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An extra deduction for your own NPS contribution, over and above the 80C ceiling, under the old regime.
Section 124 (formerly 80CCD(1B)) allows up to ₹50,000 a year for your own contributions to NPS, in addition to the ₹1,50,000 of Section 123 (formerly 80C). It is not a second claim on the same pool: the two limits add.
Contributions fill this allowance first; anything more can go towards whatever is left of the 80C ceiling. There is no deduction for your own contribution under the new regime. Your employer's contribution comes under a different provision, Section 124 (formerly 80CCD(2)), which both regimes allow.
Figures on this page are filled from the same tax and scheme tables the calculators use, for the current financial year. Every term in the glossary.