A taxpayer choosing the new tax regime under section 115BAC will not have access to the following deductions, except for deductions under sections 80CCD(2) and 80JJAA, which will remain available under the new tax regime:
The following are some of the most common and relevant deductions available:
• Section – 80C: Deduction for payments such as life insurance premiums, deferred annuity, contributions to provident fund, housing loan repayment, ULIP, etc.
• Section – 80CCC: Deduction for contributions to certain pension funds.
• Section – 80CCD: Deduction for contributions to the pension scheme of the Central Government.
• Section – 80D: Deduction for health insurance premiums and preventive health check-ups.
• Section – 80DDB: Deduction for medical treatment expenses, etc.
• Section – 80E: Deduction for interest on loans taken for higher education.
• Section – 80EE: Deduction for interest on loans taken for residential house property.
• Section – 80G: Deduction for donations to certain funds and charitable institutions, etc.
• Section – 80GG: Deduction for rent paid.
• Section – 80TTA: Deduction for interest on deposits in savings accounts.
Please note that these deductions may not be available if you opt for the new tax regime under section 115BAC.
Please be aware that the list provided above is not comprehensive, as there are various other deductions available under the Income Tax Act. If you would like to explore more about eligible deductions or have any specific inquiries, please don’t hesitate to get in touch with us. We offer assistance in NRI advisory and tax filing services.
