Income Tax Saving: Important news for taxpayers. According to an update, taxpayers can easily save Rs 37,500. Let’s know how after all..
In Budget 2023, the Finance Ministry has made changes in the tax system. Under this, taxpayers with an annual income of up to Rs 3 lakh have been kept out of the tax net. Whereas, taxpayers with annual income up to Rs 15 lakh will directly save Rs 37,500 by opting for the new tax regime 2023.
Giving relief to the middle class, in Budget 2023, the Finance Ministry has revised the new tax regime and reduced the number of tax slabs to 5. Whereas, tax rates have also been changed and the tax exemption limit for taxpayers has been increased to Rs 3 lakh.
Tax rates in the revised new tax regime 2023-
Total Income (in Rs.) Â Â Â Â Â Â Â Â Â –Â Â Â Â Â Â Â Â Â Tax Rate (in percent)
- 0-3 Lakh                  –         o%
- 3-6 lakh                   –         5%
- 6-9 lakh                   –         10%
- 9-12 lakh                  –         15%
- 12-15 lakh                 –         20%
- more than 15 lakhs           –         30%
Before revising the new tax regime, taxpayers earning Rs 15,00,000 lakh annually had to pay tax of Rs 1,87,500. But, after the revised new tax regime 2023, now taxpayers will have to pay tax of only Rs 1,50,000. This means that now taxpayers will get a direct savings of Rs 37,500. Similarly, those with an annual income of Rs 9,00,000 will have to pay tax of only Rs 45,000. This is only 5 percent of his income.
