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This study looks into what India's Old and New tax systems, which were set up by Section 115BAC of the Income Tax Act, 1961, mean for the country. The goal is to find out which system is better for individual taxpayers with different income levels and investment habits. The study looks at the tax burdens, exemptions, and deductions that apply under both systems by comparing them and using real-life data. The study finds that the Old Tax Regime is still better for people who can take advantage of multiple deductions and exemptions, even though the New Tax Regime has lower tax rates and fewer deductions. The study's goal is to help taxpayers make smart choices based on their income and financial goals.
Keywords:
Income Tax, Old Tax Regime, New Tax Regime, Individual Taxpayer, Tax Planning, Section 115BAC, India
Cite Article:
"Old Tax Regime vs New Tax Regime in India", International Journal for Research Trends and Innovation (www.ijrti.org), ISSN:2455-2631, Vol.10, Issue 5, page no.c318-c320, May-2025, Available :http://www.ijrti.org/papers/IJRTI2505235.pdf
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000481
ISSN:
2456-3315 | IMPACT FACTOR: 8.14 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.14 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator