Old vs new (simplified): Which income tax regime will help you save more on tax outgo?

Budget 2024 has ensured that the new, simplified income-tax regime is now better than before.

Tax-payers now have more incentives to switch to the new, simplified regime, only those who avail of significantly higher deductions will find the old tax regime attractive.

Finance Minister Nirmala Sitharaman liberalised income tax slabs under the simplified regime further, besides hiking the standard deduction from Rs 50,000 to Rs 75,000.

Essentially, salaried employees would be better off switching to the new, simplified tax regime unless they are claiming deductions of up to Rs 2 lakh on home loan interest or are eligible for hefty house rent allowance (HRA). Without either of the two, the old tax regime doesn't make much sense