Deductions & Exemptions: The Complete Old-Regime Toolkit (and What Survives Under the New)
This guide is a practical reference to every major deduction and exemption available to Indian individual taxpayers, organised by regime availability. Available under both regimes: Standard Deduction (₹75,000/₹50,000), Section 80CCD(2) employer NPS contribution (up to 14% of salary — a standout benefit that survives the new regime), 80CCH (Agniveer Corpus Fund), and the family pension deduction. Old regime only: the “big three” — Section 80C (₹1.5 lakh, covering EPF/PPF/ELSS/insurance/tuition), Section 80D (health insurance, up to ₹75,000 combined for self and senior-citizen parents), and home loan interest (₹2 lakh for self-occupied property) — plus 80CCD(1B) (₹50,000 additional NPS), 80TTA/80TTB (savings/senior interest), 80E (uncapped education loan interest), 80DD/80DDB (disability and critical illness), 80G (donations), and the salary exemptions HRA and LTA. We close with a practical three-step framework for the annual old-vs-new regime decision.