Economics · Economy
Which statement correctly differentiates the Old Tax Regime and the New Tax Regime in India?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The Old Tax Regime allows various deductions and exemptions, whereas the New Tax Regime offers lower slab rates but limits most exemptions.✓
- 2The Old Tax Regime has uniform slab rates applicable to all types of taxpayers.
- 3The New Tax Regime is mandatory for all taxpayers without exceptions.
- 4Taxpayers cannot switch between regimes in any Assessment Year.
Correct answer
The Old Tax Regime allows various deductions and exemptions, whereas the New Tax Regime offers lower slab rates but limits most exemptions.
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