after budget presentation pm in his remark said Today’s Budget contains a vision of self-reliance as well as inclusiveness for every individual and class.The budget has principles of new opportunities for growth, expansion of new opportunities, creation of new opportunities for the youth, a new dimension to human resources, development of new areas for infrastructure, move towards modernity and introduce new reforms.

he said This budget emphasizes on improving the ‘ease of living’ in the lives of the common people by simplifying rules and procedures. This budget will bring several positive changes for individuals, investors, industry and the infrastructure sector. I congratulate the country’s Finance Minister Nirmala ji, her colleague Anurag ji, and their team for this.

This was also one of the rare Budget speeches that elicited so many positive reactions from experts within 1-2 hours. Many experts were assuming that the government would increase the burden on ordinary citizens in the wake of Corona, but keeping in view its obligations towards fiscal stability, the Government stressed on increasing the budget size.Our government has made constant efforts that the budget should be transparent. I am happy that several experts have appreciated transparency in this budget.

This budget has given special emphasis on equality of health, sanitation, nutrition, pure water and opportunities to make the lives of the common man and women of the country easier. The budget has made a number of systemic reforms along with unprecedented increase in infrastructure spending, which will greatly benefit growth and job creation in the country. Special emphasis has been given to strengthen the agriculture sector in the country, to increase the income of the farmers, and, therefore,a number of provisions have been made in the budget. In the agriculture sector, farmers will be able to get more credit easily. A provision has been made to help and empower the mandisor the APMCs of the country through the Agriculture Infrastructure Fund. All these decisions show that villagesand our farmers are at the heart of this Budget. This time the MSME sector budget has also been more than doubled as compared to the previous year to boost the MSME sector and to increase employment opportunities.

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The current income-tax regime and the new one will exist simultaneously, with the option of choosing between the two. You, the taxpayer, will now have to decide which one works for you.  Ironically, the ‘simpler’ tax regime comes with embedded complications, triggering confusion rather than a sense of relief. Here is a five-point guide to making the right choice.

Plan ahead to take an informed call

There is no single answer to the ‘switch or stick’ question. And, it doesn’t just depend on your income or salary structure. You also need to look at your investment habits, your age, life-stage, goals, responsibilities and likely expenses. You will have to plot your actual income and deduction figures to decide whether to switch or not.

For example, if you are a young individual and dislike paperwork, and claim little or no tax-saver benefits, the new regime might sound inviting. Forgoing these tax benefits to ensure more money in your hands will not be a difficult choice to make.

However, for those who do take multiple tax breaks, the older regime will help save more on taxes.

Therefore, financial planning is now more critical than ever. Start planning right away to be prepared to take a call before your employers ask you to submit your proposed investment declarations, from the April of every year. Your employer deducts your tax from your salary through the year on the basis of the indicative declarations you make. Even those who have documentation-phobia will have to put themselves through this process at least once. “Salaried tax-payers have the option of switching between the regimes, something that those who draw business income do not have. So, if you are a salaried individual, you can always change your course next year,” says Ameya Kunte, Founder, Globeview Advisors, a tax consulting firm.

Old is gold for most

Financial advisors are unanimous in their opinion: the older regime is better for most if you have been availing of multiple tax benefits, mainly those that give you an impetus to invest, such as section 80C and 80CCD tax benefits. “In most cases, the old regime will turn out to be beneficial. Only those who did not make an effort to invest in section 80C’s avenues and avail of other deductions or could not utilise this Rs 1.5-lakh limit due to higher expenses could find their tax outgo going down in the new regime,” says Pankaj Mathpal, a Mumbai-based financial planner.

For example, if your total income is Rs 7.25 lakh or Rs 10 lakh and you take 80C benefits and standard deduction, your tax outgo will be lower by Rs 18,720 and Rs 3,120 respectively in the old regime vis-à-vis the new one. Those earning say Rs 15 lakh could save Rs 14,820 in the new regime.

However, most individuals also utilise other benefits apart from the section 80C. For instance, house rent allowance (section 10), home loan interest paid of up to Rs 2 lakh (section 24B), health insurance premium paid of up to Rs 25,000 for those under 60 (section 80D), NPS contribution of up to Rs 50,000 [section 80CC D(1B)] help a great deal in bringing down the taxable income. So, if you earn Rs 15 lakh and also pay a home loan interest of Rs 2 lakh, besides claiming standard deduction and section 80C tax deduction benefits, you will be poorer by Rs 47,850 in the new regime. Put simply, the higher the number of deductions and exemptions, the better it is for you to stick to the old regime.

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