New tax regime looks even better now. Time to ditch the old regime?

Yet another budget day and yet another terrible day for the old tax regime. This year's full budget gave the new tax regime further ammo to stake its claim as the better alternative. The first shot was fired when the revised tax slab in the new tax regime reduced tax liability for someone in the 30 per cent tax bracket by Rs 10,000. The second was when finance minister Nirmala Sitharaman announced an increase in standard deduction from Rs 50,000 to Rs 75,000, lowering a further Rs 7,500 in taxes. Combined, those in the 30 per cent tax bracket will now pay Rs 17,500 less in taxes under the new tax regime. Revised new tax regime New tax regime (existing) Rate of tax New tax regime (revised) Rate of tax Up to Rs 3 lakh 0% Up to Rs 3 lakh 0% Rs 3-6 lakh 5% Rs 3-7 lakh 5% Rs 6-9 lakh 10% Rs 7-10 lakh 10% Rs 9-12 lakh 15% Rs 10-12 lakh 15% Rs 12-15 lakh 20% Rs 12-15 lakh 20% Above Rs 15 lakh 30% Above Rs 15 lakh 30% Having said that, does th