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  • 2020-03-30
  • Aayush
  • 8453

Deductions & Exemptions considered, as per Budget 2020

A most salaried individual is confused, they don't know which tax saving investment to considered from the financial year 2020-21. PayHR will help you in knowing which exemptions and deductions will be considered.

List of Exemption and Deductions applicable

Srno Allowance and Deductions As per old Regime As per new Regime
1 Exemption on House Rent Allowance Considered Not considered
2 Exemption on Leave Travel Allowance Considered Not considered
3 Standard Deduction Considered Not considered
4 Professional Tax Deduction Considered Not considered
5 Interest on Housing Loan Considered Not considered
6 Loss on House Property Considered Considered, only when self occupied
7 8C Deduction's :
a) Provided Fund (Deduction through salary)
b) LIC preimum paid
c) Equity Linked Savings Scheme (ELSS)
d) Pension fund 80CCC
e) Tuition fees for children
f) Principal payment on home loans
g) Public Provident Fund (PPF)
h) Repayment of housing loan principal
i) National Saving Certificate (NSC)
j) Fixed Depostie saving paln
k) Post office time deposits
l) NPS (employee deduction through salary)
m) Sukanya Samriddhi Account
Considered Not considered
8 National Pension Scheme (80CCD) Self contibution Considered Considered
9 Medical Insurance Self & Parents (80D) Considered Not considered
10 Interest on Education loan Considered Not considered
11 Donations u/s 80G's Considered Not considered
12 Additional benefit on Interest on housing loan (80EE) Considered Not considered
13 Additional benefit on Interest on housing loan (80EEA) Considered Not considered
14 Saving bank interest (80TTA & 80TTB) Considered Not considered
15 Medical treatment Expenses on handicapped Dependent For Handicapped Dependent with disability – u/s 80DD Considered Not considered
16 Medical Treatment under specified diseases u/s 80DDB Considered Not considered
17 Deductions is respect of rents paid u/s 80GG Considered Not considered

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    Provident Fund 6 Professional Tax 1 ESIC 1 LWF 1 Human Resources 22


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