Old vs New Tax Regime: Which One Saves You More Money?

• India offers two personal income tax regimes: old and new, with suitability depending on income and deductions.
• The new tax regime has restructured tax slabs, with the highest rate now applying from ₹24 lakh, reducing the tax burden.
• Taxpayers can save around ₹1.43 lakh under the new regime, with even greater benefits (up to ₹1.5 lakh) for those earning up to ₹12 lakh.
• For incomes above ₹13 lakh, the choice hinges on deductions; the old regime might be better if deductions exceed ₹4.44 lakh.
• The new regime simplifies filing by reducing complex tax-saving strategies, but the old regime may still benefit those with significant deductions like home loan interest or large investments.

Why It Matters: Choose between old and new tax regimes based on income, deductions, and investment habits for maximum savings.