Old Tax Regime Still Beneficial for Many: Expert Insights on Tax Savings

• Approximately 28-29% of taxpayers still file under the Old Tax Regime, indicating its continued relevance for significant tax savings.
• The Old Tax Regime offers crucial exemptions and deductions like HRA, Section 80C investments, Section 80D for health insurance, and Section 24 for home loan interest, which are absent in the New Tax Regime.
• Salaried employees with HRA benefits and individuals with education loans (Section 80E) or home loans (Section 24) can achieve substantial tax savings under the old regime.
• For higher-income individuals (e.g., 25 lakh rupees with 8.5 lakh rupees in deductions), the Old Tax Regime can be more advantageous, as highlighted by Nitin Bajal of Deloitte India.
• Taxpayers should compare both regimes annually to determine the most beneficial option based on their specific income and available deductions.

Why It Matters: The Old Tax Regime remains beneficial for many due to its comprehensive exemptions and deductions.