people who were in old regime & in hire income bracket like 30L+, I dont see any benefits if they come under new regime (even after changes in current budget). income taxes are still high in new regime for high income people. please confirm. Another question - if we are in old regime, can we be there ? how often we can switch back forth..
Ans: New tax regime is beneficial if all the tax benefits are not taken. For e.g. if income is 30 lacs and deductions u/s 80C is 150000 taken, tax liability will be Rs.600000 under new tax regime and under old it will be 667500.
However, if person take PPF benefit of 1.5 lac, 25k in mediclaim, housing loan interest deduction 2 lacs, 50k standard deduction from salary; tax liability under old regime will reduce to 585000.