These deductions will not be available to a taxpayer opting for the new tax regime u/s 115 BAC, except for deduction u/s 80CCD (2) and 80JJAA which will be available under the new tax regime as well:
The most relevant and common deductions are listed below:
- Section – 80C: Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, housing loan repayment, ULIP etc.
- Section – 80CCC: Deduction in respect of contribution to certain pension funds
- Section – 80CCD: Deduction in respect of contribution to pension scheme of Central Government
- Section – 80D: Deduction in respect of health insurance premia and preventive health check-up
- Section – 80DDB: Deduction in respect of medical treatment, etc.
- Section – 80E: Deduction in respect of interest on loan taken for higher education
- Section – 80EE: Deduction in respect of interest on loan taken for residential house property
- Section – 80G: Deduction in respect of donations to certain funds, charitable institutions, etc.
- Section – 80GG: Deductions in respect of rent paid
- Section – 80TTA: Deduction in respect of interest on deposits in savings account
Please note, this is not an exhaustive list of deductions under the Act. To know more about eligible deductions, contact us or drop us an enquiry. We assist in NRI advisory and tax filing services.