Following Finance Minister Nirmala Sitharaman’s Budget 2024, where she introduced more incentives to encourage tax-payers to move to the new, simplified tax regime, it is clear that only individuals who have significantly higher deductions will still prefer the old tax system.
The income tax slabs have been expanded in the simplified regime, and the standard deduction has been increased from Rs 50,000 to Rs 75,000. The general recommendation is for salaried workers to opt for the new tax system, unless they are benefiting from deductions such as up to Rs 2 lakh on home loan interest or qualify for substantial house rent allowance.
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