Taxpayers must choose between the old and new tax regimes for FY2026. The old regime offers multiple exemptions and deductions, benefiting salaried employees and those with investments. The new regime has lower tax rates but fewer deductions, making it suitable for high-income earners with minimal investments. Experts advise evaluating individual income, expenses, and tax-saving options before selecting the best regime for optimal tax benefits.
Source: https://www.indiatoday.in/business/