Union Budget 2024: Those who have opted for old tax regime disappointed

However, Pavanjit Mane, FITE, Maharashtra, has a different opinion and said there is more push towards people who invest in markets with the additional money they have. According to him, it is true that everyone wants to save and grow their money, but they want to do it in different ways. He said whether it is the new or old regime, either way one ends up paying more tax.

Mane said, “Old tax regime has not been given any benefit in this Budget as compared to the new tax regime. “We did an online poll, in which around 200 salaried employees participated and almost 95 percent said they have got nothing from the Budget. Ideally we were hoping that even the old tax regime would get some benefits,” he said.

CA Ramesh Magar said the old regime will be scrapped one day, so no changes are expected in it ahead.

Taru Vikram, 30, who works in the development sector and has opted for the old tax regime, said, “Pehle bhi wahi the, aaj bhi wahi hai (We are at the same place we were before). Nothing good, nothing bad for us middle-class people.”

Sharma too said the government is pinning its hopes on the new regime. He added that the government is simplifying and modifying the Income Tax Act and creating a less complex I-T structure.

Magar said more than a large group it has helped a marginal section more. “Consider people whose income was supposedly Rs 7.5L, they had zero tax to pay. If the salary was even Rs 10 more than Rs 7.5L, they had to pay the entire tax amount which is about Rs 25,000. But now with the Rs 25,000 increase in standard deduction, people with income upto Rs 7.75L will get relief.”