Budget 2025: Will the old tax regime end? Know the full news
The biggest question around the upcoming budget 2025 is whether the old tax regime will be completely abolished in this budget or not? This question is necessary because people have discussed this topic and many kinds of speculations are being made.
At present there are two systems of income tax in India, the old tax regime and the new tax regime. While the old system offers many types of exemptions and deductions, the new system provides fewer tax slabs along with fewer exemptions.
Most taxpayers find it difficult to decide which system to choose. Let us tell you that, the government is continuously promoting the new tax regime.
According to many experts, the government might completely abolish the old tax regime in Budget 2025. By doing this the tax system will become simpler and due to this most of the taxpayers will have to shift to the new system.
Some experts also believe that the government can make some changes in the new tax regime to make it more attractive. Also, people are speculating that the government may continue both systems but can make some changes to the old system.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice in any way. For more information, you can contact a tax expert.