Section 80C is the most well-known and widely used deduction. But it is mostly for those who will opt for or have already opted for the Old Tax regime.
Taxpayers should note that the NPS-related deduction under Section 80CCD (2) of the Income-tax Act, 1961, is the only exemption allowed under both the tax regimes.
Financial Literacy News: Income Tax Slabs 2024-25: It's important to note that while no adjustments were made to the income tax slabs in both the old and new tax regimes, this
Under New Tax Regime, NPS deductions are not permitted, but there is opportunity for savings if your employer agrees to contribute up to 10% of your basic salary to NPS on your behalf.