Cons of the old tax regime The tax benefits under the old regime are available on investments in specified instruments and also there is a specific lock-in prescribed for most of the instruments from three-five years. This may not be a suitable tax-saving option for many such as millennials...
Under the old regime, taxpayers can avail of deductions for various investments and expenses, including House Rent Allowance (HRA), Section 80C deductions, Section 80D deductions, and other benefits like interest on home loans, education loans, and donations to charitable institutions. However, the ...