Friday, July 19, 2024
HomeBudgetIncome Tax calculator 2023-24: Check your taxable income under new tax regime...

Income Tax calculator 2023-24: Check your taxable income under new tax regime slabs

Union Finance Minister Nirmala Sitharaman on Wednesday presented the last full-fledged budget of the second term of Prime Minister Narendra Modi-led BJP government. In a bid to provide relief to taxpayers, Sitharaman proposed to change the tax structure in the new personal income tax regime by trimming the number of slabs to 5 and increasing the basic tax exemption limit to Rs 3 lakh.

She announced no tax for those with annual income of up to Rs 7 lakh under the new tax regime but made no changes for those who continue in the old regime that provides for tax exemptions and deductions on investments and expenses such as HRA. While an individual will have to forego exemptions and deductions on investments in the new tax regime, the finance minister has allowed a standard deduction of Rs 50,000 in it.

Most Read 1Ratna Pathak Shah on Naseeruddin Shah’s first marriage: ‘He had many relationships… but as long as I am the last, I am okay’ 2SC verdict on same sex marriages Explained Highlights: No fundamental right of same-sex couples to marry, says Supreme Court 3South Africa vs Netherlands Live Score, World Cup 2023: Chasing 246 in 43 overs, SA in trouble at 44/4 4When Simi Garewal said it was ‘easy’ to ask Rekha if she was ever in love with Amitabh Bachchan: ‘I asked Jayalalithaa if she ever loved MGR so…’ 5Jawan box office collection day 40: Can Shah Rukh Khan’s blockbuster overtake KGF 2’s lifetime global haul, become 4th biggest Indian film ever?

The old tax regime, on the other hand, provides for a similar standard deduction of Rs 50,000 and no tax on income up to Rs 5 lakh through rebates. A Rs 2.5 lakh basic exemption limit is prescribed in old tax regime.

For high salary people, Sitharaman also reduced surcharge from 37 per cent to 25 per cent for high net worth individuals with income above Rs 2 crore. This would translate into a saving of around Rs 20 lakh for those having a salary income of about Rs 5.5 crore.

Also ReadUnion Budget 2023 income tax slabs: New tax regime is default, rebate inc…Expectations from digital and technological applications in education and…Budget 2021: Attracting long term financing is critical for infrastructur…Union Budget 2023: Rs 990 crore allocated for G20 presidency

Use this interactive calculator to help you estimate your taxes and disposable income for the year ahead

Festive offer

RELATED ARTICLES
- Advertisment -

Most Popular