Allowances & Deductions for Salaried Employees List of Allowances & Exemptions relevant to Salaried Employees : S.No Section Nature of deduction Amount Whether available in the new regime? 1. 16 Standard Deduction 50,000 Not Available 2. 16 Employment Tax (Professional Tax) Actual Not Available 3. 80C Life Insurance Premium – Self,Spouse, Child Actual (Subject to … Continue reading List of Allowances & Exemptions relevant to Salaried Employees