The new tax regime is a minimal tax break system, but not entirely exemption-free. It offers benefits on employers’ contribution to NPS, life insurance maturity proceeds, and so on.
The latest income tax regime in India aims to increase its adoption among taxpayers, as the central government continues to introduce proposals to make it more appealing.
Old vs New Tax Regime Calculator: If you find yourself uncertain about which tax regime to opt for, the Income Tax Department has provided a solution by launching a tax calculator. This calculator is designed to help taxpayers determine the best option for them based on their financial information. The tax calculator will work out the calculations and recommend the most appropriate option for you. It will make it easier for you to make an informed decision about your tax liabilities under both regimes. Check out this Business Today Visual Story for a step-by-step guide on how to use the tax calculator.