1/20/25, 4:04 PM Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List and

ed, Exemption List and Benefits

Products

Smarter
Financial Your Name Email ID *

Decisions Enter your name Enter your e-mail

Made Phone Number *

+91 Enter your phone number Subscribe Now

Easy
Subscribe to
Briefcase – your go-
to email series
practical, tips to stay
ahead financially.

Index

HOME INCOME TAX SECTION 115BAC OF INC…

Section 115BAC of Income Tax Act: New Tax Regime Deductions

Allowed, Exemption List & Benefits
By Mohammed S Chokhawala

Updated on: Jan 3rd, 2025 | 16 min read

The Budget 2020 introduces a new regime under Section 115BAC giving individuals and HUF taxpayers an option to pay income tax at lower

rates with fewer exemptions and deductions to claim. Keep reading to learn more about Section 115BAC of the Income-tax Act, 1961.

What is Section 115BAC – The New Tax Regime?

Section 115BAC - the new tax regime system came into force from FY 2020-21 (AY 2021-22). The new tax regime introduced concessional tax

rates with reduced deductions and exemptions. Section 115BAC was amended in the Budget 2023, and the new regime was made the

https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits 1/14
1/20/25, 4:04 PM Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List and Benefits

default regime from FY 2023-24. This Section was further amended with revised tax rates in Budget 2024. If an individual or HUF wants to

opt for the old tax regime, then he must file Form 10-IEA before the due date of filing ITR.

Plan Early and Get ahead for next year’s savings Calculate Now

Use Tax Calculator and get your taxes estimates in mins as per new budget

What are the Tax Rates Under the New Regime?

In Budget 2024, the income tax slabs under the new tax regime have been revised. The new tax slabs under the new tax regime for FY 2024-

25 (AY 2025-26) are shown in the table below, whereas under the old tax regime, the income tax slabs and rates remain unchanged.

Tax Slab for FY 2024-25 Tax Rate

Upto 3,00,000 Nil

3,00,001 - 7,00,000 5%

7,00,001 - 10,00,000 10%

10,00,001 - 12,00,000 15%

12,00,001 - 15,00,000 20%

Above 15,00,000 30%

Note: The following additional benefits have been extended to the taxpayers who opt for new regime for FY 2024-25 (AY
2025-26):

Limit of Standard Deduction against salaried income has been increased from Rs. 50,000 to Rs. 75,000.

Limit of maximum Deduction under Family Pension has been increased from Rs. 15,000 to Rs. 25,000.

The deduction on employers contribution to pension Scheme as per Section 80CCD (2) has been increased from 10% of
salary to the 14% of salary.

The tax rates under the new tax regime and the old tax regime for FY 2022-23 (AY 2023-24), FY 2023-24(AY 2024-25) and FY 2024-25(AY

2025-26) are compared below:

New Tax Regime

Old Tax Regime (FY 2022-23, FY 2023-24 and FY 2024-25)

Income Slabs Age < 60 years & NRIs Age of 60 Years to 80 years Age above 80 Years FY 2022-23 FY 2023-24 FY 2024-25

Up to ₹2,50,000 NIL NIL NIL NIL NIL NIL

https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits 2/14
1/20/25, 4:04 PM Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List and Benefits

₹2,50,001 - ₹3,00,000 5% NIL NIL 5% NIL NIL

₹3,00,001 - ₹5,00,000 5% 5% NIL 5% 5% 5%

₹5,00,001 - ₹6,00,000 20% 20% 20% 10% 5% 5%

₹6,00,001 - ₹7,00,000 20% 20% 20% 10% 10% 5%

₹7,00,001 - ₹7,50,000 20% 20% 20% 10% 10% 10%

₹7,50,001 - ₹9,00,000 20% 20% 20% 15% 10% 10%

₹9,00,001 - ₹10,00,000 20% 20% 20% 15% 15% 10%

₹10,00,001 - ₹12,00,000 30% 30% 30% 20% 15% 15%

₹12,00,001 - ₹12,50,000 30% 30% 30% 20% 20% 20%

₹12,50,001 - ₹15,00,000 30% 30% 30% 25% 20% 20%

₹15,00,000 and above 30% 30% 30% 30% 30% 30%

The new tax regime does not allow 70+ deductions and exemptions (discussed in para 4).

The tax payable under both the new and the old regimes without claiming deductions and exemptions for FY 2023-24 (AY 2024-25) is as

below:

Annual income* Tax under the old regime (Rs) (A) Tax under the new regime (Rs) (B) Tax savings under the new regime (Rs) (A - B)

Up to Rs 7,50,000 65,000 31,200 33,800

Up to Rs 10,00,000 1,17,000 62,400 54,600

Up to Rs 12,50,000 1,95,000 1,04,000 65,000

Up to Rs 15,00,000 2,73,000 1,56,000 1,17,000

https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits 3/14
1/20/25, 4:04 PM Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List and Benefits

*Assumed that the annual income is after considering the standard deduction under both old and new regimes.

The above table shows that the new tax regime generally saves taxes for taxpayers who don’t claim any deductions or exemptions.

Section 115BAC of Income Tax Act l New Tax Regime I Conditions for New Income Tax Slab Rates

The Eligibility Criteria for the New Tax Regime on Section 115BAC

For the assessment year 2024-25, individuals and Hindu Undivided Families (HUFs) have to pay the taxes under the new tax regimes unless

they choose to opt in for the old regime while filing the return of income before the due date. Under the new tax regime, the total income

should meet the below-mentioned conditions:

The following deductions or exemptions are not available under the new regime:

All deductions under Chapter VI-A, except those specified in section 80CCD/80JJAA.

Deductions specified in Section 35/35AD/35CCC.

Clause (iia) of Section 57.

Deductions specified in Section 24b.

Clause (5)/(13A)/(14)/(17)/(32) of Section 10/10AA/16.

Deductions specified in Section 32(1)/32AD/33AB/33ABA.

The calculation is performed without offsetting any losses from previous assessment years resulting from the above deductions or

losses from house property.

The calculation does not consider any deductions or exemptions related to perquisites or allowances.

The calculation is performed without claiming any additional depreciation as per clause (iia) of Section 32.

Exemptions and Deductions Not Claimable under the New Tax Regime

The following are some of the major deductions and exemptions you cannot claim under the new tax regime:

The deduction under Section 80TTA/80TTB

Professional tax and entertainment allowance on salaries

Leave Travel Allowance (LTA)

House Rent Allowance (HRA)

Allowances to MPs/MLAs

Minor child income allowance

Helper allowance

Children education allowance

Other special allowances [Section 10(14)]

Additional depreciation under section 32(1)(iia)

https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits 4/14
1/20/25, 4:04 PM Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List and Benefits

Deductions under section 32AD, 33AB, 33ABA

Various deductions for donation for or expenditure on scientific research contained in section 35(2AA) or 35(1)(ii) or (iia) or (iii)

Deduction under section 35AD or section 35CCC

Interest on housing loan on the self-occupied property or vacant property (Section 24)

Chapter VI-A deduction (Section 80C, 80D, 80E and so on, except Section 80CCD(2) and Section 80JJAA)

Exemption or deduction for any other perquisites or allowances including food allowance of Rs 50/meal subject to 2 meals a day

Employee's (own) contribution to NPS

Donation to Political party/trust, etc

What are the Exemptions and Deductions Available Under the New Regime?

Under the New tax regime, you can claim tax exemption for the following:

Transport allowances in case of a specially-abled person.

Conveyance allowance received to meet the conveyance expenditure incurred as part of the employment.

Any compensation received to meet the cost of travel on tour or transfer.

Daily allowance received to meet the ordinary regular charges or expenditure you incur on account of absence from his regular place

of duty.

Perquisites for official purposes

Exemption on voluntary retirement 10(10C), gratuity u/s 10(10) and Leave encashment u/s 10(10AA)

Interest on Home Loan on let-out property (Section 24)

Gifts up to Rs 50,000

Deduction for employer’s contribution to NPS account [Section 80CCD(2)]

Deduction for additional employee cost (Section 80JJA)

Budget 2023 introduced a standard deduction of Rs 50,000 under New Tax Regime applicable from FY 2023-24. This has been

increased to Rs.75,000 in Budget 2024 applicable from FY 2024-25

Budget 2023 also introduced deduction under Section 57(iia) of family pension income

Budget 2023 further introduced deduction of amount paid or deposited in the Agniveer Corpus Fund under Section 80CCH(2)

In Budget 2024 Limit of maximum Deduction under Family Pension has been increased from Rs. 15,000 to Rs. 25,000.

The deduction on employers contribution to pension Scheme as per Section 80CCD (2) has been increased from 10% of salary to the

14% of salary in Budget 2024.

Here's a detailed list of exemptions and deductions available under the Old vs New Regime.

Comparison of Deductions: Old Tax Regime vs. New Tax Regime for FY 2024-25

The below table outlines the key differences in available deductions between the Old Tax Regime and the New Tax Regime (Section 115BAC)

for the financial year 2024-25:

https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits 5/14
1/20/25, 4:04 PM Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List and Benefits

New Regime (Section

Deduction/Exemption Old Regime
115BAC)

Section 80C (Investment in PPF, NSC, Life Insurance

Available up to Rs. 1.5 lakh Not available
Premium, ELSS, etc.)

Section 80D (Health insurance premium) Available Not available

Rs. 75,000 (FY 2024-25) and

Standard Deduction (for salaried individuals) Rs. 50,000
Rs. 50,000 (FY 2023-24)

House Rent Allowance (HRA) Available (based on actuals) Not available

Leave Travel Allowance (LTA) Available Not available

Interest on Housing Loan (Section 24) (for self-occupied

Deduction up to Rs. 2 lakh Not available
property)

Section 80E (Interest on education loan) Available Not available

Section 80G (Donations to charitable institutions) Available Not available

Section 80TTA/80TTB (Interest on savings bank

Available Not available
account/interest for senior citizens)

Entertainment Allowance Available Not available

Professional Tax (for salaried individuals) Available Not available

Additional Depreciation (Section 32(1)(iia)) Available Not available

Allowed (set off with other

Income from House Property Loss Set-off Not available
income)

Children’s Education Allowance Available Not available

Transport Allowance (for specially abled) Available Not available

Plan Early and Get ahead for next year’s savings Calculate Now

Use Tax Calculator and get your taxes estimates in mins as per new budget

Can I Choose Between the New Tax Regime and the Existing Regime?

A salaried taxpayer can choose to opt for the old regime, as the new regime is default now, at the beginning of FY 2023-24 and intimate

their employer. The employee cannot change their choice anytime during the financial year. However, they can change their choice when

filing the income tax return in July 2024. The same is applicable for FY 2024-25 also.

https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits 6/14
1/20/25, 4:04 PM Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List and Benefits

The due date for tax filing for the FY 2023-24 (AY 2024-25) is 31st July 2024, unless extended. If you have not filed your return within 31st

July, you have until 31st December, 2024 to summit your Belated Return.

In case an employee does not choose the old tax regime at the beginning of the financial year, the employer will deduct tax (TDS) under the

default tax regime i.e. the new tax regime. A salaried taxpayer can choose the new tax regime in one year and choose the regular tax

regime in another year.

A non-salaried taxpayer has to choose the new regime when filing the tax return. They need not declare or intimate their choice to anyone

during the year. However, a non-salaried taxpayer (taxpayers with an income from business or profession) cannot opt-in and opt-out of the

new tax regime every year. Once a non-salaried opts out of the new tax regime, they cannot opt-in again for the new tax regime in the

future.

How Do I Choose the New Regime and Plan My Taxes?

From a tax planning perspective, choosing the tax regime at the beginning of the financial year is essential. A taxpayer must compare the

income tax under the new tax regime with the old regime. Once the taxpayer chooses the tax regime at the beginning of the year, the

investments and TDS or advance tax payable calculations are made accordingly. Also, the taxpayer has to furnish Form 10IEA to the income

tax department before filing the return if the taxpayer intends to opt for the old tax regime.

Example 1: Where the new regime is better in respect of tax outflow (FY 2023-24)

Income Amount (Rs) Old regime (Rs) New regime (Rs)

Salary 12,50,000 12,50,000 12,50,000

Less: Standard deduction 50,000 50,000 50,000

Less: Professional tax 2,400 2,400 -

Gross total income 11,97,600 11,97,600 12,00,000

Less: Deduction u/s 80C 1,50,000 1,50,000 -

Total income 10,47,600 10,47,600 12,00,000

Income tax 1,26,780 90,000

In the above example, for an income of Rs 12,50,000, the new tax regime is significantly beneficial by Rs 38,251. However, if you claim further

deductions for interest on housing loan for SOP, health insurance, investment in NPS, education loans and so on, the old regime will be

helpful in respect of tax savings.

Example 2: Where the old regime is better in respect of tax outflow (FY 2023-24)

Income Amount (Rs) Old regime (Rs) New regime (Rs)

https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits 7/14
1/20/25, 4:04 PM Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List and Benefits

Salary 10,00,000 10,00,000 10,00,000

Less: HRA Exemption 70,000 70,000 -

Less: Standard deduction 50,000 50,000 50,000

Less: Professional tax 2,400 2,400 -

Gross total income 9,47,600 8,77,600 9,50,000

Less: Deduction u/s 80C 1,50,000 1,50,000 -

Less: Deduction u/s 80D 50,000 50,000 -

Total income 10,47,600 6,77,600 9,50,000

Income tax 48,020 52,500

Add: Education cess @ 4% 1,921 2,100

Total tax 49,941 54,600

In Example 2, for an income of Rs 10 lakh having HRA exemption and 80D deduction, the old tax regime is beneficial by Rs 4,659.

If an individual claims lower deductions for tax savings towards health insurance, investment in NPS and so on, the new regime will be more

beneficial against individuals who utilise the tax-saving investments.

Also, individuals with an income bracket between Rs 5-15 lakh with lower deductions claims will benefit from the new regime. In contrast,

individuals can benefit more from the old regime by making tax-saving investments.

It is important to note that each taxpayer should calculate income tax, consider their tax-saving investments and then choose the regime.

Refer to this page for a detailed comparison between the old tax regime and the new tax regime.

House Property Loss Under the New Tax Regime

In the case of a self-occupied property, you cannot claim a deduction on interest for a housing loan under the new tax regime. The

deduction of Rs 2 lakh allowed in the existing system is not available in the new tax regime. Also, you cannot set off the loss of Rs 2 lakh from

house property from your salary income.

If you have let out house property, you can claim a deduction for interest paid on the housing loan. Note that the new tax regime restricts

the deduction to the taxable rent received from the property against the old regime. In the new regime, you cannot set off the loss arising

from the house property due to excess interest paid over the rental income with any other head of income. Also, you cannot carry forward

the loss from house property to future years for set off.

Deductions Not Allowed Against Business Income Under the New Regime

Deductions and exemptions not allowed against business income:

https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits 8/14
1/20/25, 4:04 PM Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List and Benefits

Additional depreciation under section 32

Investment allowance under section 32AD

Sector-specific business deductions under section 33AB and 33ABA

Expenditure on scientific research under section 35

Capital expenditure under section 35AD

Exemption under section 10AA for SEZ units

Unabsorbed Depreciation and Business Loss Under the New Regime

In the case of a business income, an individual or HUF cannot claim set-off of the brought forward business loss or unabsorbed

depreciation.

The deductions are not available under the new regime to the extent they relate to deductions/exemptions withdrawn.

Conclusion

Based on the provided information, it is evident that the current tax regime offers advantages for the specified income level. If an individual

chooses to claim fewer deductions for tax savings, such as investments in NPS or health insurance, the new regime becomes more

advantageous compared to individuals who rely on tax-saving investments.

It is important to consider that individuals with an income ranging from Rs.5 lakh to Rs.10 lakh, who opt for lower deductions, will benefit

from the new regime. Conversely, individuals falling into higher income tax brackets, earning more than Rs.15 lakh annually, can benefit from

the old regime by utilising tax-saving investments.

Related Articles:

Old Tax Regime vs New Tax Regime: Which is Better

Income Tax Slabs 2024-25 and ‘New tax regime’

Income Tax in India: Basics, slabs and E-filing Process 2021

Income Tax Deductions List

File ITR

Aadhaar Card

ITR e verification

House Rent Allowance (HRA)

Section 80D

Income tax customer care

Frequently Asked Questions

Is new tax regime better than old?

Is 80C applicable in new tax regime?

How to calculate tax in new regime?

https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits 9/14
1/20/25, 4:04 PM Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List and Benefits

Is HRA allowed in new tax regime?

Is standard deduction allowed in new tax regime?

Which deductions are allowed in new tax regime?

Which deductions are not allowed in new tax regime?

What is Section 115BAC – The New Tax Regime?

Is there any change in the new tax regime?

How much standard deduction in new tax regime for FY 2024-25?

What is the new deduction on family pension for pensioners?

Has the deduction on Employers contribution to a pension scheme has increased?

Mohammed S Chokhawala
Content Writer

I'm a chartered accountant, well-versed in the ins and outs of income tax, GST, and keeping the books balanced. Numbers are my
thing, I can sift through financial statements and tax codes with the best of them. But there's another side to me – a side that thrives on
words, not figures. Read more

BROWSE BY TOPICS

Income Tax e-Filing

Income Tax Slabs FY 2023-24

How To File ITR

Which ITR Should I File?

Last Date To File ITR For 2023-24

Old vs New Tax Regime

Income Tax Refund

Capital Gains Income

Advance Tax

Income Tax Notice

TDS

https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits 10/14
1/20/25, 4:04 PM Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List and Benefits
Professional Tax

ITR U

NRI

HUF

RELATED ARTICLES

PPF, Public Provident Fund - Interest Rate 2024, Tax Benefits, Withdrawal & Account Opening

Leave Travel Allowance (LTA) - Exemption Limit, Rules, How to Claim, Eligibility & Latest Updates

NPS : National Pension Scheme

Universal Account Number(UAN): How to Know and Activate UAN Online?

Senior Citizen Savings Scheme (SCSS) - Interest Rate 2024, Tax Benefits, Eligibility, Rules & Opening SCSS Account

Residential Status for Income Tax - Individuals & Residents

Budget 2024 Highlights: PDF Download, Key Takeaways, Important Points

ITR U – What is ITR-U Form and How to File ITR-U

POPULAR ARTICLES

What is Form 16? How to Download Form 16?

EPF Balance Check - PF Balance Check With And Without UAN Number

Form 26AS - What is Form 26AS? View And Download Form 26AS Online

House Rent Allowance (HRA) - What is House Rent Allowance, HRA Exemption And Tax Deduction

TDS Rate Chart for FY 2024-25 (AY 2025-26)

Home Loan Tax Benefit - How To Save Income Tax On Your Home Loan?

Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List & Benefits

Deductions under Section 80CCD of Income Tax

Section 43B(h) Of Income Tax Act: Applicability, Date, Limit, Example

Follow us on C O M PA N Y

About us
Contact us

Have a query? Careers

Media & Press
Support
User reviews

https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits 11/14
1/20/25, 4:04 PM Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List and Benefits
Engineering blog
Clear Library
FinTech glossary
ClearTax Chronicles
GST Product Guides
Trust & Safety
Cleartax(Saudi Arabia)

PRODUCTS

Individuals Income Tax Filing

Income Tax e Filing Income Tax App android

Tax Planning Income Tax
ClearInvestment Secion 80 Deductions
ClearServices Income tax for NRI
Mutual Funds & ITR e-filing App
Mutual funds

ClearGST Enterprises

GST ClearGST
GST Login ClearE-Waybill
GST software e-Invoicing Software
New GST returns ClearTDS
e-invoicing eWay Bill Registration
Input tax credit

CAs SMEs

CA partner program ClearGST

ClearGST ClearOne
ClearTDS Billing Software
ClearTaxCloud Invoicing Software
ClearPro App Services for businesses
ClearOne App

ClearServices HSN Lookup

Tax filing for professionals HSN Code Finder

Tax filing for traders Cement HSN Code
Clear Launchpad Transport HSN Code
Trademark Registration Plastic HSN Code
Company Registration Cloth GST Rate
TDS returns Books GST Rate
MSME Registration

RESOURCES & GUIDES

GST Resources ITR Resources

GST Registration Income Tax Slab

GST Returns Form 26AS
GST Procedure What is Form 16
GST News & Announcement Salary Income
GSTR 9 Annual Returns How to File TDS Returns
GST Payments & Refunds New Income Tax Portal
Invoicing Under GST Incometax.gov.in

https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits 12/14
1/20/25, 4:04 PM Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List and Benefits
GSTR-2B Income from Selling Shares
GSTR-3B Income Tax Due Dates

Mutual Fund Resources Business Resources

How to Invest in Mutual Funds Memorandum of Understanding (MoU)

Mutual fund Types Mudra Yojana
ELSS Inflation & Deflation
SIP Mutual Funds Loan Agreement
Hedge Funds Succession Certificate
Debt Funds Solvency Certificate
NFO Debt Settlement Agreement
What is AMFI Rental Agreement
What is NAV Letters Of Credit
TO O LS

Income tax calculator PPF Calculator

EMI Calculator GST number search
Mutual fund calculator IFSC Code Search
HSN Code Finder Generate rent receipts
SIP calculator Home Loan EMI Calculator
GST calculator NPS Calculator

HRA calculator Find HSN code

RD Calculator Tax Saving Calculator
FD Calculator Get IT refund status
Gold Rates Today Salary Calculator
Currency Converter EPF Calculator
Compound Interest Calculator GST Number Search by Name

TRENDING MUTUAL FUNDS

ICICI Prudential Technology Fund Direct Plan Growth Tata Digital India Fund Direct Growth Axis Bluechip Fund Growth

ICICI Prudential Technology Fund Growth Aditya Birla Sun Life Tax Relief 96 Growth Aditya Birla Sun Life Digital India Fund Direct Plan Growth

Quant Tax Plan Growth Option Direct Plan SBI Technology Opportunities Fund Direct Growth Axis Long Term Equity Fund Growth

TO P A M CS

SBI Mutual Fund Nippon India mutual fund HDFC Mutual Fund UTI mutual fund Kotak Mahindra Mutual Fund

ICICI Prudential Mutual Fund Aditya Birla Mutual Fund Axis mutual fund

STO CK M A R K E TS

Stock Market Live Yes Bank Share Price SBI Share Price IRCTC Share Price ITC Share Price TCS Share Price

Tata Motors Share Price Infosys Share Price Idea Share Price HDFC Bank Share Price

BEST FUNDS

Best Mutual Funds Best Tax Savings Mutual Funds Best Index Funds Best Equity Mutual Funds

https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits 13/14
1/20/25, 4:04 PM Section 115BAC of Income Tax Act: New Tax Regime Deductions Allowed, Exemption List and Benefits

Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts &
10000+ businesses across India.

Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax
return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax
Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.

CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an
easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting
your business registered for Goods & Services Tax Law.

Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download
Black by ClearTax App to file returns from your mobile phone.

CLEARTAX IS A PRODUCT BY DEFMACRO SOFTWARE PVT. LTD.

Company Policy Terms of use

ISO 27001
Data Center

SSL Certified Site

128-bit encryption

https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits 14/14