CA Umesh Sharma
Quick Summary
Arjuna (Fictional Character): Krishna, Honourable Finance Minister Mrs Nirmala Sitharaman had declared the Finance Budget of 2023-24 on 01st February in the Lok Sabha. Why there is a lot of discussion going around the Old Tax Regime and New Tax Regime of the Income Tax regime? Krishna (Fictional
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FAQ :
The New Tax Regime has lower tax rates but disallows deductions for housing loans, LIC premiums, and PPF contributions. The Old Tax Regime allows these deductions but has higher tax rates.
The New Tax Regime has been made the default tax regime from FY 2023-24, although taxpayers can still opt for the Old Tax Regime.
Under the New Tax Regime, a rebate is allowed up to an income of Rs. 7,00,000, meaning no tax is payable if income is up to this amount.
The New Tax Regime is generally more beneficial for taxpayers who do not have significant deductions and whose total income is up to Rs 7,00,000.
Yes, taxpayers have the option to choose between the Old and New Tax Regimes, even though the New Regime is the default.
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