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Section 115bac of the income tax act allows individuals to choose between old and new tax rates, highlighting the deductions under the new tax regime. Section 80ccd (2) of the income tax act deals with deductions for contributions made by your employer to your national pension scheme (nps) account. Section 115bac of the income tax act introduces the new tax regime, which was first introduced in 2020.
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Standard deduction of rs 75,000 under new tax regime as compared to rs. The new tax regime offers reduced slab rates, but disallows most of. Under the new tax regime, you can claim tax exemptions and deductions for the following:
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For instance, individuals under section 115bac can claim a standard deduction, professional tax, and house rent allowance, which are not available to other entities or.
While the old regime offers higher basic exemption limits and allows for various deductions and exemptions, the new regime offers concessional tax rates but there is a. Section 115bac offers significant relief for taxpayers opting for the new tax regime by providing a reduction in tax rates. Taxpayers cannot claim the additional deduction under section 80ccd for contributions to the national pension scheme (nps).
