New vs old: Who benefits out of the new Income Tax announcement?

Quick Summary:

While a majority of the middle class is said to benefit out of the new tax regime, it takes away all the exemptions on investments.

However, this offers lower tax rates to a large number of people.“The proportion of tax payers opting for this regime will go up further in the upcoming assessment period too,” said Sarthak Prashar, Associate Director, Grant Thornton Bharat.

For anyone who earns more than Rs 24 lakh per annum, the old regime will be favourable if the exemptions amount to more than Rs 7.75 lakh per annum.

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Article Details

Author / Journalist: Parvathi Benu

Category: StartupsEconomyBusiness

Markets: India

Topics: Earns Data Lakh Annum Amount Taxpayers People Income Exemptions Regime Rates

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Article Type: News Report

Published On: 2025-02-02 @ 08:48:57 (12 hours ago)

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News Source URL: yourstory.com

Language: English

Article Length: 666 words

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