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Income Tax vs Budget: Even today taxpayers are swinging between the new and old tax regime! Survey reveals..

The article discusses the ongoing debate between the new and old tax regimes in India, as highlighted by a recent survey. Despite the introduction of the new tax regime in the 2020-21 budget, which offers lower tax rates but fewer exemptions, many taxpayers are still undecided. The survey reveals that while some appreciate the simplicity of the new regime, others prefer the old system due to its benefits from various deductions and exemptions. This indecision stems from the complexity of tax planning, where individuals weigh the immediate tax relief against long-term savings benefits. The article also notes that the government's push towards the new regime aims to simplify taxation, but the lack of clarity on which regime is more beneficial for different income groups continues to cause confusion among taxpayers.

Read the Full MSN Article at:
[ https://www.msn.com/en-in/politics/government/income-tax-vs-budget-even-today-taxpayers-are-swinging-between-the-new-and-old-tax-regime-survey-reveals/ar-AA1xVTL3 ]