Old income tax regime vs new income tax regime: Which one is better?

New income tax regime: The taxpayers can avail of several deductions under the old income tax regime using section 80C etc. But under the new tax regime, no such deductions are allowed

Finance Minister Nirmala Sitharaman introduced a slew of changes to the new income tax regime in the Budget 2023. The rebate limit for individual taxpayers has been raised from Rs 5 lakh per annum to Rs 7 lakh per annum. Moreover, the new tax regime has been made the default regime for taxpayers.

"Currently, those with income up to Rs 5 lakh do not pay any income tax in both old and new tax regimes. I propose to increase the rebate limit to Rs 7 lakh in the new tax regime. Thus, persons in the new tax regime, with income