Budget & You: Old vs new - Which tax regime suits you best

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 the finance minister increased the 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