What are the implications of the new regime opted by 72% of Income Tax assessees in 2023-24
72% of Income Tax assessees opted for new regime in 2023-24.
- Reduced compliance burden: The new regime simplifies the tax calculation process, reducing the compliance burden for taxpayers.
- Lower tax rates: Taxpayers under the new regime benefit from lower tax rates, providing potential tax savings.
- Loss of certain deductions: Opting for the new regime means forgoing certain deductions and exemptions available under the old regime, potentially impacting tax savings.
- Choice between regimes: Taxpayers have the option to choose between the new and old regimes based on their individual financial situations.
- Impact on investments and savings: Taxpayers need to consider the implications of the new regime on their investments and savings strategies.
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9 months ago