The Old and New Tax Regimes differ primarily in their structure of tax slabs and available deductions. More deductions and exemptions are available under the Old Regime. On the other hand, fewer deductions are offered under the New Regime but it has lower tax rates. The regime that most closely matches the objectives and financial status of the taxpayers may be selected.
Capital gains from the sale of mutual funds refer to profits earned through investments in these funds. They are subject to taxation based on factors like holding period and fund type. Taxation on debt mutual funds is determined by slab rates. Mutual funds come in a variety of forms, such as debt, equity, hybrid equity-oriented, and hybrid debt-oriented funds.
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