The answer is : It all depends!
I have been thinking about switching to the new regime for a while, only because of avoiding the hassles of compliance. However, the thought that I could potentially pay even one rupee more in taxes under the new regime actually holds me back.
The thing is: The intent of the government is clear: They want people to move to new regime and they will eventually discontinue the old regime. Imagine a world without HRA:D
That said, I did some basic math using this tax calculator for the ongoing year i.e. Previous year of 2022-23 with the assessment year being 2023-24. In other words, I did not take into account the latest budget (I figure that would make sense as a post later next year).
Note: The Salary below excludes all retirals, but assumes 12% deduction happens by default; I also assumed a rent of 14k in a non-metro; I did not consider LTA exemption though I did consider INR 1.5 Lacs exemption under section 80C; I didn't consider NPS exemption of INR 0.5 Lacs
​ | Old Regime | New Regime |
INR 800,000 | No Tax :) | INR 45,300 |
INR 14,00,000 | 1,56,187 | 1,69,500 |
INR 200000 | No Tax | INR 14,456 |
So is the new regime beneficial to anyone? It can be depending on how many deductions you actually take advantage of. Literally it depends. My recommendation is to file old regime if you have deductions that you can claim. If you have time, and income above 40 Lacs, then do a comparison before filing taxes.
Note: Ynithya.com is a website I have referenced now for over 15 years. I must admit to being very impressed that the creator made such a resource and maintains it with diligence!