Old or new? Which tax regime is better after Budget 2023-24

No sooner had the finance minister Nirmala Sitharaman uttered the following words - "I propose to increase the rebate limit to Rs 7 lakh." - the Lok Sabha roared to life. At that moment, it seemed surreal how even this high-powered room celebrated something that mostly concerned ordinary middle-class folks. Alas, the joy was short-lived, cruelly cut short. As soon as the rapturous applause started ebbing, Sitharaman, like a comedian dropping a punchline, added: "In the new tax regime." It was a punchline, no doubt. At least for the old tax regime.