The old tax regime which was on the verge of extinction due to amendments in the income tax rules has suddenly made a dramatic comeback. The boost given to HRA and other exemptions have made the old tax regime very beneficial for taxpayers.
Several cities have now seen a hike in the exemptions allowed under the old tax regime to be applicable until 2026. Many a taxpayer will thus stand to benefit, in terms of higher exemptions, if they were to opt for the old tax regime. This would particularly be the case for the House Rent Allowance (HRA) as well as the exemptions on fees for children’s education and also gifts received by employees from their respective employers.
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