"Filing ITR is like the most greatest task for any middle class, salaried person. And I speak of my own experience. Calculating tax, deductions, rebates and filing your income tax. Once you understand it, you may not find it that difficult, unless you have say multiple income sources and investments that it is tedious for you to kep tab of each and every thing. But since, filing income tax is such a big task for us, middle class salaried persons, whenever the budget is presented, all the eyes are on the part where the Finance Minister announces Income Tax rates.

This year, the budget brought some good news. The non-taxable income limit was extended to 7 Lakh from 5 lakh. Which means if you have annual income of 7 lakh, you won’t have to pay any income tax. Well, but there’s a catch. And that has got everyone confused these days. Since the budget announcement. there’s one question that I have heard my colleagues, friends and family members ask. The question is whether I should go for Old Tax Regime or the New one?

This is a big question in front of everyone.

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