Old vs New Tax Regime: Read what expert says about picking suitable tax regime for you
What to pick, the old or the new tax regime? This questions bothers a lot of taxpayers whether they are new or old. While selecting the right tax regime depends on your income bracket and tax deductions that you can avail under different sections of the Income Tax Act, it is always good to do some due diligence or take expert advice. In this write-up, we tell you what Bankbazaar.com CEO Adhil Shetty says about picking the suitable tax regime.
New vs Old Tax Regime: Tax regime is one topic an average taxpayer places emphasis on only during the income tax return filing when they have to pick between the old and new tax regimes.
Though new taxpayers have no option but to pick the new tax regime, the general consensus is that if you are in a higher salary bracket and have investments under tax saving-related sections of the income Tax Act, the old tax regime can be more suitable to you.
However, if you have no investments, you may opt for the new tax regime.
There are many tax calculators available online, but still, the majority of people approach tax experts for take a call on the suitable tax regime.
For an average taxpayer or a first-time taxpayer, the question of selecting between the old and the new tax regime remains tough task.
To make the puzzle a easier for taxpayers, Bankbazaar.com CEO Adhil Shetty has come up with an advice of selecting the right tax regime based on your income bracket and tax investments. He also gives a tax deduction magic number that can help you pick the suitable tax regime.
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