Before the new tax regime, we operated under the old system, offering around 20+ deductions to reduce taxable income. Key deductions included Section 80C, allowing up to Rs. 1.5 lakh reduction.
Here's a snapshot:
* Leave Travel Allowance
*House rent allowance
*A standard deduction of Rs 50,000 was available for salaried individuals.
*Deductions available under Section 80TTA/80TTB (on interest from savings account deposits )
*Entertainment allowance deduction and professional tax (For government employees)
*Tax relief on interest paid on home loan for self-occupied or vacant property @blackswordsman 24
* Deduction of Rs 15000 permitted from family pension under clause (ii a) ( Section 57)
* Tax-saving investment deductions under Chapter VI-A (80C,80D, 80E,80CCC, 80CCD, 80D, 80DD, 80DDB,, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, etc) (Except, deduction under Section 80CCD(2)—employers contribution to NPS, and Section 80JJA) and so on.
These popular tax-saving investment options include ELSS, NPS, PPF, and a tax break on insurance premiums.
One can still claim a deduction under sub-section (2) of section 80CCD, basically an employer’s contribution towards an employee’s account in NPS and section 80JJAA ( for new employment)
https://preview.redd.it/nwbdxsmvcbo...bp&s=fbdd9cd42a7e56bd05503c383a095dd90b7dd4c1
Here's a snapshot:
* Leave Travel Allowance
*House rent allowance
*A standard deduction of Rs 50,000 was available for salaried individuals.
*Deductions available under Section 80TTA/80TTB (on interest from savings account deposits )
*Entertainment allowance deduction and professional tax (For government employees)
*Tax relief on interest paid on home loan for self-occupied or vacant property @blackswordsman 24
* Deduction of Rs 15000 permitted from family pension under clause (ii a) ( Section 57)
* Tax-saving investment deductions under Chapter VI-A (80C,80D, 80E,80CCC, 80CCD, 80D, 80DD, 80DDB,, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, etc) (Except, deduction under Section 80CCD(2)—employers contribution to NPS, and Section 80JJA) and so on.
These popular tax-saving investment options include ELSS, NPS, PPF, and a tax break on insurance premiums.
One can still claim a deduction under sub-section (2) of section 80CCD, basically an employer’s contribution towards an employee’s account in NPS and section 80JJAA ( for new employment)
https://preview.redd.it/nwbdxsmvcbo...bp&s=fbdd9cd42a7e56bd05503c383a095dd90b7dd4c1