Finance Minister Nirmala Sitharaman has revamped the new income tax regime and announced new income tax slabs for 2023 - 2024. The total number of income tax slabs under the new tax regime have been reduced to five instead of 6 and the tax slabs have been revised as well. In a big cheer for the salaried taxpayers, standard deduction has also been included in the new tax regime. Additionally, the rebate limit has been hiked to Rs 7 lakh instead of Rs 5 lakh. This means that if a salaried individual is earning up to Rs 7 lakh, he will not have to pay any income tax.
So which income tax regime should you opt for? The table below analyses the income tax outgo in the existing regular income tax regime, the current concessional income tax regime, and the new income tax regime announced by FM Sitharaman in Budget 2023
#IncomeTax #NewTaxRegime #OldTaxRegime #BudgetWithvinay #Budget2023 #UnionBudget #UnionBudget20223 #NirmalaSitharaman
So which income tax regime should you opt for? The table below analyses the income tax outgo in the existing regular income tax regime, the current concessional income tax regime, and the new income tax regime announced by FM Sitharaman in Budget 2023
#IncomeTax #NewTaxRegime #OldTaxRegime #BudgetWithvinay #Budget2023 #UnionBudget #UnionBudget20223 #NirmalaSitharaman
0 comments:
Post a Comment