₹2.5 lakh: Nil
- ₹2.5 lakh to ₹5 lakh: 5%
- ₹5 lakh to ₹7.5 lakh: 10%
- ₹7.5 lakh to ₹10 lakh: 15%
- ₹10 lakh to ₹12.5 lakh: 20%
- ₹12.5 lakh to ₹15 lakh: 25%
- Above ₹15 lakh: 30%
Deductions and Exemptions not Available under New Regime:
Taxpayers opting for the new regime have to forgo a significant number of exemptions and deductions, including:
1. House Rent Allowance (HRA)
2. Leave Travel Allowance (LTA)
3. Deductions under Section 80C: Up to ₹1.5 lakh for investments in PPF, ELSS, NSC, etc.
4. Interest on Housing Loan (Section 24): Up to ₹2 lakh on self-occupied property.
5. Deduction under Section 80D: Medical insurance premium.
6. Deduction under Section 80E: Interest on education loans.
7. Deduction under Section 80G: Donations to certain funds and charitable institutions.
8. Deduction under Section 80TTA: Interest on savings account.
9. Deductions for contributions to pension schemes (Section 80CCD(1), 80CCD(1B), and 80CCD(2)).
Deductions and Exemptions Allowed under New Regime:
However, there are a few allowances and exemptions that are still available under the new tax regime:
1. Employer Contribution to NPS: Section 80CCD(2).
2. Standard Deduction: ₹50,000 available to salaried individuals.
3. Standard Deduction on Rent: 30% of the annual value for let-out property.
4. Income from agriculture: Certain agricultural income is exempt.
5. Retirement Benefits: Leave encashment on retirement, gratuity, and commutation of pension.
6. Transport Allowance: For specially-abled persons.
7. Amount received on maturity of life insurance: Subject to certain conditions.
Interest on Housing loan on let out property under new regime is the one I learnt today . Thanks
Same bro..
Mam, Construction industries GST paththi explain pannunge
Can you make a video,on direct entry ,under new regime.
Hi Madem small question foundation all Subject new syllabus books total how many pages
Daily wage worker which itr form select. Because daily wage worker there no employee employer relationship and also no business and profession income also .so how to file itr . If itr form 1 select can I choose header " income from other sources". Kindly if you know reply .
Mam one small help mam. Could you please make a video on Articleship Registration process in Tamil, since there are no videos in youtube in Tamil, everything is in hindi. Along with that please tell me how to semd the required forms to the principal... should I post it in courier or should I take it with me When i go to articleship interview and submit it with them personally... Literally I don't have any Idea..
Madam please explain about section 80CCD(2), employer contribution to NPS.
Madam i have one doubt, chickens business runned last 7years, shop suddenly sold, so business closed, closing stock 7lakhs fully wasted,
Current year turn over 20lakhs only, net loss 4.5lakhs arrived,
If Loss returns without audit report prepared and filed, what are the issues arrived in future,
Penalty 5% of turn over or higher ?
Loss cannot be carried forward. Return filed will be defective. Assessment will be taken up by IT department
Mam form 10iea file pannalama
Mam ippa TNEB employee kku cps or gpf contribution eathum detaction panamala new regime la
Standard deduction 50k or 75k
50k
Form 29 B plz explain
What about cps
Good morning sir,
very clear explanation.Thank you very much.
I have one doubt.Kindly clarify sir.
I am a Tamilnadu state Government Employee I am working under CPS beneficiary.I am going to e-filing this year on New Tax Regime.
I have been deducted 118712 rupees in CPS .Can I claim this amount under 80CCD(2)???
Kindly explain it madam.
I am waiting for your valuable response.
Thank you madam.
Kindly give your guide regarding CPS ACCOUNT Amount of Employer contribution.
Pls claim if it's shown in your form 16. That would be best
@@camonica3619Details about CPS IN TAMILNADU GOVERNMENT.Both the employee and government contribute 10% each of basic pay, grade pay and dearness allowance monthly to the employee's CPS account. - Arrears such as late contributions or pay commission arrears must be deducted in installments. Annual account statements are sent and interest of 8% is paid annually.
Hello mam how to contact you
...
Pls send mail to yourauditornetwork@gmail.com