The difference between the Old Regime and New Regime is as follows:
- Old Regime: The old regime refers to the previous or existing system of tax laws, rules, and provisions that were in place before a significant change or reform. It represents the previous framework and set of regulations governing the taxation of individuals, businesses, or specific types of income.
- New Regime: The new regime refers to a revised or updated system of tax laws and regulations that have been introduced as part of a tax reform or policy change. It typically involves modifications to the existing tax structure, rates, exemptions, deductions, or overall methodology for calculating and collecting taxes.
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