A comparative study between old tax regime and new tax regime for the financial year 2023-2024
Sudhir Kumar Sah
Tax structure is one of the predominant roles to development of an economy. One of the main sources to generate revenue for the government either by central Government or State government. Government makes money is through taxes. In India there are two types of taxes such as direct and indirect tax. A new income tax system for individual taxpayers in India was unveiled in the 2020 union budget. From financial year 2020-2021, individual taxpayers have an option to choose old tax regime and the new tax regime.
Finance Minister’s Nirmala Sitharaman has announced certain adjustments to the new tax system in the union budget for the financial year 2023-2024. The new tax system will now be the “default’’ option rather than something that the individual taxpayer chooses to use. The old tax system has not changed, though. This easy tries to analyze which tax system, in light of the adjustment made in the new tax system under the annual budget 2023-2024, is most advantage to tax payers. This research work is fully dependent on secondary data which is collected from many articles, books, Newspapers, journals, Magazines and Government website. The changes made in the new tax regime under the union budget 2023-2024’’ are focus in this article.