Tax Regime (Old vs New)

Tax Glossary Definition

Tax Regime (Old vs New)

The framework that allows individuals to select between two taxation systems based on their income and deductions: Old Regime: Offers higher tax rates but provides various deductions and exemptions such as under Section 80C, HRA, and LTA. New Regime: Features lower slab rates but restricts most deductions and exemptions.

Example: For an annual income of ₹12 lakh, a taxpayer can evaluate tax liability under both regimes and opt for the one resulting in lower overall tax.

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