Using only 80C for tax saving? New tax regime may be beneficial for you at this income

• March 6, 2021
• CA Chandan Agarwal's Office

How much tax you will save by investing in a particular tax-saving financial product will depend on two things – your tax bracket and the income tax regime you opt for.

From FY 2020-21, an individual can continue with the old tax regime and avail common deductions such as section 80C, section 80D etc. of the Income-tax Act, 1961. Else, she/he can opt for the new, concessional tax regime without any commonly availed deductions and tax exemptions.

If you opt for old ta ..