Income Tax Budget Slabs and Rates 2023-2024: पांच लाख की जगह 7 लाख तक की कमाई Income Tax Free राहत या चालाकी?
Income Tax Budget 2023-2024: While Giving a Gift to the Taxpayers of the India Country in the Budget 2023-24, the Indian Government Has Given the Gift of Tax-free Income Up to Rs 7 Lakh Under the New Tax Budget Slab. At the Same Time, the Old Income Tax Slab Has Been Kept as It is. But Here It is Important to Understand That How is the New Income Tax System Better Than the Old One?
New Income Tax Slab Budget (New Income Tax Regime) Has Become the Most Discussed Word at This Time. After All, Why Not Give the Big Gift to the Taxpayers After 8 Years, the India Government Has Announced Exemption in Income Tax Budget Slabs. While Presenting the Budget for the Financial Year 2023-24, Finance Minister Nirmala Sitharaman Has Announced That Instead of Rs 5 Lakh, Annual Income Up to Rs 7 Lakh Will Be Tax-free..free..free. Let Us Understand in Detail Whether This is a Relief for Taxpayers and a Finesse Act.
1rs to 7 Lakh Income Tax Free... Free... Free...
The Biggest Demand in the Indian Country's Union Budget, Which is Presented on February 1 Every Year, is for Tax Benefits. This Time Too, Before the Presentation of the Budget, This Demand Was Increase Momentum or Its Voice Reached the Ears of the India Government, After Which the Narendra Modi Government at the Center (Pm Modi Govt) Took a Big and Best Decision. Under This, a Income of Rs 7 Lakh Has Been Made Tax Free. However, Now It is Very Important to Understand That How Useful is This Big Gift Given by the India Government to the Taxpayers.
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How Much Tax Will Be Charged Above 7 Lakh
After the Announcement of the Indian Government, Now if Your Annual Income is Rs 7 Lakh, Then You Will Not Need to Pay Any Tax With the Rebate. On the Other Hand, According to the New Income Tax Slab, if the Figure of Your Earnings is Slightly Above This Limit. And if You Earn Even 1 Rupee More Than 7 Lakhs, Then You Will Be Taxed. This Extra Income of One Rupee Can Prove to Be a Loss of 25k Thousand Rupees to You.
This is New Income Tax Budget Slabs
0 to 3 Lakh Rupees - 0% Tax
Rs 3 to 6 Lakh - 5% Tax
6 to 9 Lakh Rupees - 10% Tax
Rs 9 to 12 Lakh – 15% Tax
Rs 12 to 15 Lakh - 20% Tax
30% Tax on Income Above 15 Lakhs
Mathematics of Tax on 9 to 15 Lakh Rupees
Similarly, if You Income Rs 9 Lakh Annually, Then You Will Have to Pay Rupay 45,000 as Tax. Actually, No Tax Will Have to Be Paid on Rs 3 Lakh Out of This. Or After This, Rs 15,000 at the Rate of 5% on Rs 3,00,000 or Rs 30,000 at the Rate of 10% on the Next Rs 3 Lakh Will Have to Be Paid as Tax. In This Way, Under the New Income Tax Regime, a Tax of Rs 45 Thousand Will Be Made.
Under the New Income Tax Slab, if the Annual Earnings Up to Rs 15 Lakh is Calculated, Then According to the Old Tax Regime, the Total Tax Liability Becomes Rs 1.87 Lakh. At the Same Time, on the Basis of the New Tax Slab, It is Rs 1.50 Lakh. No Tax on First Rs 3 Lakh, While Rs 3 to 6 Lakh Rs 15,000 at 5%, Rs 6 to 9 Lakh Rs 30,000 at 10%, Rs 9 to 12 Lakh Rs 15% at the Rate of Rs 45,000 and Rs 12 to 15 Lakh, Rs 60,000 is Taxed at 20%. That is, on an Annual Earnings of 15 Lakhs, the Total Tax Liability Will Be Rs 1.50 Lakhs.
New Income Tax Slab Sounds Tempting
The Indian Government Has Not Made Any Changes in the Old Income Tax Regime. On the Other Hand, According to the New Income Tax Regime, the Figure That Comes Out After Doing the Calculation is Tempting to See. For Example, on the Basis of the Old Tax Regime, Income Above Rs 10 Lakh is Directly Taxed at 30% and in the New Income Tax Regime, Income From Rs 12 to 15 Lakh Will Come Under the Purview of 20% Tax Slab.
There is Another Aspect of This Which is Also Most Important to Consider. Actually, if You Choose the Old Income Tax Regime, Then You Will Be Able to Take Advantage of the Standard Deduction of Rs 50k the Deduction of Rs 1.5 Lakh Available Under 80c. Whereas in the New Income Tax Regime You Will Not Be Able to Take These Benefits. It Has Been Abolished in the New Income Tax System Slab.
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