With the New Tax Regime being sweetened further with a higher standard deduction and slight change in lower tax brackets, will the Old Tax Regime be discontinued in the future is a question that many have.
But the Finance Minister declined any further clarity on the future of the old tax regime in the post-Union Budget 2024 Press Conference.
"We cannot comment right now on whether there will be a sunset on the old tax regime as of now," said Finance Minister Nirmala Sitharaman, during the press conference.
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But Tuhin Kanta Pandey, principal secretary - Finance Department mentioned that 70 percent of the returns filed for the assessment year 2023-24 were under the New Tax Regime.
The Finance Minister, however, mentioned that the government is aiming for a simplified tax regime, which was the motive of introducing the new tax regime.
Also read | New income tax regime gets sweeter; tax slabs softened, standard deduction hiked
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