Tax Slabs FY 2023-24 (Budget 2023)

It seems more the salary, more the savings in the new regime from FY 2023-24. 
And thats even if one does savings in full. Only having a huge Home Loan or House Rent might cause the Old regime to be favorable.

I am now almost sure at least 70% of the salaried class will switch over. No forced savings, all of us are now on our own.

Image Link

More reliable calculators:
    https://blog.bankbazaar.com/new-tax-calcu...r/
    https://cleartax.in/paytax/TaxCalc...or

But if Old regime is removed, people will stop investing money in schemes like PPF, ELSS, NPS. and imagine what will be the impact on the real estate sector as people will stop buying second properties for investment. 

one thing ppl missing out that they have not raised the 0% slab . you stiln need to pay taxes, which will be refunded if your earning is under 7 lpa which is similar to 5 under old regime. under special provision you are claiming the IT back. but availabe deductions by default reduce the taxable income. 

ps: now govt can withdraw either anytime, but i feel a little safe with deductins

I earn zero/month and sometimes negative but still pay lot of taxes, gst pst cpst sst toll tax, 1-2% job exam form convenience charge and tax on convenience. So is it protection money if not my 7 lac slab tax ?

a lot of ppl saying 7,5 lacs will not be able to save money (in 80c). me and all my friends (Except a few) placed out of college at 3.75 - 4 lpa have been saving the entire 1.5 lacs from first year. its on your will.

If income is above 16L, New regime is same as selecting Old regime if we can show 4.75L as deductions. (which is possible only if we have a Home Loan I guess)

If we can't show min 4.75L as deductions then new regime is better.

If we can show more than 4.75L as deductions then old regime is good.

I am assuming that 50K is invested in NPS thru employer (Employer NPS can be shown as deduction in both regimes).

Hope this helps for those earning >16 lacs.

Keeping old regime or new regime aside, this opens Avenues for IT department to crack on people who are submitting fake rent receipts and claiming high deductions. Now IT department will have enough time to track the people who are claiming super high rents and getting exemption. They can focus on non- salary tax payers too. It's definitely a welcome move.

Next year election bhi hai

Anyone agree or not , govt ne Chu***** banaya

Anyway what to expect from the aunty , who dramatically switched role straight from defense minister to finance minister..bhai aisa switch toh acche khase padhe likhe log bhi nahi kar paate

I mean salaried educated person cant do such switch easily but here govt responsible for masses can do it overnight!

This is what happens when we are under the mercy of anpadh ministers! Hamari khate hain aur Hamari hi maarte hain🤬

One can easily see why donation to political parties is a unaccounted deduction!

Apne ko kya humari to salary double ho jayegi to b tax nhi lgega