Which sections are applicable under new regime?

Created by Product Content Team, Modified on Mon, 19 Feb at 10:04 PM by Product Content Team


Introduced in the Union Budget 2020, the new tax regime offers lower tax rates but eliminates most deductions and exemptions. Taxpayers can opt for the new regime, where they have to forego deductions and exemptions but pay taxes at lower rates. Under this regime, taxpayers do not need to compute deductions and can directly apply the slab rates to calculate their tax liability.


The following sections are applicable under the new regime:

  1. Gratuity
  2. Leave encashment
  3. Reimbursement as per client requirement

Click here to subscribe to our help videos  

Related Links:

Video- To watch the video on IT Declaration, click here.

FAQs- To read more about IT Declaration, click here.

Documentation:

  • To read more about IT Declaration, click here.
  • To read more about viewing employee's IT Statement, click here.

Product Update- To read our product update, click here.


Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select at least one of the reasons
CAPTCHA verification is required.

Feedback sent

We appreciate your effort and will try to fix the article