Union Budget 2023| Now a person with an income of Rs 15,000 will have to pay only Rs 1.5 or 10 % of their income. The Union Budget 2023-24, introduced by Finance Minister Nirmala Sitharaman on February 1, proposed to increase the tax deduction to Rs 7 lakh from the current Rs 5 lakh as part of a package of changes in the form in which the government taxes the salaried class. Therefore, any person who has an annual income of Rs 9,000 will need to pay only Rs 45,000. This is only…
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Old tax regime vs. new tax regime which is better for you as per Budget 2023? With Automatic Income Tax Calculator in Excel for the Assessment Year 2024-25.
As a deduction, claim exemption less than Rs. 3.75 deficits and opt for the new tax regime – the Finance Ministry calculates this by analyzing past tax collection data. A few years ago, Finance Minister Nirmala Sitharaman introduced a new tax regime. But ordinary taxpayers were not showing much enthusiasm because the old tax structure had many tax exemptions. But this time, the finance minister tilted the new tax structure. He hopes this will encourage people to pay taxes in this way. Many calculations have already begun to determine how much money…