1. What is the Old Tax Regime?

The Old Tax Regime allows taxpayers to claim deductions like HRA, 80C, etc., based on various exemptions and deductions.

2. What is the New Tax Regime?

The New Tax Regime offers lower tax rates but does not allow deductions like HRA or 80C.

3. Can I switch between Old and New Tax Regimes?

Yes, individuals can switch between both regimes every year based on their preference and financial situation.

4. Which regime is better for salaried individuals?

The better regime depends on the individual’s income and the deductions they claim. Use the calculator to determine which one is best for you.

5. Does the New Tax Regime offer any deductions?

The New Tax Regime does not allow deductions except for NPS and EPF. It is designed to be simpler and more transparent.

6. Is there any difference in tax rates between the two regimes?

Yes, the New Tax Regime has lower tax rates compared to the Old Tax Regime but with no deductions.

7. Is the tax calculation based on annual income?

Yes, the tax calculation considers your annual income for both regimes.

8. What tax deductions are available under the Old Tax Regime?

You can claim deductions under sections like 80C, HRA, 80D (for insurance), and others in the Old Tax Regime.

9. How do I use the Old vs New Tax Regime Calculator?

Simply enter your annual income and deductions, and the calculator will compare both regimes to give you the most beneficial option.

10. Can I use the calculator for different income scenarios?

Yes, you can try different values for income and deductions to see how each regime impacts your tax.