New Tax Regime 2023 vs 2024 After Budget: How Much Income Tax Will Salaried Taxpayers Save & How Do New Tax Slabs Compare To Old Regime? Top 10 Points You Must Know

Old versus revised new tax regime: At a salary of Rs 7.75 lakh, for an individual availing Rs 50,000 standard deduction and Rs 50,000 Section 80C benefits under the old regime, the tax outgo is Rs 49,400. However, if this individual were to opt for the revised new income tax regime, then the tax outgo would be zero – which means a tax benefit of Rs 49,400 for switching from the old to the revised new tax regime.