Tax•7 min read•Nov 01, 2024
New vs. Old Tax Regime: What Should You Choose?
A breakdown of the latest tax slabs and deductions to help you decide which regime saves you more money.
The Shift to Simplicity
The Government of India is pushing for the New Tax Regime, which offers lower tax rates but removes most exemptions like HRA, LTA, and Section 80C.
When to Stick to Old Regime?
If you have significant investments in PPF, ELSS, and pay substantial HRA or Home Loan interest, the Old Regime might still be beneficial.
The Breakeven Point
For many earning between ₹10L to ₹15L, the New Regime is becoming the default choice due to reduced paperwork and lower effective rates if deductions are minimal.