The new tax regime, introduced in the Union Budget 2020, offers taxpayers lower tax rates but at the cost of foregoing certain deductions and exemptions. However, certain deductions are still available under the new tax regime. These include standard deduction, deduction under Section 80CCD(2) (employer’s contribution to NPS), deduction under Section 80JJAA (for employment of new employees), deduction under Section 80EEA (for interest on home loan for affordable housing), and deduction under Section 80EEB (for interest on electric vehicle loan). Taxpayers can choose to opt for the new tax regime or continue with the existing tax regime based on their tax planning strategies