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of <h1>New Income Tax Bill Allows Rent Deductions Under Clause 134, With Specific Conditions and Caps on Amounts</h1> Clause 134 of the Income Tax Bill, 2025, allows deductions for rent paid by an assessee for personal residence, whether furnished or unfurnished. The deduction applies to rent exceeding 10% of total income, capped at five thousand rupees monthly or 25% of total income annually, whichever is lower. Conditions regarding the accommodation's location and other factors may apply. No deduction is permitted if the assessee or their family owns residential accommodation at their residence or work location, or if they have income as specified in Schedule III. The percentages refer to total income before this deduction.
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