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The Indian income tax system has seen a significant shift with the introduction of a new tax regime in the financial year 2020-21. The government aimed to simplify the tax structure and attract taxpayers towards the new system by offering lower tax rates and fewer exemptions. However, this has led to confusion among taxpayers regarding the choice between the old and new tax regimes. To help you make an informed decision, this article comprehensively compares the old and new tax regimes in India, considering the changes introduced in the Union Budget 2023.