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Hardik

Hardik Parikh  |106 Answers  |Ask -

Tax, Mutual Fund Expert - Answered on Jul 23, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more
Sourav Question by Sourav on Jul 21, 2023Hindi
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Hello Hardik, Can i claim the deduction for the Professional update Allowance under the new tax regime? If yes, under which section ? I am a Government Servant. Thanks.

Ans: Hello Sourav,

I understand your query regarding the Professional Update Allowance. As per the current tax laws in India, there isn't a specific section that allows a deduction for Professional Update Allowance for government employees under the new tax regime.

However, certain allowances are exempt under Section 10(14) of the Income Tax Act, but these are specific and subject to certain conditions. It's important to note that the new tax regime, introduced in the 2020 budget, offers lower tax rates but requires taxpayers to forego most deductions and exemptions.

I would recommend consulting with a tax advisor or your department's finance team for more specific guidance based on your individual circumstances.

I hope this helps!

Best,
Hardik
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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