New Income Tax Regime Vs Old Tax Regime: Which is better for you? With Automated Income Tax House Rent Exemption Calculator in Excel

Union Budget 2020 offers individuals the choice of paying tax under the new regime of lower income tax rates by forgoing the tax exemptions/deductions or continue to pay tax under the existing income tax laws by claiming the applicable exemptions and deductions. Essentially, the more exemptions an individual claims, the less likely he/she is to benefit from the new optional tax regime however which regime is beneficial will vary on a case to case basis. Calculations show that salaried individual. An individual with gross salary up to Rs 12.5 lakh…