Income tax: If you come under the ambit of tax, then this news is for you only, know how you can save more tax
Income tax: As soon as the month of March comes, people in the country start getting worried about tax deduction. In this budget, the government has made a lot of changes regarding income tax. While the scope of tax exemption has been increased in the new tax rate, the tax slab has also been changed. According to the new tax slab, if your annual income is between 12 to 15 lakh rupees, then you have to file the return very carefully because it is very confusing in the new and old income tax system. Looking at this problem of yours, we have come up with a solution for you.
By the way, this time the government has tried its best to make the new tax system very attractive. Therefore, the benefit of standard deduction has been added to it. In the new tax slab, those earning up to Rs 7 lakh have been kept out of the tax net.
Before 2023, under the old income tax rules, people used to get exemption for many other things like home loan, savings, health insurance, home loan interest, children’s fees and house rent. But at the same time, according to the new income tax rules, no such exemption is being given. In its place, this time the facility of standard deduction has been added to the budget. Due to which those having income up to Rs 7.5 lakh have been made tax free.
If your investments and savings come under the tax net and at the same time you are not able to take advantage of many exemptions of income tax. So the rate of new income tax slab is going to be same than old tax slab. The government has brought a new tax policy to motivate to promote income tax so that the economy gets a boost.
Popular tax exemption among the people: The house rent of the employed people, whose houses run from salary, the exemptions available under Section-80C, 80D, and 24(b) are quite popular. At the same time, some discounts are available only on special expenses.
Minimum tax deduction in the old system: If you earn between 12 lakh to 15 lakh rupees, then first see that the minimum amount of rupees you can save in the old tax system for your tax liability in the new tax system or Deduction has to be shown. If your savings or tax exemption is more than that, then it is beneficial for you to remain in the old tax regime.
Minimum tax deduction in the old tax system: If your income is between 12 to 15 lakhs, then first you have to see that according to the old income tax, for your tax liability in the new tax system, how much savings and deductions you will get Have to show If your savings or tax exemption is more than that, then it would be more beneficial for you to stay in the old tax regime.
Income | Minimum savings in old system | Tax liability in both the systems |
| 12 lakh | 3.5 lakh | Rs 82,500 |
| 12.5 lakh | 3.62 lakh | Rs 90,000 |
| 13 lakh | 3.62 lakh | Rs 1.03 lakh |
| 13.5 lakh | 3.62 lakh | Rs 1.10 lakh |
| 14 lakh | 3.75 lakh | Rs 1.2 lakh |
| 14.5 lakh | 3.92 lakh | Rs 1.3 lakh |
| 15 lakh | 4.08 lakh | Rs 1. 4lakh |
According to this, you can see that if your savings and savings claim is more in which. Accordingly, you can avail tax saving benefits.