KOREA REVIEW OF INTERNATIONAL STUDIES

ISSN - 1226-4741

COMPARATIVE ANALYSIS OF THE EFFECTS OF THE OLD AND NEW TAX REGIMES ON
INDIVIDUALS AND BUSINESSES IN RELATION TO SUSTAINABLE DEVELOPMENT GOALS
(SDGs)

Dr. L Jalaja
M.Com, M.Phil., PhD, Sastra Deemed to be University Chennai.
Email: keerthusuresh79@gmail.com

Abstract
The majority of the government's income comes from taxes. Tax policies play a pivotal role in
shaping economic and social dynamics, and their impact on sustainable development is of
paramount importance in today's globalized world. After the March 2020 budget, a new tax regime
was implemented in India, giving tax payers the opportunity to choose between the existing and
new tax regimes. By choosing the previous tax system, the taxpayer can continue to take use of
current tax benefits such as house rent allowance, LTC Cash Voucher Scheme, and section 80C, 80D,
etc. of the Income-tax Act of 1961. Despite the fact that the new updated tax regime has lower tax
rates than the old tax regime, choosing the new regime will require the taxpayer to sacrifice the
majority of tax deductions and exemptions that are offered under the old regime. Budget 2023,
however, proposed modifications to the new tax system and changed the tax slabs under it to make
it more advantageous for taxpayers by lowering the surcharge rate and extending the benefit of the
basic deduction of Rs. 50,000 to salaried people and pensioners. This paper aims to compare the
old tax regime with the new tax regime and assess their implications and benefits for both
individuals and businesses. The analysis will consider various factors, such as tax rates, deductions,
compliance requirements, and incentives, to provide a comprehensive understanding of how the
two tax regimes differ and the potential impact on tax payers.
Keywords: Lucrative, Tax Regime, Surcharge, Implications, Deductions, Compliance Requirements.

INTRODUCTION
Taxes are the main and greatest source of funding for the government. The government uses tax
money for a variety of programmes designed to advance the nation. Taxation is a fundamental
instrument through which governments raise revenue and influence economic and social outcomes.
It is not merely a fiscal tool but a powerful policy lever that can shape the distribution of income,
stimulate or hinder economic growth, and impact the overall well-being of a nation's citizens. The
design and implementation of tax regimes have far-reaching consequences, touching the lives of
individuals and the operations of businesses, while also playing a critical role in advancing global
sustainability goals. The Indian tax system is effectively structured with a three-tier federal
framework. The tax system is composed of the federal government, state governments, and local
municipal organisations. Direct tax and indirect tax are the two types of taxes used in India. In India,
the income tax is levied against individuals using a slab system in which various tax rates are
attributed to various income brackets. This implies that the tax rates rise in tandem with an
individual's income. This kind of taxation enables the establishment of a just and progressive tax

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structure in the nation. Taxpayers will have a choice between the old and new tax regimes as of the
March 2020 budget.
For the fiscal year (FY) 2020–21, the new tax regime for individuals and Hindu Undivided Families
(HUF) was announced in the Union Budget 2020, giving taxpayers the option of paying less in taxes
without being able to take use of deductions and exemptions. Although the present tax system has
lesser tax rates, it does away with most of the tax breaks and exemptions that were previously
available, which led to a range of responses from taxpayers. Some people are happy with the
decreased tax rates, while others appreciated the previous system's numerous exemptions and
deductions. India's finance minister releases the new income tax rates each year. The Union Budget
for this year was declared on February 1, 2023 by Finance Minister Nirmala Sitharaman. The most
recent budget made certain changes to the existing income tax slab. Currently, there are two
separate income tax regimes. Taxpayers can take advantage of tax incentives under both the new
and the old regimes. One advantage of the new tax structure is that you do not need outside
assistance to determine your tax liability. In the upcoming fiscal year, the government will begin
testing an optional approach. If it is successful, they might make it a requirement. Despite claims to
the contrary, the difficult tax system becomes even more complex under the new tax regime.
However, given the numerous variations occurring in the economy, it is a positive step forward.

REVIEW OF LITERATURE
According to William G. Gale (2016), changes to the individual income tax have an impact on long-
term economic growth, and the design and funding of a tax change are crucial for attaining that goal
since tax rate cuts may motivate people to work harder, save more money, and make more
investments
Bird (2010) asserts that changes in tax policy have been strongly impacted by tax studies. It
emphasises that instead of focusing on the short-term political game within which policy decisions
are invariably made in all countries, tax scholars who are interested in improving policy should
instead concentrate on the long-term game of building institutional capacity, both within and
outside of governments, to articulate relevant ideas for change, to collect and analyse relevant data,
and to assess and criticise the effects of such changes as a whole.
Chakrabarty (2020) outlines the distinctions between the old and new tax systems as well as the
many exemptions and deductions that, going forward, people who choose the new tax system will
not be able to take advantage of.
According to Sheth (2020), a taxpayer will ultimately pay more in taxes under the new regime than
under the previous one.
Smith, J. (2018). "Examining the Effects of the Old Tax Regime on Taxpayers and Economic Growth."
This study provides an in-depth analysis of the impact of the old tax regime on taxpayers and its
influence on economic growth. It highlights the challenges faced by taxpayers and the potential
implications for overall economic development.
Davis, M., & Wilson, B. (2021). "The Impact of the New Tax Regime on Small Businesses: A
Comparative Analysis." Focusing on small businesses, this research assesses the effects of the new
tax regime on this sector. It investigates the changes in tax burdens, administrative procedures, and

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the subsequent implications for small business growth and survival.

Literature summary research gap:
Following a review of the literature, it was discovered that numerous studies had been conducted
on the relationship between taxation and economic growth, taxation policy, and an overview of both
old and new tax regimes.The researcher has currently read a large number of research publications
on the suggested topic. However there is very seldom research is on the topic “Comparative
Analysis of the Effects of the Old and New Tax Regimes on Individuals and Businesses in
Relation to Sustainable Development Goals (SDGs)
Therefore, researcher found research gap in this field.
Objectives
 To compare the old and new tax regime by overviewing them
 To analyze the impact of revised new tax regime to individuals and businesses
 To provide a comprehensive analysis that can assist policymakers, taxpayers, and businesses
in understanding the potential consequences of transitioning to a new tax regime.

RESEARCH METHODOLOGY
The secondary sources of data used in this study came from a variety of websites, periodicals, and
newspapers.
Scope of the study:
Analysing the difference between old tax and new tax regime in terms of tax rates, deductions and
exemptions will impact on the tax liability of individuals and businesses. The overall impact of the
tax regimes on the economy, such as its effect on economic growth, investment pattern,
consumption and savings will be assessed. This study also involves in investigating the behavioural
responses such as spending patterns, investment decisions, saving behaviour of individuals and
businesses to the changes in revised tax regime.

RESULTS AND DISCUSSIONS

Overview of the old tax regime:
Income tax is a direct tax, and direct taxes are assessed on taxable income received by both people
and corporate entities. Assesses are also responsible for paying and depositing these taxes. The
amount of tax you must pay depends on your income. Any income a person receives during a fiscal
year must be taxed by the government at the prescribed slab rates.
Although the tax rates in this country are high, there is a lot of room for tax reduction through careful
tax planning. These are the current rates: The income tax regulations permit individuals to make a
variety of exclusions and deductions. Only a handful of the numerous deductions under 80C include
health insurance premiums, the interest portion of a mortgage, savings account interest, and the
principal portion of an outstanding mortgage, among others. A few more are the HRA exemption,
leave travel reimbursement, standard deduction of Rs. 50,000, and health insurance premium. The
tax is determined based on the income after all exemptions and deductions have been claimed.

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Tax Rates under Old Tax Regime

A 4% health and education cess is applied to taxes that are computed under the old tax rates. In
accordance with section 87A, individuals with taxable incomes up to Rs. 5,00,000 per year are
eligible for a concession up to Rs. 12500. The biggest benefit is that individuals who invest in various
tax-saving plans under the old tax system develop a culture of saving, which is beneficial for any
future events like marriage, childbirth, higher education, the purchase of real estate, medical
expenses, etc. Additionally, those subject to the previous tax system can lower their tax obligations
by taking use of certain exclusions permitted on a variety of benefits and perquisites.
On the other hand, under the previous tax system, one was required to keep records and proof of
investments because they might be needed at any time during assessment processes before the tax
authorities. For this reason, records and proof of investments had to be kept for a long time.
However, under the new tax system, this may not be necessary. Senior citizens who need liquidity
frequently and many young people who prefer to spend rather than save money used to be stuck in
the old tax systems where they had to invest in certain instruments with specific lock-in periods,
usually between three and five years, in order to receive tax benefits. When compared to the
previous tax structure, the tax rates are high.

Tax rebate u/s 87A

People with incomes under Rs. 5 lakh are qualified for a tax credit under Income Tax Act Section
87A.
Surcharge:
Surcharge rate for all incomes up to Rs. 50,000 is nil
10% from zero to fifty lakhs
15% from 1 to 2 crores
25% between 2 and 5 crores
Over 5 crore, 37%

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Health and education cess:

In addition to the tax payable, every person who is compelled to pay income tax must additionally
pay a health and education cess.. The Health and Education Cess is 4% payable. It is assessed against
the tax due rather than the underlying income.
Exemptions and Deductions under old tax regime:
Below listed are the exemptions and deductions available under old tax regime
The following is a partial list of exemptions:
 Travel and Leave Allowance
 Housing rent allowance
 Salaried people might take a standard deduction of Rs. 50,000.
 Section 80TTA/80TTB deductions (on interest earned on savings account deposits)
 Professional tax and entertainment allowance deductions (for government personnel)
 Tax relief on home loan interest paid for self-occupied or empty property under Section 24
 Family pension deduction of Rs. 15000 is allowed under Section 57's clause (ii) a.Investment
deductions that reduce taxes under Chapter VI-A (e.g., sec 80 C to 80 U employer contribution
to NPS). ELSS, NPS, PPF, and a tax discount on insurance premiums are some of these well-
liked investment choices that reduce taxes..
According to section 80CCD sub-section (2) , the employer’s contribution to Sec 80JJAA (for new
employment) are the deductions still valid.
New Tax System
The Indian Finance Minister has unveiled a new income tax system in the budget for 2020. Any
person who chooses to be subject to the new tax system beginning in FY 2020–21 will have to give
up some exemptions and deductions if they want to come under this new tax structure. The new
income tax system is optional, though, so taxpayers can choose to use it or continue filing their taxes
under the previous system.

As per current rates, a surcharge and an education cess will be applied. Under both the old and new
tax systems, people with chargeable income up to Rs. 5,00,000 are still exempted from paying taxes.
2020's new tax laws will result in people giving up their exemptions and deductions. The
exemptions and deductions that would need to be forgone include, among other things, those that

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are frequently claimed by individuals, such as (HRA), Leave Travel Concession , standard deduction,
and deduction under chapter VI-A, deduction for self-occupied residential property, adjusting of
residential property loss against any other source of income, etc.
Revised new tax regime under the Budget 2023-2024:
Once the recommendations are approved by Parliament, the amendments that were proposed on
February 1st, 2023 will take effect on April 1st, 2023 for the fiscal year 2023–24.
The following are the modifications to the new tax system that have been announced for the fiscal
year 2023–2024, which begins on April 1, 2023:
 The baseline exemption amount has been raised to Rs 3 lakh under the new income regime.
 The assesses default choice is the new tax system. However, they do have the choice of going
back to the old tax system.
 Income tax slabs have been updated in accordance with the new tax system.
 Rs. 50,000 standard deduction has been established under the new tax structure, but only for
salaried individuals and retired tax payers.
 The tax rebate u/s 87 A has been increased for taxable incomes up to Rs 7 lakh under the
revised new tax law. In the event that a person chooses the new tax structure in the fiscal year
2023–2024, they will not be required to pay any taxes if their taxable income is less than Rs 7
lakh.
The tax slab rates under the new income tax regime will now be as follows, according Budget 2023
:( starting on April 1, 2023).

For all types of Individuals under the New Tax Regime, including Individuals, Senior Citizens, and
Super Senior Citizens, the tax rates are the same. Therefore, under the New Tax regime, senior and
super elderly citizens will not receive the enhanced basic exemption limit benefit.
Income up to Rs 7 lakh would be tax-free beginning in the fiscal year 2023–24 due to an increase in
the refund under the new regime in the Budget 2023.No of their age, NRIs are only eligible for a
basic exemption of Rs 2.5 lakh.

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Surcharge:
If the income is more than a specified amount, a fee will be applied. The following surcharge rates
apply:
The highest surcharge rate, which was set at 37% in Budget 2023, was lowered to 25% under the
new tax system. (Effective as of April 1, 2023)
The income that is subject to taxation under Sections 111A (Short Term Capital Gain on Shares),
112A (Long Term Capital Gain on Shares), and 115AD (Tax on Income of Foreign Institutional
Investors) shall not be subject to the surcharge rates of 25% or 37%. Therefore, 15% will be the
highest surcharge rate applied to the tax due on such incomes.
The highest surcharge rate on tax due for dividend income or capital gains indicated in Section 112
will be 15% starting with Assessment Year 2023–2024. Additionally, the surcharge rate for an
Association of Persons (AOP) made up only of businesses will be capped at 15%. In every situation,
an additional 4% Health and Education Cess. Will be added to the income tax liability plus the
surcharge.
Deductions and exemptions:
If they choose the new tax system, taxpayers under it are required to forego exemptions. In the new
tax system, a total of 70 exemptions have been eliminated. These include the most frequently
claimed deductions under section 80C for provident fund contributions, life insurance premiums,
school tuition fees for children, ELSS, PPF, and on specified investments, among others. For those
living in rented housing, these deductions/exemptions include house rent allowance, interest on a
housing loan for self-occupied property, leave travel allowance twice in a block of four years,
children education allowance, and leave travel allowance. With the exception of interest paid on a
mortgage for a rental property, which is also deductible under Section 24(b) of the new tax code,
and NPS contributions made in accordance with Sections 80CCD (2) and 80JJAA, including the
exemption provided for voluntary retirement, gratuities, and leave encashment.
Benefits and Implications of Revised New tax regime:
For Individuals and businesses
Pros of New Tax Regime:
The current tax system is still in place, and as a taxpayer, you can choose between the old tax system
and the new tax system based on which is more beneficial to you. The administration claims that
there is no requirement to use the new tax system.
The new tax code allows taxpayers to invest their money anyway they see fit. With the new plan,
individuals are no longer required to take part in insurance and tax-saving programmes that might
not be in keeping with their financial goals.
Various instruments used during the previous administration did offer tax exemptions, but they
also came with lock-in periods of three to five years. For instance, ELSS are locked in for three years,
whereas different FDs only received deductions if they were invested for five years. Deduction was
therefore possible, but it came at the expense of short-term liquidity. Under the new tax system,
filing taxes should be simpler and require less paperwork. Because there are many tax brackets,

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you, the taxpayer, will fall into the bracket that best matches your yearly income. The reduced tax
rates give taxpayers more disposable income ensuring higher liquidity and increased ability to
make investments that they previously could not due to lack of disposable income. It is more
beneficial to taxpayers with income of 7.5 lakhs (due to tax rebate u/s 87A 7 lakhs and standard
deduction Rs. 50,000 need not pay tax) and very high income bracket of Rs. 5 crore plus (due to
reduction in surcharge from 37% to 25%).
Cons of New Tax Regime:
According to experts, the new tax system would gradually review and eliminate the current
exclusions. The total amount due would be more than it was under the previous tax structure if
exemptions were not allowed. Even if there are six tax brackets, it might not be advantageous for all
taxpayers if the government decides to completely scrap the current structure..
For the individual tax payers who had household savings may also reduce as they stop investing in
tax free schemes due to the lack of availability of exemptions. There is also a chance that the
insurance sector suffers as insurance companies will have to spend more marketing expenditure to
attract investment from taxpayers. The real estate sector may also be hit as taxpayers preferred
investing in real estate and claiming high tax deductions on the same which shall no longer be
available.
The choice of selecting tax regime is available to salaried tax payers on a year on year basis, but the
same is not available for business owners. All business owners have only one option to go for old
regime. It is also a pressure on the businesses to take a correct decision on choosing a tax regime
which gives them optimum results.
The new income tax regime is available to individual category taxpayers and HUFs with company
income. However, once they have chosen to participate, they will only ever have one chance to
switch back to the old tax system. Once they choose the previous income tax system, they cannot
adopt the new one in subsequent financial years.
Assessment of changes in corporate tax rates:
The union budget 2023 has made no changes to the corporate tax structure in India and it seems
that the focus is on stability, ease of doing business and easing the compliance framework.
The current tax rates for corporates in India at 17.16 percent for new eligible manufacturing companies
and 25.17 percent (in other cases, subject to conditions) is one of the lowest in the world.
Corporate tax Incentives and compliance under new tax regime 2023
For newly start ups
A 100% deduction of profits and gains derived by an eligible start-up from a business that involves
innovation development, improvement of products, processes, or services, or a scalable business
model will be made available in order to support start-ups and aid in their growth in the early stages
of their business. The benefit of a 100% deduction of such a business's profits will be available for
three consecutive years out of ten, beginning with the year the start-up is created.

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If one of the following two requirements is met, eligible start-up businesses may carry forward
losses and offset them against income for the entire year: If one or both of the following situations
apply: Regardless of their ownership stake, at least 51% of the beneficial shareholders from the year
the loss was incurred must still own stock in the start-up in the year of set-off, or (i) the original
shareholders from the year the loss was incurred must still hold onto their shares. Only losses
incurred in the ten years following the year the business was incorporated may also be written off.
Compliance with the notification of exemption: As long as certain conditions are followed,
notified firms (new companies) are now free from taxation on the amount received for the issuance
of shares that is larger than the value of such shares in the market. If the business doesn't follow
any of the rules, the exemption will be cancelled and the revenue will be taxed in the year of the
violation.
For undertakings other than Infrastructure development:
If specific criteria are met, a tax holiday is allowed on the profits made by a business that does any
of the following:
 The integrated handling, storing, and shipping of grains for human use.
 The production or refinement of mineral oils for commerce.
 Fruits and vegetables that have been processed, preserved, or packaged.
 Running and maintaining a medical centre in a remote place.
The tax holiday periods last between five and ten years, with the initial years' rebates being 30%,
50%, or 100% and later years' rebates being 30%. Sector per sector, the number of years that make
up "initial" and "later" years vary.
For development of affordable housing projects
For the development of projects that meet the requirements for being classified as affordable
housing projects, a developer is authorised to claim a 100% deduction for capital expenses invested
solely and exclusively for that purpose. However, the aforementioned deduction is only available if
a few requirements are met.
For infrastructure development undertakings for any ten consecutive years covered within the
first 15 years, businesses engaged in the business of power generation, transmission, or
distribution, developing, operating, and maintaining a notified infrastructure facility*, industrial
park, or SEZ, or significantly renovating and modernising the current network of transmission or
distribution lines (between specific periods), are eligible for a tax exemption equal to 100% of
profits.
Tax incentives for exports a new company that meets the criteria and is created in a SEZ is entitled
to a tax exemption of 100% for the first five years starting in the year when manufacturing
commences, followed by a partial tax exemption of 50% for the following five years. Then, for a
further five years, there is a tax credit of 50% of export earnings, but only if an equivalent amount
of profit is held over and moved to a designated reserve in the books of accounts The above
exemption is applicable from the beginning of a Qualified Business beginning on or after 1 April
2006 and ending on or before 31 March 2020.The aforesaid deadline of 31 March 2020 has now

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been further extended by the government to 30 June 2020, provided that the SEZ authorities
produce the letter of approval on or before 31 March 2020.

Tax under Old vs new regime

Here are some calculations that will assist you in choosing between the old and new taxation
systems:
Whenever total deductions are less than Rs. 1.5 lakhs, the new regime will be advantageous.

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When total deductions exceed 3.75 lakhs, the old regime will be advantageous.

When total deductions range from 1.5 lakhs to 3.75 lakhs, your income level will be a determining
factor.

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Comparison between the deductions and exemptions available under the new and the old tax
regime:
Old tax New tax regime(until New tax regime(from
Particulars
regime 31st March 2013) 1st April 2023)
Income level for rebate eligibility Rs. 5 lakhs Rs. 5 lakhs Rs. 7 lakhs
Standard deduction Rs. 50,000 - Rs. 50,000
Effective tax-free salary income Rs. 5.5 lakhs Rs. 5 lakhs Rs. 7.5 lakhs
Rebate u/s 87A Rs.12,500 Rs.12,500 Rs. 25,000
HRA exemption yes No No
Leave travel allowance(LTA) yes No No
Other allowances including food allowance of Rs. 50
No No
meal subject to 2 meals a day
Standard Deduction (Rs. 50,000) yes No yes
Entertainment allowance and professional tax yes No No
Perquisites for official purposes yes Yes Yes
Interest on Home Loan u/s 24b on Self-occupied or
yes No No
vacant property
Interest on Home loan u/so 24b on :Let- out
yes Yes yes
property
Deduction u/s
80C(EPF/LIC/ELSS/PPF/FD/children tuition fee yes No No
etc)
Employee’s (own) contribution to NPS yes No No
Employer’s contribution to NPS yes yes yes
Medical insurance premium-80D yes No No
Disabled individual – 80U yes No No
Interest on education loan-80E yes No No
Interest on electric vehicle loan- 80EEB yes No No
Donation to Political party/trust etc-80G yes No No
Savings Bank Interest u/s 80TTA and 80TTB yes No No
Other Chapter VI-A deductions yes No No
All contributions to Agni veer corpus fund-80CCH yes Did not exist Yes
Deduction on family pension Income yes Yes Yes
Gifts up to Rs. 5,000 yes Yes Yes
Exemption on voluntary retirement 10(10C) yes Yes Yes
Exemption on gratuity u/s 10(10) yes Yes Yes
Exemption on leave encashment u/s 10(10AA) yes Yes Yes
Daily allowance yes Yes Yes
Conveyance allowance yes Yes Yes
Transport allowance for a specially-abled person yes yes yes

When deciding between the two tax regimes, it is important to take into account the tax exemptions
and deductions available under the old tax regime. After deducting all eligible exemptions and
deductions, the net taxable income can be determined. By calculating the tax liability based on this
net taxable income under the old tax regime, it becomes possible to compare it with the tax liability
under the new tax regime.

SUGGESTIONS AND CONCLUSIONS

The analysis mentioned above demonstrates that both the old and new tax systems have advantages
and disadvantages. This research also contributes to the ongoing discourse on tax policy reform and
its role in advancing global efforts toward a more equitable, prosperous, and sustainable future. The
previous tax system encouraged taxpayers to develop the habit of conserving money. It encourages

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people to save money and make investments that will benefit them later on, as well as take advantage
of deductions that will further lower their tax obligations. This funds could be useful for a variety of
future events, including house or property purchases, schooling, marriage, and medical expenses.
One must invest in the designated financial instruments and the fund will be locked for three to five
years in order to take advantage of tax benefits under the current taxation system. For millennial
looking to save on taxes, this kind of investment is not the best option.
The previous tax system's complexity and plenty of deductions and exemptions will drive tax payers
to the new system. The new tax structure favours employees with lower earnings and investments,
resulting in fewer deductions and exemptions. The new tax system is thought to be safer and
simpler, requiring fewer documents and lowering the likelihood of tax fraud and evasion. The
government implemented a new tax system with lower tax rates in order to lessen the burden of tax
obligations. A new taxing system is a no-brainer for someone who has just started a career, makes a
low wage, or has little investments. In that instance, the new method provides fewer deductions as
well as exemptions. Regardless of the tax system, each person must carefully consider their
spending, insurance, and deduction plans. Every person should file their own taxes. The financial
literacy of taxpayers regarding the tax filing process needs to be increased so that people can do it
on their own rather than relying on CAs and lawyers, which will also help them understand the value
of saving money and assess their tax liability. To educate the public about the tax system, the
government or the tax department should host a webinar, seminar, or training programme.
The new tax system need to include some deductions, which will ultimately Encourage people to
save money and make investments that would eventually give the taxpayer and his or her family
financial security. People should assess their tax obligations. The tax system with the lower tax
liability should be picked between the two when comparing them. This should be considered while
choosing between the new and old taxation regimes. Based on his or her tax planning and
investment, one must evaluate the tax burden under both regimes. That will assist you in deciding
which taxes system is ideal for you.

References
1) https://cleartax.in/s/old-tax-regime-vs-new-tax-regime
2) Bird, R., 2010, Taxation and Decentralization, World Bank Other Operational Studies, 10140,
the World Bank
3) Chakrabarty, A. 2020 (May 15), Old vs New Income Tax Regime: At which level of income should
you switch regime? Financial Express, https://www.financialexpress.com/money/ income-
tax/old-vs-new-income-tax-regime-at-which-level-of-income-should-you-switch-
regime/1960541/
4) Sheth, H, 2020, Budget 2021: Old vs. New Tax Regime? Here’s all you need to know, Business
Line, February 03, Mumbai.
5) https://economictimes.indiatimes.com/wealth/tax/new-income-tax-regime-all-your-
questions-answered/articleshow/97548008.cms
6) https://www.smfgindiacredit.com/knowledge-center/new-tax-regime-fy-2023-24.aspx

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