Finance Minister Nirmala Sitharaman tabled the Union Budget 2023-2024 in Parliament on February 1 and called it the first budget in ‘Amrit Kaal’ while highlighting that the Indian economy is on the right track
Finance Minister Nirmala Sitharaman announced an increase in exemption limit to Rs 3 lakh, reducing the number of taxable slabs to 5 in the new tax regime
In a major relief to the middle class, as per the government’s pre-poll budget, there will be no income tax on income up to Rs 7 lakh under the new tax regime
Finance Minister Nirmala Sitharaman announced that the new tax regime will be the default tax regime while presenting the Union Budget 2023-2024 while one can also opt for the old regime
Check out which slab you would fall under, as per the the new income tax slab 2023-24 announced in Union Budget 2023-2024
Under the new tax regime, salaried people with income of Rs 15.5 lakh or more will get a Standard Deduction of Rs 52,500 while calculating their taxable income
No changes were announced in Finance Minister Nirmala Sitharaman’s Budget speech on the old tax regime
The old tax regime has higher tax rates while income tax exemption is only till an income of Rs 2.5 lakh . But the old regime offers a number of deductions and tax exemptions such as house rent allowance (HRA), leave travel allowance (LTA) tax exemptions, 80D deductions, 80C and more
The old tax regime allows individuals paying personal income tax to reduce taxable income by Rs 1.5 lakh under Section 80C by including deductions like EPF, PPF and life insurance
Check out which income tax slab would suit your income better and reduce the burden of income tax