Let us understand this with the help of an example. Option is also available for persons having the business income subject to certain conditions. House rent allowance (HRA): Varying amounts depending upon the salary structure and rent paid, Housing loan interest allowed under Section 24 of up to Rs 3.5 lakh for those claiming under affordable housing, Rs 2 lakh for others, Leave travel allowance: Tax-free if claimed once in a block of two years, Medical insurance premium: Rs 25,000 (Rs 50,000 for parents and senior citizens), Children Education Allowance: Rs 2250 per child/ Rs 6750 for hostel subsidy New income tax slabs: Will you gain by switching to new regime? Let’s understand this proposed scheme in detail-, As per Budget 2020 the individual and HUF taxpayers including, Are allowed to make a choice of income tax slab on the basis of which they will like to pay taxes from FY 2020-21. This scheme provides an option to the tax-payers to pay tax at reduced rates subject to fulfillment of certain conditions. For reprint rights: How to know which income tax slab you fall in? As per the new tax structure, if you wish to opt for the New Tax Slab Rates, then you will have to give up existing Income Tax Deductions and Exemptions, like HRA, Section 80C, Home loan tax benefits etc. Individuals (below the age of 60 years), consisting of residents and non-residents Indians (NRIs), Resident senior citizens - in the age group of 60 years to 80 years, Resident super senior citizens -aged 80 and above, Health and Education Cess of 4% is charged on all Income Tax slabs on the total amount of Income Tax+surcharge payable. With the new tax regime, the options for tax saving with the help of deductions have been reduced. Professional Tax. Income Tax Form 60: For those who don't have Pan Card in India, Tax Saving Benefits for Home Buyers with & without Home Loan, Income Tax Regime for Individual/HUF in India, Taxable income after basic exemption limit, Applicable to Individual, HUF, AOP, BOI, AJP, Taxpayers who are willing to take benefit of allowances like HRA, LTA etc and have contributions to PPF, LIC, PF, Home Loan repayment, donations, medical policies, NPS and other eligible tax saving instruments etc. This is based on various slabs as decided by the GOI. The option shall become invalid for a previous year or previous years, as the case may be, if the Individual or HUF fails to satisfy the conditions and other applicable provisions of the Act. The Union Budget 2020 introduced a new income tax regime with reduced tax rates for those willing to forego 70 tax-exemptions and deductions under it. However, deduction under section 80CCD(2) (employer contribution on account of the employee in notified pension scheme) and section 80JJAA (for new employment) can be claimed.

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