Changes in Income Tax under Old Regime vs New Regime (Applicable from FY 2023-24 onwards)

As we all know that Union Budget 2023 has made certain changes in Old Regime and New Regime. This includes changes in Tax Slabs, Rebates u/s 87A, Basic Exemption Limit, Surcharge etc. In this blog, we will learn about such amendments.

Following are the changes laid down by the Union Budget,

OLD REGIME: No Change

 NEW REGIME:

1. Basic Exemption Limit has been raised to Rs. 3,00,000.
2. Standard Deduction of Rs. 50,000 can now be claimed in Computation of Taxable Salary.
3. Tax liability on Taxable Income upto Rs. 7,00,000 will be allowed as a Rebate u/s 87A.
4. Tax Slabs will now be as under:


4. The New Surcharge Table will be as follows:



The taxpayer should calculate and compare the Income Tax under both the Regimes and choose the one which saves the maximum tax. 

You can also contact FinKnowHub to get an advice on the Tax Regimes to choose, Tax Planning and Income Tax Return Filing.

Contact Number: +91-9529472512, +91-7023323983




 




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