Personal Finance
Maximising Your Savings: Old vs. New Tax Regimes
As individuals prepare for the new financial year, the decision between the old and new tax regimes looms large. Understanding the distinctions between these systems is vital for effectively managing one's tax liabilities and maximizing savings. The comparison of the old and new tax regimes for the fiscal year 2024-25 outlines key elements such as basic exemptions, rebates, and available deductions. While the old regime offers an array of exemptions and deductions, the new regime provides a simplified structure with fewer deductions. Taxpayers must carefully evaluate their financial circumstances to determine which regime is most advantageous for them. With each individual's tax situation differing, a personalized assessment is essential for making an informed decision about optimizing savings in the upcoming financial year.
By
Jayant Kamra
April 1, 2024
10 min