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Old vs new tax regime
Old vs new tax regime: Key differences that you must know before ITR filing for tax year 2026-27
At first glance, the new tax regime seems like a great deal. With lower tax rates, less hassle, and for many, zero income tax on salary incomes up to ₹12.75 lakh, and for others, it is Rs 12 lakh. It’s no surprise that more and more taxpayers are jumping on board without a second thought.
But the choice may not be as simple as it appears, especially considering some of the changes in deductions from the old tax regime.
While the new regime trims tax rates, it also removes many of the deductions and exemptions that taxpayers have long relied on to reduce their tax burden. At the same time, the new income tax rules still allow for several allowances and perquisites across both tax regimes. In some cases, these can reduce your tax burden more effectively than just relying on lower tax rates. This makes it crucial to compare both tax regimes thoroughly instead of just picking one by default.
For the FY 2026–27 (AY 2027–28) Tax Year 2026-2027, for which income tax returns need to be filed on or before July 31, 2027, the differences between the old and new tax regimes remain significant, particularly in terms of deductions, exemptions, and overall tax outgo. For AY 2026-27, the ITR filing due date is on or before July 31, 2026 and none of the changes under Income Tax Rules, 2026, are applicable.
Old vs new tax regime: What has changed under the new income tax rules 2026 for Tax Year 2026-2027
To understand how both tax regimes compare after the latest updates, here’s a detailed breakdown of allowances and benefits available:
Below are the major tax benefits available under both income tax regimes. These can help reduce your taxable income if structured correctly for the Tax Year 2026-27
Meal cards or food vouchers like Sodexo, Pluxee, and Zaggle are employer-paid cards meant for food expenses. If structured correctly, they are not treated as taxable perquisites up to the allowed limit. This helps employees save tax while managing everyday meal costs at the office or nearby outlets.
From April 1, 2026 salaried employees may get tax-free meal card benefits of up to Rs 200 per meal during working hours. This is a sharp rise from the earlier Rs 50 limit.
“Free food and non-alcoholic beverages provided by employers during working hours at office or business premises or through paid vouchers usable only at eating joints, to the extent the value does not exceed Rs. 200 per meal is not taxable as a perquisite,” says Neeraj Agarwala, Senior Partner, Nangia & Co LLP.
The Income Tax Rules 2026 have also revised how car-related perquisites are valued. These rules apply under both the tax regimes.
In case the car is used wholly and exclusively in performance of their official duties, then the value of perquisite is considered NIL.
In case the car is partially used for personal purpose and partially for official purposes, the taxable amount would be calculated as under:
Employer-Owned car (engine capacity ≤ 1.6 litres or electric vehicle)
Perquisite value: ₹8,000 per month (₹ 5,000 + ₹ 3,000 (if a driver is provided by the employer)
Note: The same valuation applies to electric vehicles, regardless of engine capacity.
Employer-owned car (engine capacity > 1.6 litres)
Perquisite Value: ₹10,000 per month (₹ 7,000 + ₹ 3,000 (if a driver is provided by the employer)
As explained by Agarwal, in case the car is owned by the employee:
In case, an employer gives a higher allowance, the tax free part will also be higher since taxable perquisite remains fixed at above levels. For instance, if an employer gives Rs 20,000 for car usage and Rs 18,000 as driver’s salary with total allowance of Rs 38,000, the taxable part will remain fixed at Rs 8000 if the engine capacity is below 1.4 litres. The remaining allowance of Rs 30,000 will not attract any taxes.
For ITR filing in 2027, choosing between the old and new tax regimes is not just a routine step; it can directly impact how much tax you pay.
Source: Msn.com
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