Making the new income tax regime the default option was one of several changes to the country s income tax structure that India s finance minister Nirmala Sitharaman proposed in her Budget 2023 speech.
Tax savings under both regime for those with income between Rs15 lakhs to ₹5 Cr will range from ₹65,000 to ₹87,750 but no sooner one exceeds the income level of ₹5 cr let’s say at income of ₹6 Cr the savings generated is about Rs23 lakhs.