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With the new tax regime set as default for FY 2024–25 (AY 2025–26), it's crucial to understand which deductions are still available—and which aren’t.
✅ Deductions Allowed Under the New Regime:
Standard Deduction: ₹75,000 for salaried individuals and pensioners (auto-applied).
NPS – Section 80CCD(2): Employer contribution up to 10% of salary (14% for govt employees).
Home Loan Interest (Let-Out Property): Deduction under Section 24b allowed; not for self-occupied.
Agniveer Corpus Fund: Full deduction under Section 80CCH.
Family Pension: Lower of ₹25,000 or 1/3rd of pension amount.
❌ Not Allowed:
No deductions for:
Section 80C (LIC, PPF, ELSS)
Section 80D (Health insurance)
HRA, LTA, 80E (Education loan)
80G (Donations), 80TTA/TTB
Children’s education, professional tax
📊 New Tax Slabs (FY 2024–25):
Income (₹) Tax Rate
Up to ₹3,00,000 0%
₹3,00,001 – ₹6,00,000 5%
₹6,00,001 – ₹9,00,000 10%
₹9,00,001 – ₹12,00,000 15%
₹12,00,001 – ₹15,00,000 20%
Above ₹15,00,000 30%
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