New vs old personal income tax slabs: Which is better for you? Check here

With the introduction of a new tax structure in the 2020 Union budget last week, taxpayers are wondering whether they should opt for the new regime or continue with the existing one. The budget offered an individual the choice of paying tax under the new structure with lower rates but foregoing deductions or continue paying tax under the existing tax laws and claim the applicable exemptions.

According to tax analysts, taxpayers will have to assess the situations and actual benefits in the old and the proposed tax structure before opting for the one that works better for them.

To clear this confusion, a platform has been prepared where taxpayers can check which tax regime suits them more, based on their annual income and deductions.