Deduction Under New Tax Regime Ay 2024-25 . The section 87a rebate has been increased under the new tax regime for taxable incomes up to rs 7 lakh. Now, both central and state government employees can deduct up to 14% of employer contributions towards nps.
These include deductions under section 80c for investments in provident funds, life insurance, home loan principal repayment, and others, as well as exemptions for house rent allowance (hra), leave travel allowance (lta), and more. July 23, 2024 / 16:09 ist.
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11 New Tax Deductions Claim in Tax Return AY 202425 Sec 80C , However, the new income tax regime is optional, and individuals can opt for it or file their taxes as per the old regime.