The following are some of the major deductions and exemptions you cannot claim under the new tax regime:
- The deduction under Section 80TTA/80TTB
- Professional tax and entertainment allowance on salaries
- Leave Travel Allowance (LTA)
- House Rent Allowance (HRA)
- Allowances to MPs/MLAs
- Minor child income allowance
- Helper allowance
- Children education allowance
- Other special allowances [Section 10(14)]
- Additional depreciation under section 32(1)(iia)
- Deductions under section 32AD, 33AB, 33ABA
- Various deductions for donation for or expenditure on scientific research contained in section 35(2AA) or 35(1)(ii) or (iia) or (iii)
- Deduction under section 35AD or section 35CCC
- Interest on housing loan on the self-occupied property or vacant property (Section 24)
- Chapter VI-A deduction (Section 80C, 80D, 80E and so on, except Section 80CCD(2) and Section 80JJAA)
- Exemption or deduction for any other perquisites or allowances including food allowance of Rs 50/meal subject to 2 meals a day
- Employee’s (own) contribution to NPS
- Donation to Political party/trust, etc
- Budget 2023 update- Deduction from family pension income up to FY 2022-23 (From FY 2023-24, it is allowed as deduction)
- Budget 2023 update- Standard deduction of Rs.50,000 up to FY 2022-23 (From FY 2023-24, it is allowed as deduction)