I want to know what are the tax benefits we can take in the New Tax Slab? If I opt new Tax slab were 5 Lakhs Income we have to pay No Tax for April 2020 To March 2021. Is there any Income Tax benefits we can Take above 5 Lakhs?
As per Budget 2020, if an assessee opts for the new tax regime, one will have to forego around 7o deductions & exemptions. This includes major deductions like Sec.80C, standard deduction of Rs.50K, HRA, etc.
You can still claim following exemptions under the New tax Regime:
- Conveyance allowance received to meet the conveyance expenditure incurred as part of the employment.
- Any compensation received to meet the cost of travel on tour or transfer.
- Daily allowance received to meet the ordinary regular charges or expenditure you incur on account of absence from his regular place of duty.
- Transport allowances in case of a specially-abled person.