You do not need to submit investment proof for the new tax regime. Section 115BAC removes almost every deduction that used to require supporting paperwork, so the annual ritual of gathering insurance receipts, rent agreements, and mutual fund statements for your employer no longer applies if you stay in the default regime. A short list of items still reduces your tax, but none of them puts a document collection back on your desk.
Why the Proof File Disappears
Under the old regime, your payroll team asked for proofs because each one unlocked a specific deduction or exemption: an LIC premium receipt for Section 80C, a health insurance slip for Section 80D, a rent agreement for HRA under Section 10(13A), a home loan interest certificate, and so on. Miss the proof, lose the deduction, pay more TDS.
The new regime eliminates nearly all of those benefits. Chapter VI-A deductions are not allowed, HRA is not exempt, and home loan interest on a self-occupied property cannot be claimed.1Income Tax Department. FAQs on New Tax vs Old Tax Regime Section 115BAC itself lists the provisions that must be ignored when computing income under the new structure, and the list is long: 80C, 80D, 10(13A), additional depreciation, and dozens of others.2Income Tax Department. Section 115BAC With nothing to claim, there is nothing to prove.
What Still Reduces Your Tax, and Whether It Needs Proof
A handful of items survive under the new regime. For most salaried people, none of them creates a proof-submission task.
- Standard deduction of ₹75,000 for salaried individuals and pensioners, raised from ₹50,000 by Budget 2024. It is automatic; no document required.
- Employer contribution to the National Pension System under Section 80CCD(2), deductible up to 14% of basic plus dearness allowance under the new regime. This appears on your Form 16 and salary slip, so there is no separate proof to submit.3National Pension System Trust. Tax Benefits under NPS
- Contributions to the Agniveer Corpus Fund under Section 80CCH, available to individuals enrolled in the Agnipath Scheme, along with the Central Government’s matching contribution.4Income Tax Department. Section 80CCH
- Section 80JJAA for businesses that hire new employees meeting certain salary conditions.1Income Tax Department. FAQs on New Tax vs Old Tax Regime
Only Agniveer enrolees need to make sure their fund contributions are correctly captured. For a typical salaried filer, the practical proof burden under the new regime is zero.
What Your Employer Still Asks For
The new regime is the default for every individual taxpayer from FY 2023-24 onward.5Income Tax Department. Highlights of Finance Act 2023 If you do nothing, your employer runs TDS on the new-regime slabs and no proofs are collected.
You only need to say something to payroll if you want to opt out and use the old regime. In that case, submit the internal regime declaration at the start of the financial year so TDS is computed with your deductions in mind, and expect the usual proof-submission drill later in the year. The final, binding choice still happens when you file your Income Tax Return; individuals without business or professional income can switch regimes every year.1Income Tax Department. FAQs on New Tax vs Old Tax Regime
If you earn business or professional income and want the old regime, you must file Form 10-IEA on the e-filing portal, and you can only switch back to the new regime once in your lifetime.6Income Tax Department. Form 10-IEA User Manual
When the Old Regime Is Still Worth the Paperwork
Before you accept the new regime by default, check whether you would actually pay less under the old one. Two situations most often flip the answer.
The first is a home loan. Under the new regime, a loss from house property cannot be set off against salary or any other head of income, and any unabsorbed loss cannot be carried forward.2Income Tax Department. Section 115BAC Under the old regime, up to ₹2 lakh of home loan interest on a self-occupied property could offset salary income. If you carry a large home loan, that single restriction can make the old regime substantially cheaper, and the proof file is worth the effort.
The second is heavy use of 80C, 80D, HRA, and similar claims. If those add up, run both computations before letting the default decide for you.
Records You Should Still Keep
No proof submission does not mean no records. The tax department can reopen an assessment up to four years after the relevant assessment year ends, up to six years if the escaped income is ₹1 lakh or more, and up to sixteen years for overseas assets.7Income Tax Department. Section 149 If a figure on your return is questioned, the burden of showing it is right sits with you.
Hold on to:
- Form 16, your employer’s annual TDS certificate.
- Monthly salary slips, which verify basic pay, allowances, and employer NPS contributions.
- Bank statements for every account where salary, interest, or other income is credited.
- Form 26AS and the Annual Information Statement, downloaded from the e-filing portal each year.
Six years is a sensible minimum for keeping these together. The regime is paperless at the point of filing; it is not record-free after it.