On the day of budget 2023-24 chartered accountants were discussing that 90-95% have opted for old regime since all assessees make financial security provision as there is no guarantee for social security in our country. Now the government wants to trap assessees as only once one can switch back from new to old regime. This they are not disclosing
All the savings like LIC premiums NSC, PPF, housing loan interest and repayment of mediclaim premium and other deductions for interest etc will have no meaning. The Finance Minister should think of only one regime with deductions and reasonable rates. For rich tax payers they have nicely reduced the rates why not for middle class?
