Budget 2023-2024 Finance Minister Nirmala Sitharaman : मिडल क्लास का बजट! 7Lakh तक Income Tax नहीं, नया स्लैब देखिए..
"Union Budget 2023-24: Finance Minister Nirmala Sitharaman Announced to Increase the Limit of Income Tax Exemption in the India, Budget Presented in the Parliament on Wednesday. But Its Benefit Will Be Given Only to Those Who Will Join the New Tax System.
Tax...Tax... or Tax... After the Finance Minister Presented the Budget in the Parliament on Wednesday, the Noise of Exemption in Income Tax Echoed in the Whole Country. But the Noise Reached the Ears of the People Carrying Confusion Along With It. After This, Taxpayers Across the Country Got Busy on Their Mobile Phone Calculators to Compare the Slabs of the Old or New Tax Regime. According to Your Income, Started Doing Additions or Subtractions & Mostly Kept Getting Entangled in It... Overall, the Situation Has Become Like the Song of the (Film 3 Idiots... Confusion is Confusion... Solution Ka Pata Nahi Nahi....) So Let's Go to Your Every Confusion Now Put Away...
7Lakh Income Tax Free
Finance Minister Nirmala Sitharaman Has Reformed the New Tax System & Announced New Regime Income Tax Slab. Under the New Tax Regime, the Number of Income Tax Slabs Has Been Reduced From 6 to 5. Under the New Slab, Income Up to Rupay 7Lakh is Completely Tax Free. But Taxpayers Have to Keep This in Mind While Choosing the New Tax Regime. That They Will Not Get the Benefit of Any Kind of Deduction. Under 80c in the Old Tax Regime, the Benefit of Exemption & Deduction of Up to Rs 1.5 Lakh is Available on Investment. It Has Been Abolished in The New Income Tax System Slab for 2023-24.
Tax Provision
In the New Tax Regime, There is the Provision of Zero Tax on Income Between 0 to 3 Lakh Rupees. 5% on Income Between Rs 3 to 6 Lakh, 10% on Income Between Rs 6 or 9 Lakh, 15% on Income Between Rs 9 & 12 Lakh, 20% on Income Between 12 and 15 Lakh & Above 15 Lakh 30% Income Tax Will Have to Be Paid.
Tax Slab
Now Once Let's Understand the Slabs of the Old Tax Regime.
Up to 2.5 Lakh - 0% Tax
2.5 Lakh to 5 Lakh – 5% Tax
5 Lakh to 10 Lakh – 20% Tax
Above 10 Lakh – 30% Tax
Difference Between New and Old Tax Slabs
When You Choose the Old Tax Slab or Do Not Claim Any Kind of Deduction (HRA, EPF, PPF, NPS, SSY, SCHOOL FEES), Then It Will Be More Beneficial for You to Go to the New Tax Regime. For Example, Under the Old Tax Regime, A Tax of Rupay 22,500 Was Levied on Income Between Rs 3 to 6 Lakh Rs. Under the New Tax Regime, It Will Come Down to Rupay15,000. That is, You Will Get a Direct Benefit of Rupay 7,500.
Earlier, A Tax of Rs 60,000 Was Levied on an Income of Rupay 6 to 9 Lakh, Which Has Now Come Down to Rupay 45,000. Here Also Taxpayers Will Get a Benefit of Rs 15,000 in the New Regime.
A Tax of Rupay 1 Lakh 15 Thousand Was Levied on Income of Rs 9 to 12 Lakh, Which Will Be Reduced to Rs 90 Thousand Under the New Tax System. Here Also Taxpayers Will Get a Benefit of 25K Thousand Rupees. On Earning of Rupay 12 to 15 Lakh, a Tax of Rupay 1 Lakh 87 Thousand 500 Had to Be Paid, Which Will Now Be Reduced to Rupay 1,50,000. Here Also the Taxpayers Have a Benefit of More Than Rs 37,000.
Advantages or Disadvantages
Under the Old Tax Regime, Taxpayers Get Exemption on Investment Under 80C. But It Should Also Be Kept in Mind That the Old Slabs Are Much Higher Than the New Tax System Regime. In This, There is a Direct Tax of 30 Per Cent on Income Above Rs 10Lakh. At the Same Time, in the New Income of 12 to 15Lakh Rupees Will Come Under the Purview of 20 Percent Tax Slab.
But While Choosing the New Tax System Slab, Taxpayers Will Have to Keep in Mind That if the Annual Income Exceeds Ru-pay 1.7Lakh, They Will Have to Pay the Full Rupay 25,000 as Tax. If Suppose That Your Annual Income is 7Lakh 1 Rupees. In Such a Situation, There is No Provision for Any Kind of Tax on the Income of 3Lakh Rupees. That's Why Out of 7Lakh, 3Lakh Rupees Will Be Tax Free.
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