Which exemptions are unavailable under the new regime?

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 education allowance, Hostel Allowance, Transport Allowance, Uniform Allowance, etc.
  • Under section 24 - Interest on borrowed loan for a self-occupied property.
  • Set off of any loss, under the head “Income from house property” with any other head of income.
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