Episode description
We all want to save massive amounts on taxes, and what better way to do than select the right tax regime. Though the new tax regime has concessional tax rates, one can choose to continue with the old tax regime. The reason is that taxpayers get the benefit of several tax exemptions and deductions under the old tax regime, such as tax deductions on ELSS investment, health insurance under Section 80C, house rent allowance, etc.
These exemptions and deductions are not provided under the new regime as the new tax policy does not offer exemptions like the old one. If the benefit of these eligible deductions offsets and surpasses the benefit of lower rates in the new tax regime, the taxpayer should continue with the existing tax regime.
Check out the latest episode of Blank Cheque by Black to learn more about reducing your tax liability through exemptions and deductions.