Executive Summary: This Article authored by Shri Mayank Mohanka, FCA, is a Ready Refrencer on Making an Informed Choice between the Old and the New Personal Tax Regime and decodes the exact amounts of Deductions which are required to be claimed in the Old Personal Tax Regime to Break Even with the Reduced Tax Liability in the New Personal Tax Regime. The Income Tax Department has launched a Tax Calculator for the Taxpayers in order to assist them in choosing wisely between the Old and the New Personal Tax Regime. The link for the same has been given in this Article, for ready reference and accessibility of our Readers.

With a view to rationalize the personal tax slabs and simplify the complex maze of plethora of deduction claims of indivi.