Income Tax Slab: Which is my tax slab brother? Get Answers in One Click – Income Tax Slab How to Know Which Income Tax Slab You Come in to Check Budget 2023 Income Tax Slab Changes

tax structure confusion

New Delhi : Union Finance Minister Nirmala Sitharaman presented the country’s budget on Wednesday (Budget 2023) Presented. Major changes have been made in this budget regarding income tax. in the new tax regime (new tax regime) A change happened. But there is still confusion in the minds of people regarding tax. It is confusing because there are two tax regimes. The central government has given two options namely new tax system and old tax system. Citizens have been given freedom of choice. To calculate how much income tax you have to pay in a financial year i.e. in which tax slab you are (Income Tax Slab) break, it has to be seen. Of course, before choosing the tax structure, you now need to choose the tax regime. The central government has introduced a new tax system in the country. Also the old tax system has been continued. You have to choose either of these two modes for depositing tax. After that, you need to know what is your taxable income, how much income will be taxed. After this you can deposit tax.

If you opt for the old tax regime, you get tax deductions (tax deduction) and tax exemption (tax exempt) By the way, you will get the facility of tax saving. Under this, you will get exemption in house rent allowance, exemption in leave travel allowance, exemption on standard deduction.

In the old tax system, you can get tax relief under sections 80C to 80U of the Income Tax Act. After subtracting your total income from tax deductions and tax credits, the remaining amount will be the taxable amount. That will be your taxable income. You have to pay tax on that.

Let us assume that your annual income is Rs.12 lakhs. Under section 80C, 80TTA, 80CCD(1b) of the Income Tax Department, you can claim tax exemption of up to Rs 3 lakh. After this you will have to pay tax on Rs 9 lakh.

In the old tax system, your tax slab was between Rs 5 lakh to Rs 10 lakh. 20% tax has to be paid on this. So in the new tax regime you have 15% tax slab. Tax has to be paid accordingly.

It is slightly different depending on the new and old tax regime. The difference between these two tax systems is that tax relief is obtained by showing various investments and savings. You are presented with options. You can avail tax relief by consulting a tax advisor.