Is Medical Insurance Tax Deductible Under New Tax Regime at Car Insurance

Is Medical Insurance Tax Deductible Under New Tax Regime. Under the new tax regime, an individual cannot avail tax benefit under section 80c on the contribution made to his/her ppf account. This limit applies to the premium paid towards health insurance purchased for you, your spouse, and your dependent children.

Choosing Between The Old And New Tax Slabs | Value Research
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‘lower tax rates but no deductions/exemptions’ is the key feature. The tax breaks that will not be available under the new regime include section 80c deductions (investments in pf, nps, life insurance premium), section 80d (medical insurance premium), hra and interest paid on housing loan.tax breaks for the disabled and for charitable donations will also be gone. However, the new tax regime is optional.

Choosing Between The Old And New Tax Slabs | Value Research

# conveyance allowance you can claim income tax exemption for conveyance, travel, and other allowances given by your employers under the new tax regime as well. Deductions we have to part ways with: Deductions under section 80c like life insurance premium, sum paid towards deferred annuity plans, employee's contribution to epf, contribution to ppf, contribution to sukanya samriddhi yojna, purchase of nsc, deposit in elss mutual funds, tuition fees, principal payment towards home loan, tax saving fixed deposits, contribution to senior citizens. The interest received from epf account continues to be exempted from tax in the new tax regime as well, provided it does not exceed 9.5 per cent.