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[ Fri, Jan 31st 2025 ]: CNBC

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Can You Still Opt For Old Tax Regime? And Will You Gain Or Lose Out

With Finance Minister Nirmala Sitharaman announcing big rebates for taxpayers in the middle-income group under the new tax regime, many are left wondering if the government plans to scrap the old tax

The article discusses the speculation surrounding the potential changes to India's income tax regime in the upcoming Budget 2025. It highlights the ongoing debate between the new and old tax regimes, with Finance Minister Nirmala Sitharaman having introduced the new regime in 2020 to simplify tax calculations by offering lower tax rates in exchange for fewer deductions. Despite the new regime's benefits, many taxpayers still prefer the old regime due to its numerous exemptions and deductions. There is speculation that the government might consider scrapping the old regime to streamline taxation, although no official confirmation has been provided. The article also mentions that the new tax regime has been made the default option, but taxpayers can still opt for the old regime if it benefits them more. The discussion around these tax structures is fueled by the need to boost consumption, simplify tax filing, and increase disposable income, with experts suggesting that any changes could significantly impact taxpayer behavior and government revenue.

Read the Full NDTV Article at:
https://www.ndtv.com/business-news/budget-2025-income-tax-slabs-new-vs-old-tax-regimes-will-old-tax-regime-be-scrapped-budget-2025-sparks-speculation-7611159