In plain language
[DRAFT — confirm the surviving list in review.] Under the default new regime, the trade-off for lower slab rates is that most Chapter VIII deductions are switched off — including the ₹1,50,000 Section 123 deduction and the Section 126 health-insurance deduction.
A limited set generally still applies, most importantly the employer's NPS contribution (Section 124) and certain others. If you rely heavily on deductions, compare both regimes before choosing.
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