Income Tax: If you have also selected the new tax regime by mistake and now you are worried about how you will save tax? So you do not need to take any tension at all. Today we will tell you about those methods through which you can avail the benefit of tax deduction in the new tax regime.
Earlier in the new tax regime there was no provision for standard deduction. At the same time, after Budget 2023, the benefit of discount up to Rs 50,000 is available.
Everyone will get the benefit of deduction
The special advantage of this deduction is that no matter which tax slab the taxpayer falls under, he will get the benefit of this exemption.
Employed people are getting discounts
In the new tax regime, employed people get all kinds of perks or allowances for travel, transport, conveyance and office work. You get the benefit of tax exemption on them.
Discount on gift
Apart from this, you will also get the benefit of discount on gifts up to Rs 50,000. If you are paying home loan for a house given on rent, then you will also get rebate on its interest.
There will be discount in NPS
Those investing in NPS can claim their tax deduction. Along with Voluntary Retirement Scheme, there will also be exemption on gratuity and leave encashment.
How much is the tax on which slab?
In the new tax regime, there is no tax on annual salary of Rs 0-3 lakh. Apart from this, 5% tax is levied on salary between Rs 3 to 6 lakh. 10% tax is applicable on income from 6 to 9 lakhs, 15% on 9 to 12 lakhs, 20% on income from 12 to 15 lakhs and 30% tax on income above 15 lakhs. Apart from this, 4% is charged as Health and Education Cess.
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Income Tax Saving Formula: Invest in PPF, NPS, Mutual Funds till 31 March 2024 to save tax, Details here
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Income Tax Deduction List: Taxpayers can save Rs 1.50 lakh tax in the last chance and fill ITR comfortably, know the method
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