Income Tax is calculated on income earned by all individuals, Hindu Undivided Family (HUF), partnership firms, and corporates as per the Income Tax Act of India. A tax slab means to pay different tax rates based on different income ranges.
The available exemptions in a new tax regime can vary depending on the specific laws and regulations implemented.
The following are some of the exemptions available under the new regime:
- Section 80CCD2 - Employer’s Contribution to NPS
- Gratuity
- Leave Encashment
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