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Income Tax: What Changed after Budget 2023

  • Posted on February 2, 2023
  • News
  • By Akta Yadav
  • 322 Views
2023/02/IMG-20230202-WA0027-1-300x300.jpg
Income Tax: What Changed after Budget 2023? The Indian Union Buget announced on 1st February 2023 for the fiscal year 2023- 2024 has endeavored to bring in certain reforms by reducing the income tax slabs and heavily benefiting the middle class. The new income tax slabs are given below:   Income Tax
Income Slabs (in INR PA) Income Tax Under New Regime Income Tax Under Old Regime
2,50,000 and below Nil Nil
2,50,001 to 5,00,000 5% 5%
5,00,000 to 7,50,000 10% 20%
7,50,001 to 10,00,000 15% 20%
10,00,000 to 12,50,000 20% 30%
12,50,001 to 15,00,000 25% 30%
15,00,001 and above 30% 30%
  Income Tax Payable after Calculation by Certain Economic Sections A breakdown of the income tax amount to be paid by people earning upto 10 LPA has been given below under the benchmark incomes of 5 LPA, 7 LPA and 10 LPA. For individuals with salary of 5 LPA:
Income Tax Under Old Regime New Regime (before Budget 2023) New Regime (after Budget 2023)
0 0 0
For individuals with salary of 10 LPA:
Income Tax Under Old Regime New Regime (before Budget 2023) New Regime (after Budget 2023)
54,600 33800 0 (after rebate)
Confusion exists regarding the income tax payable by people earning between 5 LPA and 7 LPA. Such persons have to file their income tax returns, however, only after their tax rebate is approved, no net income tax will be charged from their income. This is a gamchanger feature of the Income Tax Policy under the New Regime after Budget 2023- 24. Income Tax For Individuals with a 10 LPA salary:
  1. With No 80C investment
Income Tax Under Old Regime New Regime (before Budget 2023) New Regime (after Budget 2023)
1,06600 78000 62400
  1. With 1.5L 80C investment
Income Tax Under Old Regime New Regime (before Budget 2023) New Regime (before Budget 2023)
75400 78000 62400
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Akta Yadav

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