A Comparative Study between Old and New Tax Regime for the F.Y. 2023-2024

Abstract

One of the main ways that the government makes money is through income taxes. A new personal income tax system for individual taxpayers in India was unveiled in the 2020 budget. From FY 2020–2021, taxpayers have a choice between the previous tax regime and the new one. Finance Minister has announced certain adjustments to the new tax system in the union budget for 2023–2024. The new system will now be the "default" option rather than something the taxpayer chooses to use. The previous tax system has not changed, though. This essay tries to analyze which tax system, in light of the adjustments made in the new tax system under the Budget 2023–2024, is most advantageous to taxpayers. This work fully depends on secondary data obtained from many journals, articles, Newspapers, and books. The "changes made in the new tax regime under the union budget 2023–2024" are highlighted in this article.