New Delhi, Jan. 27 -- The new tax regime became a default tax regime in FY 2023, which means taxpayers are meant to pay income tax based on the new regime unless they opt out of it. They would do so only if they were told that the old tax regime would lead to lower taxes.

However, to be able to make that decision, they first need to compute income tax under both the regimes - new and old - for a year and then choose the one that leads to a lower tax outgo for that year. Before proceeding further, let us first understand the tax exemptions which are allowed under the old regime but not in the new tax regime.

There are a range of income tax exemptions which are available only in the old tax regime and not in the new tax regime. These incl...