New vs Old tax regime? How to optimise your tax planning for FY24

6 months ho Gaya...ab Kya plan karoge...😂

If the question is which regim to select below chart will help

If your annual income is more than 5lacs after deductions but less than 7.5 lacs, go for new regime blindly.

After that it all depends on how much deductions you may be able to get.

The new tax regime is beneficial for majority of the taxpayers now. But if your income is less than 5lacs after deductions, Choose old regime.


If you for some reason, file nil itr, Choose old regime.



Compare both, if the benefit is the same, Choose old regime.



The govt is obviously trying to edge out old regime. If there is little to no interest in old regime, they will get rid of it in coming years.



You may not need it now, if you do in the future, you may not have the old regime to take advantage.


So make it a point to Choose old regime if you don't have any benefit in choosing the new one.

Can we switch between old to new & new to old in coming years?
Example :
FY23-24 : New regime
FY24-25: old regime
FY25-26: new regime

I guess, it is NO.