New Delhi, May 21 -- Income tax return (ITR) filing season is back and the taxpayers have two more months to go for filing their tax returns before the July 31 deadline. As the new tax regime is the default regime now, taxpayers who want to file their return under the old tax regime - are meant to opt for it separately.

These are some of the factors which should weigh on your decision of choosing one regime over another - be it old or new tax regime.

I.Deductions: If a taxpayer has invested in a slew of tax-saving instruments which are allowed undersection 80C, 80D and 80DD, among others - then it is recommended to opt for the old tax regime. Also check point (4).

II.Higher rebate:Since taxability kicks in at a higher threshold in the ...