New Tax Policy Or Old Tax Policy Which Is Better

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 Let begin with understanding new tax rules. It has six tax slabs, each having a lower rate on income up to Rs. 15 lakhs. Multiple exemptions and deductions are not available due to the varied income slabs and tax rates. There are benefits and drawbacks to the new tax system. 

The present tax regime is still in effect, and we, as a taxpayer, have the option of choosing between the old and new tax regimes that best fit your needs. The government has not imposed any penalties for failing to transition to the new tax system. Taxpayers can invest their money in whatever manner they wish under the new tax structure. There is no need to invest in tax-saving schemes or insurance policies that may or may not be in accordance with their financial goals under the new program. With various tax brackets to choose from, you, the taxpayer, will be placed in the one that best reflects your yearly income.


Dr. Shalini Singh

Assistant Professor

Department of Commerce

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