Old VS New Tax Regime- Which one to opt for?

  Old VS New Tax Regime- Which one to opt for? The Finance Act 2020 announced a new tax regime under Section 115BAC in order to make taxation simpler for people. This new tax regime has given an option to individuals and HUF taxpayers to pay income tax at lower rates. This was long demanded by most taxpayers, however, the option for this concessional tax regime came with a huge cost, it required the taxpayer to forego certain specified deductions. Also, as of now, individuals can choose the new regime where the rates are lower but there are no exemptions or deduction or choose to continue with the regular old regime, where exemptions and rebates can be claimed and applicable tax as per the income slab will be levied. But how does one decide which regime to go for? Let’s find out! How can assessee opt for new or old regime?  If an individual/HUF opts for new tax regime for FY 2020-21, then form 10IE has to be filed at the time of filing ITR for FY 2020-21 to inform the ta