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Tamil Nadu: TNCC Chief KS Azhagiri faces backlash for derogatory remarks against Finance Minister Nirmala Sitharaman
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Tamil Nadu: Double blow for DMK Govt as Supreme Court and Madras High Court greenlight live streaming of Pran Pratistha
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Old vs New Income Tax Regime | Using 80C for tax saving? Know if the new tax regime is better for you
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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.