Budget 2023: New tax regime (II) can help you save more in taxes

But high-income individuals who avail of a variety of deductions will still prefer the old regime

Several changes were made to the new income-tax regime in Budget 2023. The old income-tax regime was not tinkered with and is still available. Should taxpayers opt for the revamped version of the new tax regime or stick to the old one?

What happens in the old tax regime?  

In the old tax regime, the assessee can claim a variety of deductions, exemptions, and allowances and thereby reduce his tax liability. The tax-saving investments come with a lock-in and hence tie up the investor’s money. This regime can also get complicated.

Why was the new tax regime introduced? 

The new