Old Tax Regime vs New Tax Regime Latest English news | Old Tax Regime vs New Tax Regime Online News in English at Lokmattimes.com

Budget 2023 brought a lot of changes, with the main focus on making the new tax regime more attractive. The motive behind these changes was to encourage more and more taxpayers for the adoption of the new tax regime.Due to several amendments as per Budget 2023 there is a lot of confusion among taxpayers regarding the choice between the old and new tax regimes.The new tax regime was introduced in Union Budget 2020 under which the tax slabs were altered and taxpayers were offered concessional tax rates. But taxpayers who opt for the new tax regime cannot claim several exemptions and deductions. These include HRA, LTA, 80C, 80D and more. In Union Budget 2023, the government introduced crucial changes to encourage taxpayers to adopt the new tax regime.Streamlined tax slabs in the 2023 changes: The tax exemption limit has been increased to ₹3 lakhs and the new tax slabs are:Income up to ₹3,00,000- NilIncome up to 3,00,001- 6,00,000- 5%Income up to ₹6,00,001- 9,00,000- 10%Income up to ₹9,00,001- 12,00,000- 15%Income up to ₹12,00,001- 15,00,000- 20%Income up to ₹15,00,001 and above- 30%What about the old tax regime?The old regime prevailed before the introduction of the new regime under which over 70 exemptions and deductions were available, including HRA and LTA, which can reduce your taxable income and lower tax payments. The most popular and generous deduction is Section 80C that allows for a reduction of taxable income up to Rs.1.5 lakh.

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Ahmedabad Plane Crash

Pune Bridge Collapse

Maharashtra News

Mumbai Local

Weather Update

Mumbai Rains

Old Tax Regime Vs New Tax Regime, NewsFOLLOW

Old tax regime vs new tax regime, Latest News

Business :Income Tax Slabs AY 2025–26 Explained with the New Regime Calculator

If you’re planning your taxes for the year ahead, understanding the income tax slab for AY 2025–26 is a ... ...

National :Budget 2024: Old vs New Tax regime, Which is Best for Salaried Employees?

Budget 2023 brought a lot of changes, with the main focus on making the new tax regime more attractive. ... ...