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Mihir

Mihir Tanna  |1111 Answers  |Ask -

Tax Expert - Answered on Mar 30, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Raghav Question by Raghav on Mar 27, 2023Hindi
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Hi. what are other deductions which will be applicable in new tax regime. is the NPS is allowed under new tax regime. and what abt Mediclaim and life insurance. also I have paying home loan interest as well which is allowed under current tax regime.

Ans: Under new tax regime, person can claim standard deduction of 50k against salary, NPS u/s 80CCD(2), interest on let out property etc
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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Sanjeev

Sanjeev Govila  | Answer  |Ask -

Financial Planner - Answered on Feb 08, 2023

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Sir can u list the income exemptions which are eligible under revised New tax regime
Ans: The answer to your query is as below. I have simply copied it from another website, for your information.

With the revised new tax regime, several exemptions and deductions have been removed as below:-

1. Leave Travel Allowance
2. House rent allowance depending upon salary structure and rent paid
3. Professional tax paid by a maximum of Rs. 2,500/-
4. Deductions available under Section 80TTA and 80TTB that is interest from Savings Account/Deposits
5. Tax deduction on entertainment allowance and deduction on professional tax for government employees
6. The interest amount payable on home loan for a self-occupied or any vacant property u/s 24 maximum deductions of Rs 2 lakhs
7. Deduction of Rs 15,000 allowed from family pension under clause (ii) (a) Section 57
8. Special Allowances that are provided under Section 10(14) except:
9. Transport allowance granted to a disabled employee
10. Conveyance allowance
11. Any allowances granted for meeting the cost of travel on tour or transfer of an employee
12. Daily allowance
13. Perquisites
14. Business owners and professionals will lose the exemption to Special Economic Zones under Section 10AA.
15. Deductions under Section 32AD, 33AB, 33ABA, 35(1)(ii),35(1)(ii( (a), 35(1)(iii), 35(2AA), 35AD and 35CCC of the Income Tax Act.
16. Options of additional depreciation under Section 32(ii) (a) of the Income Tax Act
17. The option to carry forward or unabsorbed depreciation of earlier years
18. Tax-saving investment deductions under Income Tax Act , 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. These tax-saving investment options include ELSS, NPS, PPF tax relief on mediclaim insurance premium, FDR, dependents who are differently-abled, expenses for specified medical treatments, interest on education loan and many more.



Exemptions that remain prevalent in the new revised system, that you can claim:

1. Standard deduction for salaried and pension class of Rs 50,000.
2. Interest received on Post Office Savings Account under Section 10(15)(i) the maximum amount of Rs. 3,500.
3. Gratuity received from employer up to a maximum amount of Rs. 20 Lacs.
4. Amount received from Life Insurance Policy on maturity under Section 10(10D).
5. Employer contribution in NPS or EPF up to 12% of salary and interest on EPF up to 9.5% p.a.
6. Income from Life Insurance.
7. Income from agricultural farming.
8. Standard reduction on rent.
9. Retrenchment compensation.
10. Leave encashment on retirement.
11. VRS proceeds up to Rs 5 lacs.
12. Retirement cum death benefit.
13. Money received as a scholarship for education.
14. Interest and maturity amount of PPF or Sukanya Smriddhi Yojna.
15. Commutation of Pension.
16. The new tax regime offers you to claim deductions u/s 80CCD(2) (employers contribution in notified pension scheme) and 80JJAA (for new employment).

..Read more

Sanjeev

Sanjeev Govila  | Answer  |Ask -

Financial Planner - Answered on Feb 08, 2023

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Money
is Standard Deduction available in New Tax Regime with respect to all category of income? How much is available. Any other tax exemption is available? Pl. clarify.
Ans: Standard Deduction to the extent of Rs 50,000 for salaried and pensioners is available in the new tax regime from next financial year and not the current one. The answer to your query is as below. I have simply copied it from another website, for your information.

With the revised new tax regime, several exemptions and deductions have been removed as below:-

1. Leave Travel Allowance
2. House rent allowance depending upon salary structure and rent paid
3. Professional tax paid by a maximum of Rs. 2,500/-
4. Deductions available under Section 80TTA and 80TTB that is interest from Savings Account/Deposits
5. Tax deduction on entertainment allowance and deduction on professional tax for government employees
6. The interest amount payable on home loan for a self-occupied or any vacant property u/s 24 maximum deductions of Rs 2 lakhs
7. Deduction of Rs 15,000 allowed from family pension under clause (ii) (a) Section 57
8. Special Allowances that are provided under Section 10(14) except:
9. Transport allowance granted to a disabled employee
10. Conveyance allowance
11. Any allowances granted for meeting the cost of travel on tour or transfer of an employee
12. Daily allowance
13. Perquisites
14. Business owners and professionals will lose the exemption to Special Economic Zones under Section 10AA.
15. Deductions under Section 32AD, 33AB, 33ABA, 35(1)(ii),35(1)(ii( (a), 35(1)(iii), 35(2AA), 35AD and 35CCC of the Income Tax Act.
16. Options of additional depreciation under Section 32(ii) (a) of the Income Tax Act
17. The option to carry forward or unabsorbed depreciation of earlier years
18. Tax-saving investment deductions under Income Tax Act , 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. These tax-saving investment options include ELSS, NPS, PPF tax relief on mediclaim insurance premium, FDR, dependents who are differently-abled, expenses for specified medical treatments, interest on education loan and many more.



Exemptions that remain prevalent in the new revised system, that you can claim:

1. Standard deduction for salaried and pension class of Rs 50,000.
2. Interest received on Post Office Savings Account under Section 10(15)(i) the maximum amount of Rs. 3,500.
3. Gratuity received from employer up to a maximum amount of Rs. 20 Lacs.
4. Amount received from Life Insurance Policy on maturity under Section 10(10D).
5. Employer contribution in NPS or EPF up to 12% of salary and interest on EPF up to 9.5% p.a.
6. Income from Life Insurance.
7. Income from agricultural farming.
8. Standard reduction on rent.
9. Retrenchment compensation.
10. Leave encashment on retirement.
11. VRS proceeds up to Rs 5 lacs.
12. Retirement cum death benefit.
13. Money received as a scholarship for education.
14. Interest and maturity amount of PPF or Sukanya Smriddhi Yojna.
15. Commutation of Pension.
16. The new tax regime offers you to claim deductions u/s 80CCD(2) (employers contribution in notified pension scheme) and 80JJAA (for new employment).

..Read more

Latest Questions
Radheshyam

Radheshyam Zanwar  |7055 Answers  |Ask -

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on May 01, 2026

Asked by Anonymous - May 01, 2026Hindi
Career
Hii respected sir I passed my 12th hsc in 2024 from Maharashtra state board ( pcb) and my marks scored was Physics - 65 Chemistry- 65 Biology- 82 English - 76 Fisheries- 159 And I was preparing for neet ug 2024,but unfortunately I wasn't able to make that year due to neet scam and all what happened that year... And took drop year to prepare for neet ug 2025...and was prepared enough but at the end got panicked due to the tough examination and even in my 2nd attempt I was not able to make it that year too... So I gave myself one more last chance... And got the gut to take another drop year(2nd drop for neet ug 2026)..and I started my prep in July 2025 ( with pw yakeen batch) everything was going good initially.. Was doing regular classes.. Giving mocks and all.. No stress.. And was Beleiving that this time I will definitely make it in 2026 ... But then came the actual phase of my prep.... When I saw all my friends moving out, doing different courses, and improving their lives.. While I had been stuck in the neet loop.... I felt absolutely lonely, I used to be depressed my whole day, and because of this I used to constantly regret about my past decisions that if I could have done that life could have been much better, and I faced some family problems, taunts from relatives which affected me so much mentally, I got affected by allergic asthama.. And just 3 months before neet.. My 15 days wasted due to asthama and fever... I loosed my weight.. And in January and February... I wasn't even able to sleep properly ,I was just depressed that what if I also will not be able to make this year too.. It's already my 3rd attempt... And somehow I kept going but in April I finally accepted that I will not be able to clear neet ug in 2026 too.....And at the end I just wanna say is I wasted my 3 precious neet ug attempts and 2 drop years.. Coz when you are not able to achieve anything that's totally a waste.. And now I only have two options either I regret everything and waste more time or I just move forward thinking about my career... I decided that I will take a final drop year( last attempt) for NEET 2027, I know many people will say that pls don't take it... Coz I definitely know that it will be much more difficult.. But in all the 3 attempts I gave for neet ug.. I was never able to give my best.. and I know very well from my side that if just once I gave my best na.. I will definitely clear it... But it's definitely gonna be my last attempt for 2027..and I cannot afford a 0.1% of error in my preparation... And if I didn't cleared this time.. I am definitely gonna leave this rat race... And that's why I decided to take another (3rd and last drop for neet 2027) and alternatively if I didn't cleared neet ug and didn't got into mbbs... Instead of doing other courses like bams, bhms, biotech, bsc... I decided that I will do engineering but I didn't took maths in hsc 2024 boards and that's why I wanna know about the isolated subject examination.. I heard that even if I am from pcb background... I can do engineering.. I just wanna appear for isolated subject examination maths in 2026(july) so can i give isolated exam in 2026 in July 2026 ( coz improvement exam occurs in July only) and I don't wanna wait for 2027 for maths exam..........so would I be eligible for engineering?? What I have to do further can someone pls explain me I don't have any idea about it... What I have to do further? Coz for second option if I didn't cleared neet ug 2027 I am gonna take admission in engineering in 2027 through mhtcet 2027 pcm examination. So can I do it... So what I have to do further ? Can you pls help me with it sir? And o definitely know that if I just get once the chance of mhtcet I can definitely score 95+ percentile which will help me in landing into very good engineering colleges like ict, vjti, etc.
Ans: When no magic happened in 3 attempts, what will happen in the 4th attempt? Just a waste of time and money. Not at all recommended to repeat the same exercise again and again without any solid outcome. You have a lot of excuses to escape from the studies.

Yet, to boost your morale, here is my short reply: Your journey shows resilience, not failure. If medicine is still your dream and you truly believe you have one best attempt left, take NEET 2027 with a disciplined “final-shot” mindset, but build a smart backup in parallel by confirming with the Maharashtra State Board of Secondary and Higher Secondary Education whether you can appear for Mathematics as an isolated or additional subject in 2026. If accepted and recognized for eligibility, that can open the path to engineering via MHT-CET/JEE as a strong Plan B, giving you both hope and security instead of an all-or-nothing gamble.

Good luck.
Follow me if you receive this reply.
Radheshyam

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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