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.
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 tax regimes.
Deductions under New Tax Regime: Salaried individuals opting for the New Tax Regime can still claim many deductions. A few prominent ones are Standard Deduction and deduction under Section 80CCD (2) for employer's contribution to the National Pension System.