Practical Case Studies on Old vs. New Income Tax Regime.

Introduction: In the bustling city of Mumbai, India, resides Priya, a middle-class working professional. She finds herself grappling with a challenging decision: whether to opt for the New Tax Regime introduced by the Government or stick with the familiar Old Regime. This decision holds immense significance for Priya and millions of other Indian taxpayers, impacting their financial stability...

Comparative analysis of Old Tax Regime and New Tax Regime.

  The Hon’ble Finance Minister in her speech mentioned five major announcements impacting personal income tax rates and once of major announcement is tax rebate for income upto ₹ 7 lacs in new tax regime. Thus, comparing it with old tax regime individual having income (taxable income) up to ₹ 5 lacs will not have to pay any tax the new tax regime looks favourable for the taxpayers....