Pay less taxes, says the new budget. The new tax regime focuses on the future. It’s much simpler, cleaner and financially attractive for the salaried middle class. However, there are exemptions in place. With less tax to pay, one must forgo most tax-saving exemptions, such as 80C, HRA, and LTA. This year, the new tax regime applies by default. Therefore, if one wants to opt for the old regime, they must actively choose it (much opposite to the earlier system). Budget 2026 is expected to tweak and polish the system rather than completely change it. So, what are the changes? What are the key differences between the two? For all that, learn more. What’s the New Tax Regime?The old tax regime required higher taxes, but with many exemptions and deductions. The new tax regime now asks for lower taxes, is much simpler, and has fewer exemptions. For the salaried middle class who always worry about taxes, this time around, the tax increases slowly and smoothly, not suddenly. There’s marginal relief to prevent any unfair tax rates. For instance, if one earns just above INR 12 lakh, the tax won’t suddenly jump sharply. Rebate under Section 87A (very important) means if your… Read MoreStartupTalky- Business News, Insights and Stories
