Notes

1. A resident individual is entitled for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.
2. In case of individual/ HUF having no business income, such option can be exercised in each previous year.
3. In case of individual/ HUF having business income, the option once exercised shall remain valid for all subsequent assessment years. Those individual/ HUF opting for concessional rate of tax shall be entitled to withdraw the option only once and there after they shall never be able to exercise the option except when the cease to engage in the said business.
4. In case of individual/ HUF opting for the new taxation regime under the newly inserted section 115BAC of the Act shall not be entitled to the following exemptions/ deductions :

• Leave travel concession
• House rent allowance
• Some of the allowance as contained in clause (14) of section 10 for example special allowances for performances of duties;
• Allowances to MPs/ MLAs Exemption for SEZ unit contained in section 10AA;
• Standard deduction, deduction for entertainment allowance and employment/ professional tax as contained in section 16;
• Interest under section 24 in respect of self-occupied or vacant property referred to in sub- section (2) of section 23. (Loss under the head income from house property for rented house shall not be allowed to be set off under any other head and would be allowed to be carried forward as per extant law);
• Additional deprecation under clause (iia) of sub-section (1) of section 32;
• Deductions under section 32AD, 33AB, 33ABA;
• Various deduction for donation or expenditure on scientific research contained in section 35;
• Deduction under section 35AD or section 35CCC;
• Deduction from family pension under clause (iia) of section 57;
• Any deduction under chapter VIA (like section 80C, 80CCC, 80CCD,  80D,  80DD, 80DDB, 80E,  80EE,  80EEA,  80EEB,  80G,  80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, etc). However, deduction under sub- section (2) of section 80CCD (employer contribution on account of employee in notified pension scheme) and section 80JJAA (for new employment) can be claimed.

The undermentioned allowances under section 10(14) of the Act, will continue to remain allowable even under the new regime of personal taxation.

• Any allowance granted to meet the cost of on tour or on transfer;
• Daily allowance to meet the ordinary daily incurred by an employee on account of absence from his normal place of duty.
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