What would be your reaction if Old Regime is removed in the upcoming tax bill without any changes to New Regime
Basically the title.
Old regime going away would hurt a lot of people who have big rents, education loan or house loan. While that also solves a lot of problems like people paying rent to their own family members and claiming tax exemption, as well as people doing political donations to get the tax money back.
I would personally be slightly unhappy if the old regime goes away since I pay decent amount of rent and was planning to buy a flat banking on tax exemption on the interest being paid on that. The reason why I would be only slightly unhappy is because it at least covers the loopholes and people falsely showing less income have to pay the correct tax. However , I would be very angry if the government removes old regime and allows donation based exemption in the new regime as it is a good source of income for the political parties.
What is your feeling about this?