Yes, while the new tax regime offers lower income tax rates compared to the old regime, it also won’t allow you to claim various deductions and exemptions given under Sections 80C, 80D, 80E, 80G, and others of the Income Tax Act. Also, benefits such as House Rent Allowance (HRA) and leave travel allowance (LTA) are not applicable under the new tax regime, so it may limit your tax-saving opportunities.