The old tax regime is the taxation system that provides around 70 deductions and exemptions to help reduce your taxable income. It also enables a deduction of Rs 1.5 lakh under Section 80C of the Income Tax Act (covered by 70 deductions).
The basic exemption limit has been increased under the new tax regime, and the rebate has also been increased to Rs 7 lakh. Image: Pixabay
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