It is revealed that the income taxpayers will not be able to save exemptions and deduction on almost 70 plus categories from the upcoming Income Tax slab FY 2020-21 
Have a look at the difference between old FY 2019-20 and new Income Tax slabs rates FY 2020-21 according to the income such as INR 10 lakh, 12.5 lakh and 15 lakh. These include investment exemptions of INR 1.5 lakh on section 80C, premium payment deduction of section 80D on health insurance and interest on saving done in 80TTE.
Also, it is worth noting that finance bill 2020 still retains some tax exemptions which would offer tax exemptions on certain tax payments. Here we will detail on some of the exemptions which are still available for the income taxpayers:
Interest on Post Office Saving Account – As per the income tax act section 10(15)(i), the interest available on post office account balance is free of tax till a certain amount. In the case of a personal account, the limit is INR 3500 while the limit for the joint account is INR 7000.
Gratuity From Employer – The employees are eligible for the tax exemptions on gratuity received on completion of 5 years in a private office. As per the income tax rule, private employees can get up to 20 lakh gratuity amount tax free while the government employees do have gratuity tax free without any limit.
Exemption on Life Insurance Maturity Amount – Although one cannot take tax deductions under section 80C on the life insurance premium the maturity amount is totally tax exempted as per the provisions under section 10(10D).
Read Also: Current Income Tax Rates for FY 2019-20 (AY 2020-21)
Get the details on income tax rates for FY 2019-20 (AY 2020-21). Various rates are provided such as Individual/HUF, Companies, Partnership Firms. Read More
Nominee Contribution in EPF/NPS – If the amount is less than INR 7.5 lakh, then there will be tax exemption available on the contribution of the employer in the superannuation account or new tax system EPF/NPS.
Tax-Free Interest on up to 9.5% in EPF – The interest under the new tax system employee provident fund or EPF will be tax-free unless it is less than 9.5 percent.
PPF Maturity Amount and Interest – Contribution in the PPF account may not be tax-free however maturity amount will be tax-free.
Interest on Sukanya Samriddhi Yojana – The investors in the Sukanya Samriddhii Yojana will have a tax free interest also the payments will be tax-exempt too. However, the tax deduction has not been discussed in the income tax section 80C 
Several section-based income tax saving tips are available in the Indian IT act. We have described all acts along with meanings that can give tax saving benefits.
Employers Gift – The gift from the employer was and is tax-free until unless it is less than INR 5000 of value.
Leave Encashment on Retirement – Upon retirement, many companies pay cash fro the leaves not taken however the amount must lower than INR 3 lakh for the private organizations.
VRS Amount – The retirement amount of less than INR 5 lakh is free from tax and the provision is in both new and old tax schemes.
