Updated Mar 08, 2021 | 06:08 IST
Ever since the announcement, taxpayers have been confused about whether they should stick to the old regime which offers the benefit of exemptions and deductions or switch to new regime which has lower rates
New tax regime vs Old tax regime: How to choose the better option for you?
New Delhi: In last year's budget, Finance minister Nirmala Sitraman announced a new tax regime with more tax slabs and lower tax rates. This was long demanded by most taxpayers. However, the new slabs came with the catch of removal of all the deductions and exemptions available. The finance minister gave taxpayers a choice between the new regime and existing one, leaving it to them to decide which they would like to opt for.