The new regime includes lower taxation rates than last financial year. However, under the new regime following exemptions are unavailable:
- Under section 16 - Standard Deductions, Entertainment Allowances, Employment/ Professional tax.
- House Rent Allowance (HRA).
- All chapter VIA section - 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EEA, 80EEB, 80G etc {Excluding Section 80CCD(2)}.
- Leave Travel Concession (LTA).
- Under section 10(14) - Special Allowance such as Children's Education Allowance, Hostel Allowance, Transport Allowance, Uniform Allowance, etc.
- Under section 24 - Interest on borrowed loan for a self-occupied property.
- Set off any loss, under the head “Income from house property” with any other head of income.
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