The Old and New Tax Regimes present distinct frameworks for taxation of income. Under the old regime, taxpayers benefit from various exemptions and exemption limits, tailored to specific categories. Notably, the tax rebate limit provides additional relief. Conversely, the new regime simplifies the tax structure by eliminating exemptions while introducing new provisions. This shift aims to streamline the taxation process, offering taxpayers a simplified and potentially more efficient system. The decision between the old and new regimes requires careful consideration of your financial circumstances and preferences. This is because both avenues aim to strike a balance between revenue collection and taxpayer ease.
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