Income Tax Under the Old and New Tax Regime
The Government of India introduced the New Tax Regime through the Finance Act, 2020, offering taxpayers lower income tax rates with reduced exemptions and deductions. Taxpayers can choose between the Old Tax Regime and the New Tax Regime based on their financial goals, investments, and tax-saving preferences.
Below is a simplified overview of the deductions and benefits available under both tax regimes.
Old Tax Regime
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