Budget 2023: Old vs new income tax regime; which is better for 5 crore income?

In the old tax regime, total deductions will amount to ₹4.85 lakh. Net taxable income will come in at ₹5.95 crore. Net tax payable after factoring in the education and health cess and surcharge will be at ₹2.51 crore. It will come in at ₹2.30 crore under the new tax regime. However, new regime is better in which you will save ₹21.81 lakh.