Hong Kong, July 24 -- Income taxes can seem tricky and we understand why. But tax saving shouldn't be. We already gave you the lowdown on how to file your tax returns, so now, here is a quick guide to tax saving.

In the speech for the 2020 Union Budget, the finance minister had announced the choice of a new tax regime. As a taxpayer, you can either forgo exemptions and deductions (read discounts) and choose a lower tax rate, or claim exemptions and tax deductions but be subject to a higher tax rate. This may sound simple but it isn't. The consensus is that if you are already investing in tax-saving instruments or have a home loan, you would benefit from the old regime.

The numerous provisions in the Income Tax act, 1961, ultimately less...