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Are ELSS funds relevant under the new tax structure?

Since you have the option to choose between the old and new tax regime, ELSS remains relevant if you choose the old regime, says Dhirendra Kumar

Please suggest the relevance of having ELSS in the new tax regime where deductions are not allowed.
- Swapnil

Right now, you can go either with the old regime or the new one. The old regime allows certain tax deductions, whereas the new regime does not allow many of the otherwise available deductions but taxes you at a lower rate in return.

If you are choosing the new method, you don't need to worry about ELSS. But depending on your income and salary structure, if you find that the tax calculation under the old regime is more beneficial to you, then use ELSS. Further, you can invest in NPS to claim a deduction of additional Rs 50,000 under Section 80CCD(1B).