Kolkata: Ravi Agarwal, chairman of Central Board of Direct Taxes recently told the media that currently about 75% of the taxpayers have already adopted the new tax regime. He also stated that he is hopeful that there are about 8.5 crore taxpayers in India and before long about 95% of them would migrate to the new system. As FY26 kicks in, let’s have a look at the two tax systems.

The new tax regime that was introduced in the Budget 2020 has already gained immense popularity. The primary reason being a lower rate of tax, and to some extent, the abolition of the vexatious need for submission of proof for tax deductible investments and/or expenditure.

As the financial year 2025-26 kicks in today (April 1, 2025), we can........

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