New vs. Old Tax Regime: How to Save Lakhs in FY 2026-27

• Budget 2026 brings no changes to income tax slabs, retaining both new and old tax regimes.
• The new tax regime offers zero tax up to 12 lakhs (12.75 lakhs with standard deduction) for FY 2026-27.
• The old tax regime remains beneficial for those with significant deductions like HRA, 80C, 80D, and home loan interest.
• For income up to 12 lakhs, the new regime is always better; for income over 24 lakhs, choose based on total deductions.
• Key changes include extended ITR revision deadlines, reduced TCS on foreign tour packages for education/medical, and a new Income Tax Act 2025.

Why It Matters: Taxpayers must carefully calculate deductions to choose between new and old regimes for maximum savings.