New Delhi, Jan. 28 -- In FY 2023, the income tax regime became a default regime for all taxpayers. This means the taxpayers are meant to file their income tax return (ITR) as per the new regime unless they choose to opt out of it.

And if you do not opt out of the new tax regime, you are entitled to pay your taxes under a lower tax slab (which is a highlight of the new regime), while you lose out on the deductions that are typically given in the old tax regime.

Meanwhile, you can use this Income Tax Calculator to find out which regime suits you more in view of the exemptions you are entitled to and the tax slab you fall under.

Here we give a lowdown on the exemptions that are given under the old tax regime followed by those given under ...