Send Form 16
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Disclaimer: Data from Form 16 is fetched for your convenience. Please verify all your data before filing the ITR.
- Form 16
- Human Connection
- Interest Certificates from the Post offices and Banks
- Form 16A/16B/16C
- Form 26AS
- Tax saving investment proof
- Deduction under the Section 80 D to 80 U
- Home Loan statement from the NBFC or the Bank
- Capital Gains.
What are the conditions to opt for a new tax regime?
The taxpayer opting for concessional rates in the new tax regimes has to forgo the exemptions and the deduction that is available under the old tax regime. In total 70 deductions are allowed out of which the most commonly used are listed below:
The list of common exemptions and deductions that are not allowed in the new Income tax regime are:
- Leave travel Allowance
- House Rent Allowance
- Conveyance Allowance
- Daily expenses in the course of employment
- Relocation Allowance
- Helper Allowance
- Children Education Allowance
- Other Special Allowances [Section 10(4)]
- Standard deduction on salary
- Professional tax
- Interest on housing loan (Section 24)
- Deductions under Chapter VI A deduction (80C, 80D, 80E and so on) (Except Section 80CCD (2))
List of common deductions allowed the New Tax Regime
- Transport allowance for specially-abled people
- Conveyance allowance for expenditure incurred for traveling to work.
- Investment in Notified Pension Scheme under Section 80 CCD(2)
- Deduction for the employment of new employees under Section 80JJAA
- Depreciation u/s 32 of the Income Tax Act except for additional depreciation.
- Any allowance for traveling for employment or on transfer.
