They can invest in the tax-saving instruments mentioned under section 80C, 80CCC and 80CCD(1). Under section 80C, one can invest in small savings schemes such as NSC, Public Provident Fund (PPF ...

In the financial year 2023-24, the new tax regime became the default regime. This regime's tax rates are lower than those of the old regime, but it phases out most of the exemptions and deductions.