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Anil Rego  |377 Answers  |Ask -

Financial Planner - Answered on Nov 27, 2020

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more
ANIMESH Question by ANIMESH on Nov 27, 2020Hindi
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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? 

Ans: 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:

  1. Conveyance allowance received to meet the conveyance expenditure incurred as part of the employment.
  2. Any compensation received to meet the cost of travel on tour or transfer.
  3. Daily allowance received to meet the ordinary regular charges or expenditure you incur on account of absence from his regular place of duty.
  4. Transport allowances in case of a specially-abled person.
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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