1 year, 10 months ago
Budget 2023: This is how much tax you can save under New Tax Regime
Live MintMaintaining consistency in the foundation laid in previous Budgets, the FinMin has announced various measures to make the New Tax Regime seem more tax beneficial to individual taxpayers as compared to the existing/Old Tax Regime. The amendments in the proposed NTR could result in tax savings as below: -The basic exemption limit under the proposed NTR has been enhanced by ₹50,000. While the incremental tax was ₹75,000 i.e., OTR-NTR; the incremental tax under the proposed NTR would be reduced by 50% to ₹37,500 i.e., OTR-proposed NTR. -Rebate under Section 87A of the Income-tax Act, 1961 is available to resident individuals only whereby for taxable income up to ₹5,00,000 individuals are not required to pay tax under OTR and NTR.
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