Old versus new tax scheme according to relevant 2023 Budget| The Minister of Finance has announced a new tax regime in the 2020 budget, including additional tax brackets and lower tax rates. Many taxpayers had long requested it, but it came with the condition that all deductions and exemptions allowed under the old tax system would be revoked. Moreover, the tax component applicable to the new regime has been changed in the 2023 budget, which is applicable from the financial year 2023-24 (the reference year 2024-25). You may also like:…