While the government did bring in many modifications in Budget 2023, it is expected that the budget could likely raise the basic exemption limit by at least Rs 50,000 under both the regimes.
In a recent survey, 63% of taxpayers clung to the old tax regime in India, while 74% of women showed more financial awareness than men by calculating their taxes under both regimes.
You can claim deduction for home loan interest, but only on a rented property, and not as much as under the old regime. Gratuity is tax-exempt up to Rs 20 lakh and leave encashment up to Rs 25 lakh for non-government employees under the new and the old tax regimes.