The recent Budget 2023 has sparked considerable uncertainty among taxpayers regarding the selection between the old and new tax regimes. In order to promote the adoption of the new regime, the government has implemented several incentives within the 2023 Budget. These modifications clearly indicate the government's objective of facilitating taxpayers' transition to the new regime while gradually phasing out the old one. Despite the new regime being the default tax regime, the old tax regime will persist. If you often wonder new regime vs old regime , which one is better? Let’s read on to find out more here, as the case may differ for different income slabs. New Tax Regime From April 1, 2020 (FY 2020-21) onwards, the Government of India introduced an optional tax rate system for individuals and Hindu undivided families (HUF). This new system, known as Section 115 BAC, was incorporated into the Income Tax Act of 1961 (the Act) and offered lower tax rates to eligible tax...