What Deductions Are Available Under The Revised New Tax Regime FY 2025-2026?

https://www.policybazaar.com/income-tax/some-of-the-important-deductions-available-in-the-new-tax-regime/

Non-Claimable Tax Deductions & Exemptions in New Tax Regime

Standard Deductions u/ Section 80TTA and Section 80TTB Deductions u/ Section 80C, 80D, 80E, 80CCC, 80CCD, 80DD, 80DDB, 80EE, 80EEA, 80G, etc. of Chapter VI-A of IT Act Professional Tax Entertainment Allowance on Salaries House Rent Allowance (HRA) Leave Travel Allowance (LTA) Helper Allowance Child Education Allowance Minor Child Income Allowance Interest on Housing Loan Self-Occupied/ Vacant Property Other Special Allowance u/ Section 10(14) Employee’s Contributions to NPS Account Donations to Political Parties/ Trusts

New Tax Regime Exemption List

Transport Allowances w.r.t. Person with Disabilities (PwD) Conveyance Allowance Travel/ Tour/ Transfer Compensation Perquisites for Official Purposes Exemptions for Voluntary Retirement Scheme u/ Section 10(10C) Gratuity Amount u/ Section 10(10) Leave Encashment u/ Section 10(10AA) Interest on Home Loan on Lent-out Property u/ Section 24 Gifts of Up to Rs. 5,000 Employer’s Contributions to Employees NPS Accounts u/ Section 80CCD(2) Additional Employee Costs u/ Section 80JJA Standard Deductions on Family Pension u/ Section 57(IIA) Deductions on Deposits in Agniveer Corpus Fund u/ Section 80CCH(2)

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

The table below shows a comparative analysis of the available deductions under the old vs. new tax regime:

Available Exemptions/ Deductions	Old Tax Regime	New Tax Regime
Standard Deductions u/ Section 80TTB Deduction	YES Deductions of Rs. 50,000	YES Deductions of Rs. 75,000 as per Union Budget in July 2024 .
Employment/ Professional Tax u/ Sec 10(5)	YES	NO
House Rent Allowance (HRA) u/ Sec 10(13A)	YES	NO
Exemptions for Free Food & Beverages through Vouchers/ Food Coupons	YES	NO
Deductions of Up to Rs. 1.5 lakhs u/ Chapter VIA towards investments like u/ Sec 80C, 80CCC, 80CCD, 80DD, 80DDB, 80E, 80EE, 80EEA, 80G, etc.	YES	NO
Deductions u/ Sec 80CCD(2) for Employer’s Contribution to Employee NPS Accounts	YES	YES
Deductions u/Sec 80CCD(1B) of Up to Rs. 50,000	YES	NO
Medical Insurance Premium u/Sec 80D	YES	NO
Interest on Home Loan for Self-Occupied/ Vacant Property	YES	NO

Replacing Blanks values in Excel file while data conversion in SSIS

Problem:

Whenever yo have blank values in a column when you try to convert that using data conversion it will throw an error. How to resolver this

Solution

Step-1 -> Create a derived column Column

Breakdown of the Expression:

1. ISNULL([Latest Score]):

   • This part of the expression checks if the value in the Latest Score column is null.
   • ISNULL is a function that returns TRUE if the value is null and FALSE otherwise.

2. TRIM([Latest Score]) == "":

   • This part of the expression checks if the value in the Latest Score column is a blank string (i.e., an empty string).
   • TRIM is a function that removes leading and trailing spaces from the string.
   • The comparison == "" checks if the trimmed value is an empty string.

3. ||:

   • This is the logical OR operator.
   • The expression ISNULL([Latest Score]) || TRIM([Latest Score]) == "" evaluates to TRUE if either the value is null or it is a blank string.

4. ? 0 : (DT_NUMERIC, 10, 2) [Latest Score]:

   • This is a conditional (ternary) operator.
   • The syntax is condition ? value_if_true : value_if_false.
   • If the condition ISNULL([Latest Score]) || TRIM([Latest Score]) == "" is TRUE, the expression returns 0.
   • If the condition is FALSE, the expression converts the value in the Latest Score column to a numeric data type with a precision of 10 and a scale of 2.

Putting It All Together:

• Condition: ISNULL([Latest Score]) || TRIM([Latest Score]) == ""

  • Checks if the Latest Score is either null or a blank string.

• True Case: 0

  • If the condition is true (i.e., the value is null or blank), the expression returns 0.

• False Case: (DT_NUMERIC, 10, 2) [Latest Score]

  • If the condition is false (i.e., the value is neither null nor blank), the expression converts the value to a numeric data type with a precision of 10 and a scale of 2.

1. Handle Null and Blank Values:

   • Use a Derived Column transformation to handle null and blank values before the data conversion.
   • Replace null or blank values with default values that are compatible with the destination data type.

Example Steps:

1. Add Derived Column Transformation:

   • Drag and drop a Derived Column transformation from the SSIS Toolbox onto the Data Flow design surface.
   • Connect the output of the source component to the Derived Column transformation.

2. Configure Derived Column Transformation:

• Double-click on the Derived Column transformation to open its editor.
• Add a new derived column with an expression to handle null and blank values. For example:

  ISNULL([Latest Score]) || TRIM([Latest Score]) == "" ? 0 : (DT_NUMERIC, 10, 2) [Latest Score]
  

• This expression checks if Latest Score is null or blank and replaces it with 0. It also converts the value to a numeric data type with a precision of 10 and a scale of 2.

Example Configuration:

• Source Column: Latest Score (DT_WSTR)
• Derived Column: Latest Score_Derived (DT_NUMERIC, 10, 2) with expression:

  ISNULL([Latest Score]) || TRIM([Latest Score]) == "" ? 0 : (DT_NUMERIC, 10, 2) [Latest Score]
  

• Converted Column: Copy of Latest Score (DT_NUMERIC, 10, 2)

Additional Tips:

• Check Data Types:

  • Ensure that the data types of the source and destination columns are compatible.
  • Use the Data Viewer to inspect the data flow and verify that the transformations are working as expected.

• Handle Specific Data Types:

  • For numeric conversions, ensure that blank values are replaced with a default numeric value or null.
  • For date conversions, ensure that blank values are replaced with a default date or null.

• Check for Data Truncation:

  • Ensure that the destination column can accommodate the values from the source column without truncation.
  • For example, if the source column has a precision of 10 and a scale of 2, ensure that the destination column has at least the same precision and scale.