Old or new? Which tax regime is better after Budget 2023-24

No sooner had the finance minister Nirmala Sitharaman uttered the following words - "I propose to increase the rebate limit to Rs 7 lakh." - the Lok Sabha roared to life. At that moment, it seemed surreal how even this high-powered room celebrated something that mostly concerned ordinary middle-class folks. Alas, the joy was short-lived, cruelly cut short. As soon as the rapturous applause started ebbing, Sitharaman, like a comedian dropping a punchline, added: "In the new tax regime." It was a punchline, no doubt. At least for the old tax regime. The old order swung from the extremes of joy to despair in a matter of seconds. Meanwhile, the relatively shiny, newly-minted tax regime - which came into existence in Budget 2020 - was showered with plenty of attention. If there was ever a change of guard, this was it. But is it? Let's see how the numbers stack up for the old and the new. Prominent changes in the new tax regime Income up to Rs 7 lakh in a financial year will be tax-exempt. The rebate limit unde