India's Tax Regimes: Old Exemptions Versus New Draft Rules Impact on Salaried Income

India's tax system offers two regimes: the old regime with various exemptions and deductions, and the new regime with lower tax rates but fewer benefits. While many taxpayers have shifted to the new regime due to its simplicity and wider slabs, the old regime still provides significant tax-free income options under certain conditions. Recent draft tax rules propose increasing exemption limits for allowances like house rent and education, potentially affecting tax liabilities for salaried individuals earning around Rs 30 lakh annually.