Income Tax Act 2026: New Deductions & Exemptions Under Revised Tax Regime Effective April 1
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New Tax Regime 2026: Deductions, Exemptions Added from April 1
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Moneycontrol•20-03-2026, 22:35
New Tax Regime 2026: Deductions, Exemptions Added from April 1
•Government notifies Income-tax Rules, 2026, bringing the Income-tax Act, 2025, into effect from April 1.
•Salaried employees opting for the new regime get a higher basic exemption limit but forgo most traditional deductions.
•Key deductions still available include meal vouchers (up to Rs 200/meal), gifts (up to Rs 15,000), and a standard deduction of Rs 75,000.
•Employer's contribution to NPS (up to 14% of basic salary for central govt. employees, 10% for others) remains deductible.
•Interest on home loans for let-out property (capped at Rs 2 lakh), family pension deduction, and Agniveer Corpus Fund contributions are also available.
