Talking about the old tax regime, it has amazing to save more; while it can be used to reduce the ultimate tax burden of the taxpayers. Before you try to save on tax, it will be better to know about the old and new tax regime. Old tax regime has some of the options for tax saving that are still available under the old one as mentioned below:
- Deduction under Section 80C – the maximum deduction under the section is Rs 1,50,000
- Save through investments in Tax saving FDs, PFF, NSC
- Senior Citizen Saving Schemes
- Sukanya Samridhi Yojna
Conclusion
According to the new regime, the taxpayers have reduced saving options in comparison to the old regime while the you can save more in the old tax regime and it can be used to reduce the ultimate tax burden of the taxpayers.