New vs. Old Tax Regime: How to Save Lakhs in FY 2026-27
Money
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News18•01-02-2026, 19:51
New vs. Old Tax Regime: How to Save Lakhs in FY 2026-27
- •Budget 2026 brings no changes to income tax slabs, retaining both new and old tax regimes.
- •The new tax regime offers zero tax up to 12 lakhs (12.75 lakhs with standard deduction) for FY 2026-27.
- •The old tax regime remains beneficial for those with significant deductions like HRA, 80C, 80D, and home loan interest.
- •For income up to 12 lakhs, the new regime is always better; for income over 24 lakhs, choose based on total deductions.
- •Key changes include extended ITR revision deadlines, reduced TCS on foreign tour packages for education/medical, and a new Income Tax Act 2025.
Why It Matters: Taxpayers must carefully calculate deductions to choose between new and old regimes for maximum savings.
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