{"id":3662,"date":"2020-04-28T12:55:17","date_gmt":"2020-04-28T07:25:17","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=3662"},"modified":"2020-04-28T13:00:09","modified_gmt":"2020-04-28T07:30:09","slug":"comparison-old-and-new-income-tax-scheme","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/comparison-old-and-new-income-tax-scheme\/","title":{"rendered":"Comparison of Old and New Income Tax Scheme:\u00a0"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/comparison-old-and-new-income-tax-scheme\/#Introduction\" title=\"Introduction:\">Introduction:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/comparison-old-and-new-income-tax-scheme\/#Old_Income_Tax_Scheme\" title=\"Old Income Tax Scheme:\">Old Income Tax Scheme:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/comparison-old-and-new-income-tax-scheme\/#New_Income_Tax_Scheme\" title=\"New Income Tax Scheme:\">New Income Tax Scheme:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/comparison-old-and-new-income-tax-scheme\/#How_to_Choose_between_Old_and_New_Income_Tax_Scheme\" title=\"How to Choose between Old and New Income Tax Scheme:\">How to Choose between Old and New Income Tax Scheme:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/comparison-old-and-new-income-tax-scheme\/#Conclusion\" title=\"Conclusion:\">Conclusion:<\/a><\/li><\/ul><\/nav><\/div>\n<h3 dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><strong>Introduction:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">As we all aware that Income Tax is levied upon an individual on the basis of different tax rates for various Income Tax slabs. When everybody was expecting relief in tax rates and hoping for new exemptions and extra deductions, then Finance Minister by Union budget 2020 came up with a new tax structure having low rates of taxes for Individual<a href=\"https:\/\/aktassociates.com\/blog\/taxpayers-in-india\/\"> taxpayers<\/a> with a condition that the person opting for this new scheme has to forego all his deductions and exemptions.<\/span><\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-3667 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/04\/Comparison-of-Old-and-New-Income-Tax-Scheme-1.jpg\" alt=\" Old and New Income Tax Scheme\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/04\/Comparison-of-Old-and-New-Income-Tax-Scheme-1.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/04\/Comparison-of-Old-and-New-Income-Tax-Scheme-1-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/04\/Comparison-of-Old-and-New-Income-Tax-Scheme-1-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">After knowing this, everybody is confused that whether the old tax regime is helpful for them or a new tax regime is helpful in order to reduce their tax liabilities. Moreover, People are also confused about that tax Scheme.<\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">So, In this article, we are going to compare old and new tax system by which most of your doubts will be resolved and you will be able to figure out yourself that which tax scheme is more beneficial to you. So, Let\u2019s start the discussion of both the schemes one by one:<\/span><\/p>\n<h3 dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span class=\"ez-toc-section\" id=\"Old_Income_Tax_Scheme\"><\/span>Old Income Tax Scheme:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">According to the previous or Old Income Tax scheme, Individuals have been further categorized into three slabs on the basis of their age limits.<\/span><\/p>\n<ul>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"><a href=\"https:\/\/aktassociates.com\/blog\/nri-status-taxation\/\">Resident as well as Non-Resident Individuals<\/a> below the age of 60 years ( Having basic exemption from Income is Rs. 2,50,000. )<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Resident Individuals or Senior citizens having age between 60 to 80 Years\u00a0 (Having Basic Exemption limit from Income is Rs. 3,00,000 )<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Resident Individuals of more than 80 years i.e. Super senior citizens ( Having Exemption Limit from Income is Rs. 5,00,000)<\/span><\/li>\n<\/ul>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">So, as we know the major change in old, as well as the new scheme, is regarding their different Tax slabs. So, first, we will look into tax slabs under the old Income Tax scheme so that we can compare both the schemes. So, here we are discussing tax slabs for Normal Individual of below 60 Years of age:<\/span><\/p>\n<div dir=\"ltr\" style=\"margin-left: 1.5499999999999998pt;\" align=\"left\">\n<table style=\"border: none; border-collapse: collapse;\">\n<colgroup>\n<col width=\"253\" \/>\n<col width=\"338\" \/><\/colgroup>\n<tbody>\n<tr style=\"height: 15.55pt;\">\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-left: -1.9pt; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Annual Income Slab<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Tax Rate<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 18.55pt;\">\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Income upto Rs. 2,50,000<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">NIL<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 19pt;\">\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Income between\u00a0 Rs. 2,50,000\u00a0 to\u00a0 Rs. 5,00,000<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">5%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 25.05pt;\">\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Income above Rs. 5,00,000 but below Rs. 10,00,000<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">20%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 20.5pt;\">\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Income above Rs. 10,00,000<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">30%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 23.6pt;\">\n<td style=\"border-top: solid #000000 0.5pt; vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;\"><\/td>\n<td style=\"border-top: solid #000000 0.5pt; vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p dir=\"ltr\"><a href=\"https:\/\/aktassociates.com\/business-compliance\/yearly-compliance\/it-return-filing\" data-wp-editing=\"1\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2138 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Filing-for-Businesses.png\" alt=\"Income Tax Filing for Businesses\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Filing-for-Businesses.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Filing-for-Businesses-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Filing-for-Businesses-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">Note:<\/span> <span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">If total income is up to Rs. 5,00,000 then rebate from tax under section 87A is available up to Rs. 12,500.<\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">In the old Income tax scheme, one can also claim various Deductions under chapter VI A. If we talk about salaried employees then they also enjoying various benefits of exemptions like basic exemption of Rs. 50,000 from salary, House Rent Allowance, etc.<\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">This is what we had in the Old Income Tax scheme. Now, let&#8217;s discuss what the government came up with a new scheme for taxpayers.<\/span><\/p>\n<h3 dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span class=\"ez-toc-section\" id=\"New_Income_Tax_Scheme\"><\/span>New Income Tax Scheme:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">As per the new Income Tax scheme, there is a change in <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-slab-rate-for-ay-2020-21\/\">Income Tax slabs<\/a> for Individual Taxpayers which are much lower than tax rates in the old Income tax system discussed above. But there is a condition, if a taxpayer wants to adopt for new tax rate system then he must forego all the deductions and exemptions he is claiming in the old tax system. This is the same as govt give us some and make us lose some in order to get that benefit. So, let\u2019s have a look over new Income Tax rates introduced in Budget 2020:<\/span><\/p>\n<div dir=\"ltr\" style=\"margin-left: -0.34999999999999964pt;\" align=\"left\">\n<table style=\"border: none; border-collapse: collapse;\">\n<colgroup>\n<col width=\"321\" \/>\n<col width=\"250\" \/><\/colgroup>\n<tbody>\n<tr style=\"height: 19.7pt;\">\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: center; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Annual Income Slab<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: center; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Tax Rate<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 24.35pt;\">\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Upto Rs. 2.5 Lakhs\u00a0<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: center; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">NIL<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 25.05pt;\">\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Rs. 2.5 Lakhs to Rs. 5 Lakhs<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: center; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">5%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 24.4pt;\">\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Rs. 5 Lakhs to Rs. 7.5 Lakhs<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: center; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">10%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 21.9pt;\">\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Rs. 7.5 Lakhs to Rs. 10 Lakhs<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: center; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">15%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 22.55pt;\">\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Rs. 10 Lakhs to Rs. 12.5 Lakhs<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: center; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">20%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 18.15pt;\">\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Rs. 12.5 Lakhs to Rs. 15 Lakhs<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: center; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">25%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 17.55pt;\">\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Above Rs. 15 Lakhs<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 0pt 5.75pt 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 0.5pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: center; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">30%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">NOTE: Rebate from Tax up to Rs. 12,500 Under section 87A if Income is up to Rs. 5 Lakhs is also available in the New Income Tax scheme.<\/span><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"><br \/>\n<\/span><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">After having look over these tax rates, it must seem to you much more attractive than the previous ones due to much less<a href=\"https:\/\/aktassociates.com\/blog\/section-115baa-new-tax-rate-for-domestic-companies\/\"> income tax rates<\/a> than the previous scheme. But as we said earlier that there is a much more strict condition then its benefit, we need to forego all exemptions and deductions in order to get benefitted from these new tax rates.<\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">It means that if we are getting benefit from low tax rates but also, on the other hand, we need to get our taxable income increase by foregoing our deductions and exemptions and which may overall result in results in the loss by opting new scheme. Now a question may arise on your mind that what are the various deductions and exemptions which one needs to forego to opt for this tax system. So, here is the list of the general deductions and exemptions which will not be available to the taxpayer opting for these low tax rate system:<\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">Exemption and Deductions need to forego:<\/span><\/p>\n<ol>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Standard Deduction of Rs. 50,000 ( Applicable for Salaried Individuals )<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">House Rent Allowance<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Investments under Section 80 C ( up to Rs. 1.5 Lakhs )<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Leave Travel Allowance.<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Saving Bank Interest Deduction ( Section 80TTA and 80TTB )<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Contribution to the National Pension Scheme (up to Rs. 50,000).<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Deduction under Section 80G (Donation to specified entities)<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Professional Tax<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Other special allowance as specified under section 10(14).<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">All other deductions under Chapter VI A (Except Deduction under section 80CCD(2) and Section 80JJA).<\/span><\/li>\n<\/ol>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Here are various other exemptions also which left untouched by budget 2020 which means, there are various exemptions also by which one can get benefitted even after opting for New tax system. Some of these exemptions are:<\/span><\/p>\n<ul>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Agriculture Income is still exempted without any limit.<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Retrenchment compensation and Voluntary Retirement Scheme proceeds (Rs. 5 Lakhs each )<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Standard Deduction of 30% in case of <a href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/\">Income from House Property.<\/a><\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Leave encashment on retirement.<\/span><\/li>\n<\/ul>\n<h3 dir=\"ltr\"><a href=\"https:\/\/aktassociates.com\/business-compliance\/yearly-compliance\/it-return-filing\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2336 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing.png\" alt=\"Get Income Tax Return filing\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h3>\n<h3 dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span class=\"ez-toc-section\" id=\"How_to_Choose_between_Old_and_New_Income_Tax_Scheme\"><\/span>How to Choose between Old and New Income Tax Scheme:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">We can choose any of one Tax scheme before the due date of filing of return of Assessment Year 2021-22. As discussed above there is benefit and loss both in the new tax scheme. Which one is beneficial is depends upon several factors like Total Income, Deductions and exemptions can be availed, etc.<\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Tax calculators are made available online at various professional websites to check which scheme is beneficial for them. The<a href=\"https:\/\/aktassociates.com\/blog\/major-benefits-of-income-tax-return-filing\/\"> income tax<\/a> department also made available the tax calculator to calculate the tax to be levied in a new scheme so that taxpayers can choose a beneficial option for them.<\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">There are many scenarios, let\u2019s say if one is having savings and exemptions available then it has been observed that Old scheme is beneficial for them as even there is high tax rate but reduced overall income due to these deductions and exemption reduce the overall tax burden on the assessee.<\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">On the other hand if one is not saving anything and no exemption is available with him, then, in that case, there is a new scheme that is beneficial as it has reduced the tax rate.<\/span><\/p>\n<h3 dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 0pt; margin-bottom: 10pt;\"><span style=\"font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">After discussing both the old and new tax systems, as per our observation old scheme is beneficial in most cases. As we know most of the deductions under chapter VIA are not available in the new scheme which is claimed by almost all the individuals, so there is not any sense to opt for the new scheme and forego all those benefits available for us. Every individual especially the salaried individual is eligible for Rs. 50,000 deduction without any investment, moreover HRA is also claimed by many of the salaried taxpayers. <\/span><strong><span style=\"font-size: 11pt; font-family: Calibri, sans-serif; color: #000000; background-color: transparent; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">So, if we keep all these points in mind and we have available exemptions and deductions to claim then there is no sense to opt for a new scheme and forego all those benefits.<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction: As we all aware that Income Tax is levied upon an individual on the basis of different tax rates &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Comparison of Old and New Income Tax Scheme:\u00a0\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/comparison-old-and-new-income-tax-scheme\/#more-3662\">Read more<span class=\"screen-reader-text\">Comparison of Old and New Income Tax Scheme:\u00a0<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":3666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Comparison of Old and New Income Tax Scheme:\u00a0 AKT Associates<\/title>\n<meta name=\"description\" content=\"In this article, we are going to compare old and new tax system by which most of your doubts will be resolved and you will be able to figure out yourself that which tax scheme is more beneficial to you. So, Let\u2019s start the discussion of both the schemes one by one\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aktassociates.com\/blog\/comparison-old-and-new-income-tax-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Comparison of Old and New Income Tax Scheme:\u00a0 AKT Associates\" \/>\n<meta property=\"og:description\" content=\"In this article, we are going to compare old and new tax system by which most of your doubts will be resolved and you will be able to figure out yourself that which tax scheme is more beneficial to you. 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