Old or new?
Which tax regime is better after Budget 2023-24.
Read the thread to know more ⬇️
#BudgetSession #Budget2023
Which tax regime is better after Budget 2023-24.
Read the thread to know more ⬇️
#BudgetSession #Budget2023
1/
Prominent changes in the new tax regime (image) ⬇️
Prominent changes in the new tax regime (image) ⬇️
2/
If your annual income is up to Rs 7 lakh-
Under new tax regime: No tax
Under the old tax regime: No tax.
But, you'd have to claim standard deduction of Rs 50,000 and 80C benefit of Rs 1.5 lakh.
If your annual income is up to Rs 7 lakh-
Under new tax regime: No tax
Under the old tax regime: No tax.
But, you'd have to claim standard deduction of Rs 50,000 and 80C benefit of Rs 1.5 lakh.
3/
If your annual income is above Rs 7 lakh-
Old tax regime seems better.
New tax regime has lower tax rates but does not have many prominent deductions and exemptions, such as house rent allowance (HRA), Sections 80C & 80D deductions, & interest on loan for house property.
If your annual income is above Rs 7 lakh-
Old tax regime seems better.
New tax regime has lower tax rates but does not have many prominent deductions and exemptions, such as house rent allowance (HRA), Sections 80C & 80D deductions, & interest on loan for house property.
4/
The calculations in the image are before taking HRA into account.
Including HRA would further bolster the case for the older tax regime.
The calculations in the image are before taking HRA into account.
Including HRA would further bolster the case for the older tax regime.
5/
But there is no clear winner.
Results may vary on an individual basis.
But there is no clear winner.
Results may vary on an individual basis.
6/
To get an accurate answer, use our Tax Calculator ➡️ bit.ly/3JLK55T
You can analyse the impact of old and new tax regimes on your income and estimate the payable taxes.
To get an accurate answer, use our Tax Calculator ➡️ bit.ly/3JLK55T
You can analyse the impact of old and new tax regimes on your income and estimate the payable taxes.
7/
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Follow @ValueResearch for more insightful finance concepts.
#MutualFundsSahiHai #investing #StockMarketindia #Budget2023 #newtaxregime
If you find this useful, like and retweet the first tweet.
Follow @ValueResearch for more insightful finance concepts.
#MutualFundsSahiHai #investing #StockMarketindia #Budget2023 #newtaxregime
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