As there are two tax regimes still applicable, please suggest which regime will benefit an individual if he/she is earning approximately 9.6 lac per annum

Ans: Hi Amit
In order to compare between the two options, it would be pertinent to know the quantum of deductions that the individual could claim under the old tax regime.

In case you assume that the total amount of deductions being claimed under the old tax regime is say Rs. 3 Lakhs then you are comparing a taxable income of say Rs. 6.6 Lakhs under the old tax regime vis-a-vis say, a taxable income of about Rs. 9.10 Lakhs under the new tax regime.

With this example, your tax under the old regime may be about Rs. 46,000 and that under new tax regime may be about Rs. 48,000. So the old regime may look good in this scenario.

You would need to work out the correct numbers with right deduction details as that would change the direction of selection of the tax regime option