New tax regime: How beneficial will the new tax regime be for you? Let’s know how much and how will be benefited from this scheme.
New Delhi : in the Union Budget (Union Budget 2023) An attempt has been made to make the new income tax system more attractive. Union Finance Minister Nirmala Sitharaman has changed the structure and rates of income tax. They will get the benefit of some deductions. Taxpayers can file claims on this from 1 April 2023. about the new tax system (new tax regime) Many questions are being asked. But according to experts, it is a simple, plain and simple tax system. The tax rate in this is less than the old system. But there is a claim that this new tax regime does not give the benefit of deductions and exemptions. But experts are of the opinion that this is not true. It is being claimed that the new tax system has many advantages.
standard deduction (standard deduction) It will be available only to those taxpayers who get income from salary, salary. That is, this scheme will benefit the employees, pensioners and family pensioners. Taxpayers whose main source of income is salary can claim standard deduction of Rs 50,000 under the new tax regime.
The employee does not need to provide any documents for this. He can claim standard deduction. A proposal to allow standard deduction of Rs 15,000 for family pensioners under the new tax regime is being considered. This facility is available in the old tax system.
If an employee is in NPS account (NPS Account) If making contribution, he can claim standard deduction as a salaried employee. He can claim standard deduction on the total income. He can be prosecuted under Rule 80CCD (2) of the Income Tax Act.
The maximum claim an employee can file under this rule is There is a fundamental difference in the rules for private and government employees. Private sector employees can claim standard deduction up to 10 per cent of their salary while government employees can claim a maximum of 14 per cent.
Tax exemption under section 80CCH can be availed on investments made in Agniveer Corpus Fund. It is part of the new tax system. Deduction can be claimed on the amount deposited. Also, the returns received after maturity will also be tax free.
The central government has given two options namely new tax system and old tax system. Citizens have been given freedom of choice. Advance tax structure for taxpayers to pay taxes (Income Tax Slab) Have to choose.
So will income tax be abolished in the country? The central government replied to this. Revenue Secretary Sanjay Malhotra answered this question. Accordingly, the central government helps the common people by increasing the income tax or decreasing the income tax. Because the money collected in the form of taxes is spent on public welfare schemes of the people. That’s why income tax will not stop.
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