It is to be noted that deductions under Chapter VI-A deduction (Section 80C, 80D, 80E and so on) are not available for taxpayers who opt for the New Tax regime. However, salaried individuals can still claim two deductions under the new tax regime Standard Deduction and deduction under section 80CCD (2) for employer's contribution to NPS.
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​Fund houses earlier used to name their schemes as per their choice, but the new names have ELSS and/or tax saver in them. For example, ICICI Prudential Long Term Equity Fund (Tax Saving) is renamed ICICI Prudential ELSS Tax Saver Fund. Similarly, Mirae Asset Tax Saver Fund will now be called Mirae Asset ELSS Tax Saver Fund.
The dynamic prospects within India s mutual fund industry, spurred by recent tax reforms, elevated transparency standards, and the dawn of new horizons, promise an exciting journey ahead.