New Income Tax Slab 2023: How to calculate your tax
By Lokmat English Desk | Published: February 1, 2023 03:04 PM2023-02-01T15:04:19+5:302023-02-01T15:04:19+5:30
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Finance Minister Nirmala Sitharaman has announced a big relief to the tax payers today. In the new tax system, no tax will have to be paid on income up to Rs 7 lakh. She has announced to reduce the number of slabs from six to five.
How much will this tax be? It all depends on your salary, bonus, PLP etc. That means now if the income is above 7 lakhs then tax will have to be paid. Due to this, this year's Karachi calculations are going to change completely. For this you have to prepare for investment from the coming financial year.
Income tax up to 7 lakhs will be zero. After this you will have to pay tax of Rs 35000 on income between seven to eight lakhs. Due to this you will have to save tax by calculating the increased salary and income.
Now only Rs 45 thousand have to be paid on income up to Rs 9 lakh. In the present tax system, it had to be paid 60 thousand rupees. That means now you will save 15 thousand rupees. That means the tax will be reduced by 25 percent.
15 lakh income will have to pay only 10 percent tax. That means 1.5 lakh rupees will have to be paid. At present 187000 rupees had to be paid on this income. 20 percent less tax will have to be paid.
15.5 lakh and above in the tax system Rs. A standard deduction of up to 52,500 is given. The maximum surcharge rate has been reduced from 37 percent to 25 percent.
If you have an income of 10 lakh rupees, you will have to pay tax of 60 thousand rupees. If the same income goes up to 11 lakhs, then 75 thousand rupees will have to be paid as tax.
If your income is 12 lakh rupees, you will have to pay tax of 90 thousand rupees. If it is 13 lakhs, the tax of Rs. 12000 will have to be paid.
