New Delhi, May 19 -- The new income tax regime remains the default tax system for individual taxpayers, offering lower tax rates in exchange for missing out on several deductions and exemptions available under the old tax regime. However, taxpayers can still choose between the old and new regimes while filing their income tax returns.

Individuals opting for the new tax regime may not be able to claim a range of tax benefits linked to investments, insurance premiums, house rent allowance, home loans and other expenses. Hence, understanding the exemptions and deductions is crucial before making a choice.

The old tax regime provides various deductions and exemptions to taxpayers to lower their taxable income. As noted by ClearTax in a repo...